Business Performance Dashboard · FY2026 Year to Date · July 2025 – June 2026 (Full Year)
Prepared for CEO & Board
Prior period: Jul 2024 – Mar 2025
Source: Xero P&L
Reporting currency AUD
Period Full year
Loss narrowing +$63.8K improvement YoY
Path to $1M
FY2026 YTD revenue vs $1,000,000 milestone
Achieved $838.5K
Remaining $161.5K
Target $1,000K
$0
$250K
$500K
$750K
$1M
Full year complete — FY2026 closed 30 Jun
Shortfall to $1M: $161.5K
Best month: Feb 26 $126.9K
Full year avg: $69.9K/month
Revenue progression — four years of growth
1 · Revenue
$838.5K
▲ Full year FY2026
Prior 9-month YTD: $661K
FY25 9-month: $279K (+137% YoY)
2 · Gross Profit
$608.6K
Product GM 84.4% ▲ vs 82.4% PY
Discounts 9.7% of rev ▲ from 2.4% PY
Adj GM 72.6% (PY 76.5%) — discount-driven
3 · COGS
$130.4K
▲ +98% vs prior year
FY25 COGS: $66K
15.6% of revenue (FY25: 23.5%)
4 · Operating Expenses
$1,014.8K
▲ Full year incl. CEO wage
CEO wage: $315.9K (31.1% of OpEx)
121% of revenue — scale is the lever
5 · Net Profit / (Loss)
−$406.2K
▲ Normalised: −$82.3K
Ex CEO wage + interest
Feb & Apr profitable on normalised basis
Online — D2C
$581.2K
69.3% of total revenue
Intl $517.9K · Dom $63.4K
FY25 $241.8K
▲ +$240.5K +99.5%
Amazon — Marketplace
$199.8K
23.8% of total revenue
Overseas MKT channel
FY25 $32.0K
▲ +$92.5K +289.5%
Wholesale — B2B
$49.0K
5.8% of total revenue
Domestic wholesale
FY25 $4.3K
▲ +$43.7K +1,019%
Path to profitability
Current Run Rate (annualised)
−$403K
Based on Full year loss of −$302K
Revenue needed to break even (current cost base)
~$1.08M
Annualised at 72.6% GM and current OpEx run rate
Key highlights — FY2026 Full Year
Revenue $838.5K — 78% growth on FY25, and 3.7× the FY23 base
Full year FY2026 revenue of $838.5K compares to $472K in FY25 (+78%) and $407K in FY24. From a $228K base in FY23, the business has grown 3.7× in three years. The $1M target was not reached this year — falling short by $161.5K — with the delayed capital raise limiting how aggressively the business could scale in H2. D2C delivered $581K (69.3%), Amazon $200K (23.8%), and B2B $49K (5.8%). February 2026 was the standout month at $126.9K, demonstrating the revenue ceiling the business is capable of at pace.
Product gross margin 84.4% — the best in four years of trading
Product GM improved from 83.4% (FY25) to 84.4% (FY26), continuing the recovery from 68.0% in FY24 when landed costs were significantly higher. The adjusted gross profit of $608.6K (72.6% adjusted GM) was impacted by $81.4K in discounts (9.7% of revenue), the majority of which was the planned November Black Friday event. Excluding November, the blended discount rate was approximately 6.9% and adjusted GM was above 74%. The underlying cost structure is improving year on year.
Normalised EBITDA −$82K vs −$461K prior year — a $379K improvement in operational efficiency
The reported net loss of −$406K is driven by the CEO wage structure ($315.9K across the full year) and a full 12 months of fixed operating costs against a business still scaling revenue. On a normalised basis — excluding CEO wage and interest — EBITDA improved from −$461K in FY25 to −$82K in FY26, a step-change of $379K. February and April were profitable on this basis. The improvement reflects meaningfully higher revenue, more efficient marketing, and the absence of the heavy R&D and legal spend that characterised FY24 and early FY25.
Marketing efficiency transformed — full stock availability changed everything
The defining operational shift in FY26 was entering the year with full inventory across both product lines. In FY25, significant marketing spend was wasted against product that wasn't available — November saw a 94.4% D2C COS. In FY26 the same period delivered 30.5% COS. D2C full year spend was $221K at a 38.1% blended COS and 2.63x ROAS. Amazon was restarted in September 2025 after being paused for a full year due to no stock, scaling from zero to $62K annual spend at a 31.5% COS and 3.18x ROAS. Both channels are now operating efficiently.
FY27 foundation in place — capital raised, advisors onboard, range expanding
The business closes FY26 with its strongest foundation to date. The $500K raise is fully subscribed at a $4.5M post-money valuation — $450K of $500K received, Northchurch $50K due October 2026. Volaro Group are onboarding as advisors to support international expansion and US commercial strategy. The Youth Vest White colourway sold 49% above its initial 150-unit buy, validating range extension demand. New Youth Black SS/MM sizes launched in April on pre-order. Australia and USA show distinct product profiles — AU 88% Adult, USA 69% Youth — creating clear market-specific inventory and growth strategies as the range matures.
Monthly P&L — FY2026 vs FY2025
| Line | Jul | Aug | Sep | Oct | Nov | Dec | Jan | Feb | Mar | Apr | May | Jun | Full Year |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jul | $45.1K | $20.7K | 271 | $87.89 | 46.0% | 2.18x | $6.3K | $0.4K | 52 | —* | 5.8% | 17.32x | |
| Aug | $64.4K | $29.2K | 364 | $92.03 | 45.3% | 2.21x | $6.4K | $0.0K | 78 | —* | 0.6% | 164.98x | |
| Sep | $47.5K | $21.8K | 248 | $100.89 | 45.9% | 2.18x | $8.9K | $0.0K | 41 | —* | 0.0% | — | |
| Oct | $32.0K | $25.6K | 209 | $140.39 | 79.9% | 1.25x | $13.9K | $10.7K | 174 | $68.00 | 77.3% | 1.29x | |
| Nov | $93.4K | $28.5K | 570 | $57.28 | 30.5% | 3.28x | $17.3K | $16.3K | 235 | $76.58 | 94.4% | 1.06x | |
| Dec | $32.0K | $8.5K | 114 | $85.78 | 26.5% | 3.77x | $12.6K | $11.4K | 144 | $87.47 | 90.1% | 1.11x | |
| Jan | $27.3K | $8.8K | 159 | $63.15 | 32.1% | 3.11x | $83.1K | $18.3K | 278 | $72.78 | 22.1% | 4.53x | |
| Feb | $60.2K | $15.9K | 322 | $56.62 | 26.4% | 3.78x | $62.6K | $23.9K | 379 | $69.79 | 38.3% | 2.61x | |
| Mar | $81.7K | $23.2K | 445 | $59.88 | 28.4% | 3.52x | $30.7K | $16.9K | 368 | $50.73 | 55.1% | 1.82x | |
| Apr | $45.6K | $15.9K | 197 | $92.53 | 34.9% | 2.87x | $30.1K | $12.8K | 278 | $50.93 | 42.6% | 2.35x | |
| May | $23.9K | $13.3K | 208 | $73.49 | 55.7% | 1.80x | $105.2K | $22.1K | 321 | $76.04 | 21.0% | 4.76x | |
| Jun | $28.2K | $9.8K | 158 | $71.37 | 35.0% | 2.86x | $50.8K | $17.9K | 296 | $66.97 | 35.3% | 2.83x | |
| Net Profit / (Loss) | −$64.7K | −$28.3K | −$39.9K | −$49.3K | −$34.1K | −$33.0K | −$42.8K | +$5.4K | −$15.5K | −$14.7K | −$44.6K | −$44.5K | −$406.2K |
| Normalised Net Profit (ex CEO wage & interest) | −$36.2K | +$0.2K | −$11.3K | −$20.8K | −$4.9K | −$3.6K | −$27.2K | +$23.1K | +$14.2K | +$15.1K | −$15.1K | −$15.8K | −$82.3K |
| FY2025 (July 2024 – June 2025) — Full Year Comparison | |||||||||||||
| Revenue | $11.2K | $11.1K | $13.1K | $20.8K | $22.9K | $16.5K | $84.0K | $64.3K | $33.8K | $33.5K | $106.3K | $53.5K | $472.0K |
| - Cost of Goods Sold | $3.1K | $2.3K | $2.8K | $3.4K | $3.3K | $3.3K | $14.0K | $10.5K | $5.9K | $5.9K | $17.6K | $6.3K | $78.3K |
| Product Gross Profit | $8.1K | $8.8K | $10.3K | $17.4K | $19.5K | $13.2K | $70.0K | $53.8K | $27.9K | $27.6K | $88.7K | $47.2K | $393.7K |
| Product GM% | 72.2% | 78.9% | 78.6% | 83.6% | 85.4% | 80.0% | 83.4% | 83.7% | 82.4% | 82.6% | 83.4% | 88.2% | 83.4% |
| Discount % of revenue | 0.0% | 0.0% | 0.0% | 0.0% | 2.7% | 3.9% | 1.4% | 2.9% | 6.7% | 1.1% | 0.4% | 3.6% | 3.2% |
| Adjusted Gross Profit | $8.1K | $8.7K | $10.3K | $17.2K | $17.5K | $12.6K | $60.6K | $50.3K | $25.0K | $26.5K | $87.3K | $45.0K | $365.7K |
| Net Profit / (Loss) | −$55.4K | −$38.2K | −$57.4K | −$44.7K | −$45.6K | −$57.7K | −$39.6K | −$32.3K | −$48.3K | −$33.3K | +$11.4K | −$80.4K | −$521.4K |
| Normalised Net Profit (ex CEO wage) | −$46.3K | −$32.7K | −$55.3K | −$39.2K | −$39.4K | −$51.5K | −$33.9K | −$25.8K | −$43.5K | −$29.3K | +$11.6K | −$75.6K | −$460.9K |
* FY25 inward freight % is distorted — freight only applied Jan–Mar 2025 (Youth product only, Adult written off in FY24). FY26 carries freight every month across all product. Not directly comparable.
Revenue & profitability trends
Monthly revenue — FY26 vs FY25
Gross profit & margin % — FY26
Net profit / (loss) by month — FY26 vs FY25
OpEx vs gross profit — FY26
Gross margin analysis — normalised view
Context: two structural distortions affect YoY comparability
1. Pre-order model in FY25. The majority of Youth product was sold on pre-order in FY25 — stock was limited, volumes were lower, and there was little need for promotional discounting. Lower sales volume naturally produces lower absolute discounts. FY26 has full stock availability across all product lines, which both enables higher sales and requires promotional activity to drive velocity — so some increase in the discount rate is expected and appropriate.
2. November 2025 is a Black Friday promotional event. A 30.4% discount rate in a single month ($31.9K of the $81.4K YTD total) distorts the underlying trading view materially. November has been isolated below and removed from the normalised analysis so the board can see the true run-rate margin of the business.
1. Pre-order model in FY25. The majority of Youth product was sold on pre-order in FY25 — stock was limited, volumes were lower, and there was little need for promotional discounting. Lower sales volume naturally produces lower absolute discounts. FY26 has full stock availability across all product lines, which both enables higher sales and requires promotional activity to drive velocity — so some increase in the discount rate is expected and appropriate.
2. November 2025 is a Black Friday promotional event. A 30.4% discount rate in a single month ($31.9K of the $81.4K YTD total) distorts the underlying trading view materially. November has been isolated below and removed from the normalised analysis so the board can see the true run-rate margin of the business.
Margin waterfall — normalised (ex-November Black Friday)
Revenue (8 months, ex-Nov)
November isolated: $105.1K at 84.8% product GM
$556.1K
100%
- Cost of Goods Sold
-$93.0K
16.7% of revenue
= Product Gross Profit
$463.1K
Product GM: 83.3%
vs 82.0% FY25 ex-Nov ▲ improving
- Discounts (normalised)
Black Friday ($31.9K) excluded — reported separately
-$38.5K
6.9% of revenue
vs 2.3% FY25 ex-Nov — partly pre-order structural gap
- Inward Freight
Present every month in FY26; only Jan-Mar FY25
-$9.1K
1.6% of revenue
= Adjusted GM (normalised)
$415.6K
Adj GM: 74.7%
vs 75.8% FY25 ex-Nov — gap just 1.1pp
Discount rate by month — % of revenue
Normalised FY26 discount rate (ex-Nov): 6.9%. FY25 full year: 3.2% (structurally low due to pre-order model Jul–Sep and limited stock). Outside of Black Friday, the trading discount rate is consistent at 5-9%. The FY25 rate of 2.3% was structurally lower because pre-order customers buy at full price and limited stock reduces the need for promotional pricing. As inventory normalises across both Youth and Adult, a higher baseline discount rate is expected.
Product GM% trend — FY26 vs FY25
Product margin is consistently improving YoY. FY26 full year averaged 84.4% vs 83.4% FY25. The Feb FY26 dip reflects the large B2B order ($47K) which carries different margin characteristics. Apr–Jun FY26 all above 85%.
Revenue by channel — FY2026 YTD
FY2026 YTD by channel
D2C
Intl $517.9K · Dom $63.4K
$581.2K
72.9% of sales
▲ +$240.5K +99.5%
MKT (Amazon)
Overseas marketplace
$199.8K
18.8% of sales
▲ +$92.5K +289.5%
B2B
Domestic wholesale
$49.0K
7.3% of sales
▲ +$43.7K +1,019%
Freight / Other
$6.5K
1.0% of sales
▲ +$5.5K +570%
Total YTD Revenue
$838.5K
YoY channel growth — grouped
| Channel | FY26 YTD | % of sales | FY25 YTD | Growth $ | Growth % |
|---|---|---|---|---|---|
|
D2C
Intl + Domestic
|
$581.2K | 72.9% | $241.8K | +$240.5K | +99.5% |
| International D2C | $417.3K | 63.1% | $208.1K | +$209.2K | +100.5% |
| Domestic D2C | $65.0K | 9.8% | $33.7K | +$31.3K | +92.9% |
|
MKT (Amazon)
Overseas marketplace
|
$199.8K | 18.8% | $32.0K | +$92.5K | +289.5% |
|
B2B
Domestic wholesale
|
$49.0K | 7.3% | $4.3K | +$43.7K | +1,019% |
| Freight / Other | $6.5K | 1.0% | $1.0K | +$5.5K | +570% |
| Total | $838.5K | 100% | $279.0K | +$382.2K | +137.0% |
Operating expense breakdown — FY2026 Full Year ($1,014.8K)
Normalised EBITDA — excluding CEO wage (Consulting Fees — Biz Dev)
The Consulting Fees — Business Development line ($28,500/month) is structured as the CEO wage. Removing it from the P&L provides the most accurate view of the underlying business performance and is the standard approach for early-stage businesses where founders would normally be taking a more active operational role in the initial growth stage of the business.
Reported Net Loss
FY26
−$406.2K
FY25
−$365.9K
▲ Improved $63.8K YoY
+ CEO Wage
FY26
+$231.7K
FY25
+$205.5K
Consulting Fees — Biz Dev
+ Interest Expense
FY26
+$5.4K
FY25
+$0.0K
No interest in FY25
= Normalised EBITDA
FY26
−$82.3K
FY25
−$160.4K
▲ Improved $95.3K YoY
Monthly normalised EBITDA — FY26 vs FY25
3 months profitable on normalised basis in FY26 (Aug, Feb, Mar) vs 1 month in FY25 (Sep)
Monthly reported net profit / (loss) — FY26 vs FY25
1 profitable month on reported basis in FY26 (Feb +$5.5K) vs 0 months in FY25
Monthly detail
| Month | FY26 Reported | FY26 Norm EBITDA | FY25 Reported | FY25 Norm EBITDA | Reported Var | Norm Var |
|---|---|---|---|---|---|---|
| Jul | −$64.7K | −$36.2K | −$52.1K | −$32.1K | −$12.6K | −$4.1K |
| Aug | −$28.3K | +$0.2K ✓ | −$37.7K | −$17.7K | +$9.4K | +$17.9K |
| Sep | −$39.9K | −$11.3K | −$8.0K | +$12.1K | −$31.9K | −$23.4K |
| Oct | −$49.3K | −$20.8K | −$44.7K | −$24.7K | −$4.6K | +$3.9K |
| Nov | −$34.1K | −$4.9K | −$45.6K | −$25.6K | +$11.5K | +$20.7K |
| Dec | −$34.3K | −$4.9K | −$57.7K | −$37.7K | +$23.4K | +$32.8K |
| Jan | −$42.7K | −$25.8K | −$39.6K | −$11.1K | −$3.1K | −$14.7K |
| Feb | +$5.5K ✓ | +$23.1K ✓ | −$32.3K | −$3.8K | +$37.8K | +$26.9K |
| Mar | −$14.2K | +$15.6K ✓ | −$48.3K | −$19.8K | +$34.1K | +$35.4K |
| YTD | −$406.2K | −$82.3K | −$365.9K | −$160.4K | +$63.8K | +$95.3K |
OpEx by category — FY2026 YTD
CEO wage
29.9% of OpEx
$231.7K
Consulting — Biz Dev · $28,500/mth · structured as CEO wage
Revenue-generating marketing
31.6% of OpEx
$244.3K
D2C Mktg $182.1K · Amazon Mktg $39.2K · Brand/Sponsorships $22.9K
Channel fees
16.6% of OpEx
$128.9K
D2C Freight $66.5K · Merchant Fees $27.8K · Amazon Freight $20.8K · Platform Fees $13.8K
People & professional
13.1% of OpEx
$101.1K
Agency & Consulting $50.7K · Int'l Travel $24.8K · Accounting $19.4K · Legal $6.2K
Other operating
8.8% of OpEx
$68.3K
Insurance $14.1K · Subscriptions $13.5K · R&D $5.7K · Other
Total OpEx
$1,014.8K
OpEx — FY26 vs FY25 key lines
| Expense | FY26 | % OpEx | FY25 | Change |
|---|---|---|---|---|
|
Consulting — Biz Dev
CEO wage
|
$231.7K | 29.9% | $205.5K* | +$26.2K |
Channel Mktg D2C |
$221.2K | 23.5% | $150.9K | +$31.2K |
D2C Freight & Distrib. |
$66.5K | 8.6% | $48.4K | +$18.1K |
Channel Mktg — Amazon |
$62.1K | 5.1% | $5.9K | +$33.3K |
Agency & Consulting |
$50.7K | 6.5% | $60.5K | −$9.8K |
International Travel |
$24.8K | 3.2% | $11.3K | +$13.5K |
Legal |
$6.2K | 0.8% | $24.0K | −$17.8K |
| Total OpEx | $1,014.8K | 100% | $604.5K | +$169.6K |
| * FY25 consulting began at $20K/mth (Jul–Dec) reflecting an initial 3-day per week arrangement, rising to $28.5K from Jan 2025 as the role moved to full-time 5 days. FY26 runs at $28.5K/mth for the full period. The YoY increase of $26.2K reflects the annualised impact of this transition from part-time to full-time engagement. | ||||
CEO wage
Revenue marketing
Channel fees
People & professional
Other operating
Product performance — USA & Australia Jul 2025 – Jun 2026 · Shopify sales by SKU
Combined Net Sales YTD
$501.9K
3,376 units · USA + Australia
USA $371.8K
AU $55.9K
Youth (combined)
$237.2K
55.4% of Shopify revenue
2,034 units · mostly USA
Adult (combined)
$187.3K
43.8% of Shopify revenue
1,258 units · AOV ~$183
Best month (Mar 26)
$81.8K
612 units — new YTD high
▲ USA $64.8K + AU $17.0K
Monthly net sales by product family — USA + Australia
Monthly units sold — USA + Australia
Revenue by product family
Youth
All YV colourways
AOV ~$140
$237.2K
55.4% · 2,034 units
USA $232.4K · AU $4.8K
Adult
AV1001 · 6 sizes
AOV ~$183
$187.3K
43.8% · 1,258 units
USA $136.1K · AU $51.2K
Other
ATT / ALS / ATS
$3.3K
0.8% · 84 units (USA only)
Total Combined Net Sales YTD
$501.9K
Adult size distribution — combined (1,258 units)
| Size | USA units | USA % | AU units | AU % | Combined |
|---|---|---|---|---|---|
| XS | 257 | 32.8% | 121 | 25.5% | 378 |
| SS | 237 | 30.2% | 136 | 28.7% | 373 |
| MM | 151 | 19.3% | 111 | 23.4% | 262 |
| LL | 69 | 8.8% | 70 | 14.8% | 139 |
| XL | 48 | 6.1% | 18 | 3.8% | 66 |
| XXL | 22 | 2.8% | 18 | 3.8% | 40 |
AU skews slightly larger than USA. Australia has proportionally more MM (23.4% vs 19.3%) and LL (14.8% vs 8.8%). Consider market-specific size buying. XS/SS remain the top two sizes in both markets.
Market split — USA vs Australia
USA
$371.8K
2,836 units
Youth 69.4%
Adult 38.1%
Australia
$55.9K
540 units
Youth 12.2%
Adult 87.8%
Combined
$501.9K
3,376 units
Youth 55.4%
Adult 43.8%
| Market | Net Sales | % of Total | Units | Youth Sales | Youth % | Adult Sales | Adult % |
|---|---|---|---|---|---|---|---|
| USA | $371.8K | 86.9% | 2,836 | $232.4K | 62.5% | $136.1K | 36.6% |
| Australia | $55.9K | 13.1% | 540 | $4.8K | 8.5% | $51.2K | 91.5% |
| Combined | $501.9K | 100% | 3,526 | $237.2K | 55.5% | $187.3K | 43.8% |
Very different market profiles. Australia is almost entirely Adult product (88% of AU units) — likely a different buyer demographic and use case. USA skews strongly Youth (69%). Inventory buying, marketing messaging and size curves should be managed separately per market.
Top SKUs by net sales — USA + Australia · Full Year FY2026
| SKU | Product | Size / Note | USA Sales | AU Sales | Combined | Units | AOV |
|---|---|---|---|---|---|---|---|
| Youth Vest — all colourways & sizes | |||||||
| YV1001 | Youth Vest — Black | XS · original core SKU | $211,387 | $6,836 | $218,222 | 1,881 | $136 |
| YV1001WHI | Youth Vest — White | XS · colourway extension 150 unit buy · sold through slowly | $28,532 | — | $28,532 | 258 | $131 |
| YVBLKSS | Youth Vest — Black | SS · New size · launched Apr 26 | $9,373 | $1,120 | $10,493 | 100 | $108 |
| YVBLKMM | Youth Vest — Black | MM · New size · launched Apr 26 | $8,890 | $531 | $9,421 | 85 | $129 |
| YVBLKLL | Youth Vest — Black | LL · New size · launched Apr 26 | $4,796 | $270 | $5,066 | 45 | $130 |
| Adult Vest — AV1001 | |||||||
| AV1001SS | Adult Vest | Small · #1 adult size | $50,664 | $20,585 | $71,249 | 469 | $164 |
| AV1001XS | Adult Vest | XSmall | $48,209 | $16,787 | $64,996 | 455 | $160 |
| AV1001MM | Adult Vest | Medium | $31,236 | $14,874 | $46,110 | 326 | $161 |
| AV1001LL | Adult Vest | Large | $15,885 | $9,173 | $25,059 | 177 | $167 |
| AV1001XL | Adult Vest | XLarge | $9,255 | $3,101 | $12,355 | 90 | $153 |
| AV1001XXL | Adult Vest | XXLarge | $4,281 | $2,491 | $6,772 | 48 | $161 |
| Total | $426,144 | $75,767 | $501,911 | 4,027 | $142 | ||
Youth Vest Black new sizes (SS, MM, LL) — launched April 2026. All three sizes were taken to market with an initial pre-order buy of 150 units each and have been selling through steadily. Combined FY26 revenue across SS ($10.5K/100u), MM ($9.4K/85u) and LL ($5.1K/45u) totals $24.9K from 230 units — a solid first-year result for new size extensions. These are tracking as expected rather than at the accelerated pace of the initial White launch.
Sell-through analysis — FY2026 full year (USA)
Monthly sell-through rate — all core SKUs
Sell-through % = Units Sold ÷ (Units Sold + Closing Inventory). Spike in Mar reflects pre-orders clearing against low closing stock.
Quarterly sell-through rate
Q4 drop reflects new YVBLK size stock arriving (855 units) against slower early sell-through. Adult vests drove strong Q2/Q3.
ABC inventory grading — by full year sell-through %
A ≥60% · B 30–60% · C <30% | Shopify definition: Units Sold ÷ (Units Sold + Ending Inventory)
| Grade | SKU | Product | Full Year ST% | Last 3m ST% | Total Sold | Closing SOH | Status |
|---|---|---|---|---|---|---|---|
| A Grade — sell-through ≥60% · strong velocity | |||||||
| A | YV1001WHI | Youth Vest White | 96.6% | 79.5% | 258u | 9u | ⬛ Discontinuing |
| A | AV1001XL | Adult Vest XLarge | 68.2% | 36.4% | 90u | 42u | ✓ Good sell-through |
| A | AV1001SS | Adult Vest Small | 65.5% | 28.0% | 469u | 247u | ✓ #1 adult size by volume |
| A | AV1001LL | Adult Vest Large | 61.7% | 25.7% | 177u | 110u | ✓ Consistent performer |
| A | AV1001XS | Adult Vest XSmall | 61.4% | 21.2% | 455u | 286u | ⚑ 3m velocity slowing |
| A | YV1001 | Youth Vest Black XS | 61.2% | 6.7% | 1,881u | 1,191u | ⚑ Strong FY but Q4 slowdown |
| B Grade — sell-through 30–60% · monitor closely | |||||||
| B | AV1001MM | Adult Vest Medium | 50.8% | 16.8% | 326u | 316u | ⚑ High closing SOH — watch |
| B | AV1001XXL | Adult Vest XXLarge | 41.0% | 10.4% | 48u | 69u | ⚑ Limit future buys |
| C Grade — sell-through <30% · New Youth sizes · pre-order phase then June restock | |||||||
| C | YVBLKSS | Youth Vest Black SS | 23.0% |
Pre-order: 78u / 150u buy (52%)
June post-landing: 22u / 357u (6.2%)
|
100u total | 335u | June restock ~357u · 1 month data |
| C | YVBLKMM | Youth Vest Black MM | 19.9% |
Pre-order: 66u / 150u buy (44%)
June post-landing: 19u / 361u (5.3%)
|
85u total | 342u | June restock ~361u · 1 month data |
| C | YVBLKLL | Youth Vest Black LL | 20.2% |
Pre-order: 20u / 150u buy (13%)
June post-landing: 25u / 203u (12.3%)
|
45u total | 178u | June restock ~203u · 1 month data |
* SOH data is combined USA + Australia (Shopify). New Youth sizes (YVBLK) sold out their initial 150-unit pre-order buy before stock arrived, then received a larger restock in June. Sell-through is broken into pre-order phase and post-landing phase — see highlights below.
Product highlights & key findings
YV1001 (Youth Vest Black XS) — the core hero SKU at $218K, 1,881 units
The original Youth Vest Black in XS remains the backbone of the range — $218.2K combined (USA $211.4K + AU $6.8K), 1,881 units sold, and an A-grade 61.2% full-year sell-through. However, the last 3 months (Apr–Jun) show a 6.7% sell-through rate with 1,191 units on hand. This is a Q4 seasonal pattern that warrants monitoring into FY27 — marketing investment in the off-peak period will be the key lever to clear existing stock before the next buy.
Adult Vest — all sizes A or B grade, SS and XS leading at $71K and $65K combined
The Adult Vest range is performing well across all sizes. AV1001SS ($71.2K/469u, 65.5% ST) and AV1001XS ($65K/455u, 61.4% ST) are the volume leaders. AV1001LL and AV1001XL are also A-grade with good velocity. AV1001MM (50.8%, 316 units closing) and AV1001XXL (41.0%, 69 units closing) are B-grade and need monitoring — MM in particular has high absolute closing stock (316 units) that should be managed through targeted promotion in FY27. The adult size curve continues to skew small: SS and XS together account for 63% of adult volume.
Youth Vest White — discontinuing · nearly sold out at 96.6% sell-through · 9 units remaining
YV1001WHI (Youth Vest White) achieved the highest sell-through rate in the range at 96.6% — virtually sold out with only 9 units remaining. The initial buy of 150 units sold through steadily over the year rather than rapidly. The decision to discontinue the White is confirmed — it wasn't generating the velocity needed to justify ongoing range complexity, and with near-zero stock remaining there is no meaningful clearance exposure. This simplifies the youth range back to the core Black in multiple sizes.
New Youth Black sizes (SS, MM, LL) — initial 150-unit buy sold through on pre-order, June restock now live
All three new sizes launched on pre-order with 150-unit initial buys and sold through before stock physically arrived. YVBLKSS pre-sold 78 units (52% of buy), YVBLKMM 66 units (44%), and YVBLKLL 20 units (13%) — confirming real demand at launch, particularly for SS and MM. A larger restock landed in June (estimated ~357u SS, 361u MM, 203u LL), with only one month of trading post-arrival. June post-landing sell-through is early (SS 6.2%, MM 5.3%, LL 12.3%) — these are the first 4 weeks only and are not indicative of full velocity. The priority entering FY27 is directing marketing spend toward these sizes to drive awareness and clear what is now meaningful stock on hand (335u, 342u, 178u). The C-grade full-year rating reflects the combination of a successful pre-order sell-through and a large June restock with minimal sell time — not poor product performance.
Australia — Adult-dominant market with 571 orders · distinct profile from USA
Australia contributed $75.8K (571 orders) for the full year, with 88% Adult and only 12% Youth. AV1001SS ($20.6K/180u) and AV1001XS ($16.8K/150u) lead the AU market, tracking the same small-size skew as USA. The AU size distribution (XS 150u, SS 180u, MM 134u, LL 84u, XL 30u, XXL 21u) closely mirrors USA proportionally. March was the strongest AU month at $17K. The distinctly different Youth/Adult split between markets (USA 61% Youth vs AU 88% Adult) suggests market-specific ranging and inventory allocation could improve efficiency going into FY27.
Marketing performance — FY2026 YTD vs FY2025
D2C — Channel Marketing YoY comparison · Shopify USA + Australia
Context: FY25 spent only $404 on D2C marketing Jul–Sep 2024 because there was no stock available to sell. Marketing spend only began in October 2024 when the Youth Vest went on pre-order, with product delivering in January 2025. This means the Jul–Sep FY25 figures are not meaningful for comparison — the like-for-like comparable period is Oct–Mar for both years.
YTD Spend
$221.2K
$150.9K
▲ +$70.3K +46.6%
CAC per order
$77.78
3,526 orders
$63.68
2,370 new D2C customers FY25
COS
38.1%
35.3%
▼ Increased 2.8pp YoY
ROAS
2.63x
2.84x
▼ Declined 0.21x YoY
CAC by month — FY26 vs FY25
COS % by month — FY26 vs FY25
MER (total marketing spend ÷ total revenue) — FY26 vs FY25
MER includes D2C + Amazon spend against all revenue — a blended efficiency view across both paid channels. FY26 full year: 33.8% · FY25: 33.3%
Monthly D2C marketing efficiency — FY26 vs FY25
| Month | FY26 Revenue | FY26 Spend | FY26 Orders | FY26 CAC | FY26 COS | FY26 ROAS | FY25 Revenue | FY25 Spend | FY25 Orders | FY25 CAC | FY25 COS | FY25 ROAS |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jul | $45.1K | $20.7K | 296 | $70.08 | 46.0% | 2.18x | $12.3K | $0.4K | 54 | $6.76 | 5.8%* | — |
| Aug | $64.4K | $29.2K | 371 | $78.64 | 45.3% | 2.21x | $6.5K | $0.0K | 83 | $0.47 | 0.6%* | — |
| Sep | $47.5K | $21.8K | 257 | $84.80 | 45.9% | 2.18x | $7.8K | $0.0K | 45 | — | — | — |
| Oct ⚑ | $32.0K | $25.6K | 219 | $116.67 | 79.9% | 1.25x | $13.9K | $10.7K | 181 | $59.36 | 77.3% | 1.29x |
| Nov | $93.4K | $28.5K | 646 | $44.07 | 30.5% | 3.28x | $17.3K | $16.3K | 244 | $66.85 | 94.4% ⚑ | 1.06x |
| Dec | $30.7K | $8.5K | 121 | $70.18 | 27.7% | 3.61x | $12.6K | $11.4K | 150 | $75.81 | 90.1% | 1.11x |
| Jan | $27.3K | $8.8K | 175 | $50.16 | 32.1% | 3.11x | $83.1K | $18.3K | 279 | $65.74 | 22.1% | 4.53x |
| Feb | $60.2K | $15.9K | 343 | $46.39 | 26.4% | 3.78x | $62.4K | $23.9K | 387 | $61.86 | 38.3% | 2.61x |
| Mar | $81.7K | $23.2K | 487 | $47.71 | 28.4% | 3.52x | $30.6K | $16.9K | 373 | $45.29 | 55.1% | 1.82x |
| Apr | $45.6K | $15.9K | 217 | $73.34 | 34.9% | 2.87x | $30.1K | $12.8K | 278 | $50.93 | 42.6% | 2.35x |
| May | $23.9K | $13.3K | 225 | $59.12 | 55.7% | 1.80x | $105.2K | $22.1K | 321 | $76.04 | 21.0% | 4.76x |
| Jun | $28.2K | $9.8K | 169 | $58.27 | 35.0% | 2.86x | $50.8K | $17.9K | 296 | $66.97 | 35.3% | 2.83x |
| Full Year | $581.2K | $221.2K | 3,526 | $77.78 | 38.1% | 2.63x | $427.9K | $150.9K | 2644 | $63.68 | 35.3% | 2.84x |
* FY25 Jul–Sep CAC not meaningful — D2C spend near-zero ($0–$365). Orders from Shopify Orders report (USA + AU combined). CAC = D2C channel spend ÷ new customers (87.1% new FY26 · 90.6% new FY25). ⚑ Oct consistently weakest D2C month both years — low volume vs high fixed spend.
Amazon — Channel Marketing FY25 paused Oct–Mar due to no stock; FY26 restarted Sep 25 as inventory arrived
Context: Amazon marketing was active in FY25 Jul–Sep ($5.9K total) but was paused from October 2024 because there was no stock available to fulfil orders. Spend was restarted in September 2025 as new inventory arrived and has been scaling consistently since — from $1.4K in Sep to $12K/month by March 2026.
FY26 YTD Spend
$62.1K
$5.9K FY25
▲ +$33.3K — channel scaled
FY26 COS
31.1%
FY25 n/a (paused Oct–Mar)
FY26 ROAS
3.22x
FY25 n/a
CAC
TBC
Amazon order data to be supplied
Customer acquisition — FY2026 vs FY2025 · D2C only
| Metric | FY2026 | FY2025 |
|---|---|---|
| New customers | 2,806 | 2,370 |
| └ USA | 2,373 | 1,916 |
| └ Australia | 433 | 454 |
| Returning customers | 415 | 247 |
| Total D2C orders | 3,265 | 2,644 |
| Repeat purchase rate | 12.9% ▲ | 9.4% |
| D2C CAC | $77.78 | $63.68 |
CAC methodology: D2C channel spend ÷ new customers (USA + AU Shopify). Excludes Amazon. FY26 CAC +22.2% YoY — spend up 46.6%, new customers up 18.4%. Repeat rate improved 9.4% → 12.9%.
New vs returning customers — FY26
USA new
2,373
+24% vs FY25
AU new
433
−5% vs FY25
November: 94% COS → 30% COS YoY
The single biggest YoY marketing improvement. In FY25, November spent $16.3K and generated a 94.4% COS (1.06x ROAS) — essentially break-even because the business was pre-order constrained with limited stock to convert demand. In FY26, $28.5K spend drove $93.4K revenue at 30.5% COS, 3.28x ROAS. Full stock availability transformed marketing efficiency in the same promotional period.
Oct–Mar like-for-like: ROAS improved significantly with full stock availability
Excluding the non-comparable Jul–Sep period, Oct–Mar shows: FY25 spent $97.6K for a 2.25x ROAS, FY26 spent $110.4K for a 2.95x ROAS — a 31% improvement in marketing return on the same comparable trading window. CAC in comparable months is tracking similarly ($55–62 range both years) but the revenue per order is higher in FY26.
Amazon restarted and scaling — $0 → $12K/month
Amazon marketing was trialled in FY25 Jul–Sep ($5.9K) then paused for the full Oct–Mar period. It was restarted in Sep 2025 and has scaled from $1.4K to $12K/month by March 2026. March COS of 29.5% at 3.39x ROAS shows the channel is performing well at scale. Order-level CAC to be added when Amazon data is supplied.
Balance sheet — as at 30 June 2026
Total Cash
$280.3K
NAB $271.7K · Amazon USD $8.0K
PayPal + Amazon CAN/MEX $0.7K
Inventory & Prepayments
$128.9K
Inventory on hand $108.3K
Prepayments $20.6K
Working Capital
+$225.7K
Current assets $411.5K
Current liabilities $185.7K
Accounts Payable
$187.5K
Supplier invoices outstanding
Largest current liability
Assets — 30 June 2026
| Line | Value | Note |
|---|---|---|
| Bank & Cash | ||
| NAB Main Account | $271,673 | Primary operating account — reflects $350K raise receipts Apr 2026 |
| Amazon USD Account | $7,978 | USD converted at 0.6885 |
| Amazon CAN / MEX | $122 | Minor foreign currency accounts |
| PayPal AUD + USD | $553 | Operating clearing accounts |
| Total Bank & Cash | $280,326 | |
| Current Assets | ||
| Accounts Receivable | $1,411 | Outstanding trade receivables |
| Cash on Hand | $100 | Petty cash |
| Inventory — Adult & Youth Vests | $81,441 | Core product stock on hand |
| Inventory — Base Layers | $1,618 | Base layer stock |
| Inventory — Import Costs | $17,012 | Capitalised landed costs |
| Inventory — Packaging | $8,213 | Packaging materials on hand |
| AU Stock Import Costs | $765 | AU landed cost component |
| Prepayments — Adult | $24,552 | Adult vest stock on order |
| Prepayments — Youth | −$3,981 | Youth prepayment net of returns / credits |
| Total Current Assets | $131,129 | |
| Other Assets | ||
| Plant & Equipment (net of depreciation) | $9,122 | $22,913 cost less $13,791 accumulated depreciation |
| IP — BDJ Trading Pty Ltd | −$70,066 | Business IP held in a separate entity — represents cost allocated to that entity |
| Total Assets | $350,512 | |
Liabilities & Equity — 30 June 2026
| Line | Value | Note |
|---|---|---|
| Current Liabilities | ||
| Accounts Payable | $187,524 | Supplier invoices outstanding — includes FX payables |
| NAB Credit Card | $2,335 | Business card balance |
| CBA Credit Card | $154 | Business card balance |
| ATO ICA / GST (net) | −$4,133 | Net ATO position — credit balance |
| Shopify/PayPal Clearing | −$150 | Clearing account |
| Total Current Liabilities | $185,729 | |
| Non-current Liabilities — Founder & Investor Capital | ||
| Loan — Brad & Donna Johnson | $430,888 | Personal founder loan to seed the business — held in personal names |
| Loan — Zena Sport Holdings PL | $994,550 | Intercompany — cumulative investor capital across all rounds, incl. $450K current raise received |
| Total Founder & Investor Capital | $1,425,438 | |
| Total Liabilities | $1,611,168 | |
| Equity | ||
| Current Year Earnings | −$406,154 | FY26 full year reported loss |
| Retained Earnings | −$854,602 | Accumulated prior year losses |
| Paid Up Capital | $100 | |
| Total Equity | −$1,260,656 | |
Note: The $1.425M in non-current liabilities represents founder and investor capital, not third-party debt. The Zena Sport Holdings PL loan is an intercompany loan — all investor capital raised across rounds, including the $450K received in the current raise, is channelled through the holding company and lent to the operating entity. The Brad & Donna Johnson loan is a personal loan by the founders to seed the business. Neither line is external commercial debt. True commercial liabilities are accounts payable ($187.5K) and credit cards ($2.5K). Working capital is strongly positive at +$225.7K — significantly improved from +$31.2K at March 2026, reflecting the April raise receipts. Cash at 30 June is $280.3K. Northchurch $50K due October 2026 will further strengthen the position to ~$330K.
Capital raise & equity — $500K round
Total Raise
$500K
5 new investors · Fully subscribed
Post-Money Valuation
$4.5M
11.1% equity issued · Founders retain 77.1%
Received to Date
$450K
4 of 5 investors settled · $400K since Apr
✓ Fully received
Remaining to Receive
$50K
Northchurch Investments Pty Ltd
⏳ Due October 2026
Raise timeline & settlement schedule
| Investor | Amount | Status | Timing |
|---|---|---|---|
| Zagora Pty Ltd (Clifford Family Trust) | $100,000 | ✓ Received | Mar 2026 |
| R I Wilson Pty Ltd (Wilson Family Trust) | $100,000 | ✓ Received | Apr 2026 |
| Equitave Pty Ltd (Theo Family Trust) | $200,000 | ✓ Received | Apr 2026 |
| Macca DW Investments Pty Ltd | $50,000 | ✓ Received | Apr 2026 |
| Northchurch Investments Pty Ltd | $50,000 | ⏳ Due Oct 26 | Oct 2026 |
| Total | $500,000 | $450K received · $50K due Oct 2026 | |
Pro forma cash position — post raise
| Position | Cash | Note |
|---|---|---|
| Cash at 31 Mar 2026 (pre-raise receipts) | $153,987 | Includes Zagora $100K received 30 Mar |
| + Apr 2026 receipts | +$350,000 | Wilson $100K + Equitave $200K + Macca $50K ✓ |
| Cash at 30 Jun 2026 (year-end balance sheet) | $280,326 | Actual year-end cash · $450K raise received in period |
| + Northchurch Investments (⏳ Oct 2026) | +$50,000 | Final outstanding payment |
| Fully funded (Oct 2026) | ~$330,326 | $280.3K + Northchurch $50K (est. pre-operating costs) |
Post-raise cap table — as at April 2026 Fully diluted · all shares fully paid ordinary
| Shareholder | Shares | % Post-Raise | Investment | Round |
|---|---|---|---|---|
| Founding & Existing Shareholders | ||||
| B & D Sports Marketing (B&D Johnson Trust) | 700,000 | 53.94% | — | Founder |
| Revilo Ventures (PJ Johnston Family Trust) | 300,000 | 23.12% | — | Founder |
| Polar 993 (Carbine Funds Management) | 71,837 | 5.54% | $277,623 | Prior round |
| Breakthrough Victoria Pty Ltd | 38,415 | 2.96% | $148,461 | Prior round |
| Derida Pty Ltd (Derida Trust) | 38,415 | 2.96% | $148,461 | Prior round |
| D and F Pym Family Pty Ltd | 4,957 | 0.38% | $20,000 | Seed · competition prize |
| Current Round — $500K @ $4.5M post-money | ||||
| Zagora Pty Ltd (Clifford Family Trust) | 28,841 | 2.22% | $100,000 ✓ | Current · Received Mar |
| R I Wilson Pty Ltd (Wilson Family Trust) | 28,841 | 2.22% | $100,000 ✓ | Current · Received Apr |
| Equitave Pty Ltd (Theo Family Trust) | 57,681 | 4.44% | $200,000 ✓ | Current · Received Apr |
| Macca DW Investments Pty Ltd | 14,420 | 1.11% | $50,000 ✓ | Current · Received Apr |
| Northchurch Investments Pty Ltd | 14,420 | 1.11% | $50,000 ⏳ | Current · Due Oct 2026 |
| Total | 1,297,827 | 100.00% | $500,000 (current round) | |
Founding group (B&D + Revilo): 1,000,000 shares — 77.1% post-raise
Post-money valuation: $4,500,000
New equity issued: 144,203 shares — 11.1%
Zena Sport Pty Ltd · Business Performance Dashboard · FY2026 YTD (Jul 2025 – Jun 2026)
Source: Xero P&L · Confidential — Board & Investors Only