Business Performance Dashboard · FY2026 Year to Date · July 2025 – March 2026 (9 months)
Prepared for CEO & Board
Prior period: Jul 2024 – Mar 2025
Source: Xero P&L
Reporting currency AUD
Period 9 months YTD
Loss narrowing +$63.8K improvement YoY
Path to $1M
FY2026 YTD revenue vs $1,000,000 milestone
Achieved $661.2K
Remaining $338.8K
Target $1,000K
$0
$250K
$500K
$750K
$1M
3 months remaining in FY26 (Apr–Jun)
Required monthly avg to hit $1M: $112.9K/month
Mar 26 run rate: $124.6K — on track if momentum holds
9-month avg: $73.5K/month
1 · Revenue
$661K
▲ +137% vs prior year
FY25 same period: $279K
+$382K absolute growth
2 · Gross Profit
$472K
Product GM 83.5% ▲ vs 82.4% PY
Discounts 10.6% of rev ▲ from 2.4% PY
Adj GM 71.4% (PY 76.5%) — discount-driven
3 · COGS
$189K
▲ +189% vs prior year
FY25 COGS: $66K
28.6% of revenue (FY25: 23.5%)
4 · Operating Expenses
$774K
▲ +28% vs prior year
FY25 OpEx: $605K
117% of revenue — key risk
5 · Net Profit / (Loss)
−$302K
▲ Improved $64K YoY
FY25 loss: −$366K
Losses narrowing — positive trend
Online — D2C
$482.2K
72.9% of total revenue
Intl $417.3K · Dom $65.0K
FY25 $241.8K
▲ +$240.5K +99.5%
Amazon — Marketplace
$124.4K
18.8% of total revenue
Overseas MKT channel
FY25 $32.0K
▲ +$92.5K +289.5%
Wholesale — B2B
$48.0K
7.3% of total revenue
Domestic wholesale
FY25 $4.3K
▲ +$43.7K +1,019%
Path to profitability
Current Run Rate (annualised)
−$403K
Based on 9-month YTD loss of −$302K
Revenue needed to break even (current cost base)
~$1.08M
Annualised at 71.4% GM and current OpEx run rate
Key highlights
Revenue up 137% YoY — and March momentum puts $1M within reach this financial year
Revenue grew from $279K to $661.2K over the same 9-month period, driven by all three channels growing strongly: D2C +99.5% ($482K), Amazon +289.5% ($124K), and B2B +1,019% ($48K). The $1M milestone requires $112.9K/month for the remaining three months — March 2026 already delivered $124.6K, meaning the business is ahead of pace if momentum holds. This is not a stretch target; it is the current run rate.
Normalised EBITDA improved $95K YoY — the business is approaching breakeven on an operational basis
The reported net loss of −$302K is largely a function of the CEO wage structure ($28,500/month, $231.7K YTD). Excluding this and interest, normalised EBITDA was −$65K — an improvement of $95K on the prior year's −$160K. Three months were profitable on this basis (Aug, Feb, Mar). At the current gross margin of 74.7%, the normalised breakeven revenue point is approximately $870K annualised — a level the business is approaching. The path is clear and quantifiable.
Full stock availability has transformed marketing efficiency — November COS went from 94% to 30% YoY
The most significant operational improvement this year is the shift from a pre-order / constrained stock model to a fully stocked business. In FY25, marketing spend during Nov–Dec drove a 94.4% and 90.1% COS respectively — money spent against product that wasn't reliably available. In FY26, the same months delivered 30.5% and 27.7% COS. The same marketing budget is now generating 3x the return. On a like-for-like Oct–Mar basis, ROAS improved from 2.25x to 2.95x. Amazon was also paused from Oct 2024 to Sep 2025 due to stock constraints and is now scaling effectively at 3.18x ROAS.
Product margin is actually improving — the adjusted GM gap is entirely a discounting and comparability story
The blended adjusted GM of 71.4% vs 76.5% prior year looks like margin compression, but the underlying product GM improved from 82.4% to 83.5%. The 5.1pp gap is explained by two factors: November's Black Friday event (30.4% discount rate on $105K of revenue, a planned promotional event), and the FY25 discount rate of 2.3% being structurally suppressed because the pre-order model meant customers bought at full price. Removing November from both years narrows the normalised adjusted GM gap to just 1.1pp (74.7% vs 75.8%). No product cost deterioration — the margin story is actually positive.
Product range is expanding with strong early signals — White oversold by 49%, Black SS/MM now on pre-order
The Youth Vest White launched with a 150-unit buy and has sold 223 units, with 73 sold on pre-order (49% above the initial buy). This is a clear signal that colourway extensions have genuine demand and the initial order was undersized. Youth Vest Black in SS and MM sizes launched April 2026 on pre-order with delivery end of April — early orders already recorded. Australia and USA also show meaningfully different product profiles (AU is 88% Adult vs USA 69% Youth), which opens up market-specific product and inventory strategies as the range matures.
Monthly P&L — FY2026 vs FY2025
| Line | Jul | Aug | Sep | Oct | Nov | Dec | Jan | Feb | Mar | YTD |
|---|---|---|---|---|---|---|---|---|---|---|
| FY2026 (July 2025 - March 2026) | ||||||||||
| Revenue | $45.7K | $69.5K | $60.2K | $48.4K | $105.1K | $40.3K | $40.4K | $126.9K | $124.6K | $661.2K |
| - Cost of Goods Sold | $8.3K | $9.6K | $8.0K | $6.0K | $15.9K | $6.2K | $7.1K | $29.3K | $18.4K | $108.9K |
| Product Gross Profit | $37.4K | $59.9K | $52.2K | $42.4K | $89.2K | $34.0K | $33.3K | $97.6K | $106.3K | $552.3K |
| Product GM% | 81.8% | 86.2% | 86.7% | 87.6% | 84.8% | 84.5% | 82.3% | 76.9% | 85.2% | 83.5% |
| - Discounts | $4.0K | $6.0K | $4.5K | $2.5K | $31.9K | $6.1K | $2.5K | $5.8K | $6.9K | $70.4K |
| Discount % of revenue | 8.8% | 8.7% | 7.5% | 5.1% | 30.4% ⚑ | 15.2% | 6.3% | 4.6% | 5.5% | 10.6% |
| - Inward Freight | $0.8K | $1.0K | $0.6K | $0.4K | $0.8K | $0.4K | $0.4K | $3.4K | $2.0K | $9.9K |
| Freight % of revenue | 1.7% | 1.4% | 1.1% | 0.9% | 0.8% | 1.0% | 0.9% | 2.7% | 1.6% | 1.5% |
| Adjusted Gross Profit | $32.6K | $52.9K | $47.1K | $39.5K | $56.4K | $27.5K | $30.4K | $88.4K | $97.3K | $472.0K |
| Adjusted GM% | 71.3% | 76.1% | 78.2% | 81.5% | 53.7% | 68.3% | 75.1% | 69.6% | 78.1% | 71.4% |
| - Operating Expenses | $97.3K | $81.2K | $86.9K | $88.8K | $90.6K | $61.9K | $73.1K | $82.9K | $111.5K | $774.1K |
| Net Profit / (Loss) | −$64.7K | −$28.3K | −$39.9K | −$49.3K | −$34.1K | −$34.3K | −$42.7K | +$5.5K | −$14.2K | −$302.1K |
| Normalised Net Profit (ex CEO wage & interest) | −$36.2K | +$0.2K | −$11.3K | −$20.8K | −$4.9K | −$4.9K | −$25.8K | +$23.1K | +$15.6K | −$65.1K |
| FY2025 (July 2024 - March 2025) — prior year comparison | ||||||||||
| Revenue | $12.6K | $11.1K | $13.1K | $20.8K | $22.9K | $16.5K | $84.0K | $64.3K | $33.8K | $279.0K |
| - Cost of Goods Sold | $3.1K | $2.4K | $2.8K | $3.6K | $3.0K | $3.3K | $14.3K | $10.4K | $6.1K | $49.0K |
| Product Gross Profit | $9.4K | $8.7K | $10.3K | $17.2K | $19.9K | $13.2K | $69.7K | $53.9K | $27.7K | $230.0K |
| Product GM% | 75.2% | 78.5% | 78.6% | 82.5% | 86.9% | 80.2% | 83.0% | 83.8% | 81.9% | 82.4% |
| Discount % of revenue | 0.0% | 0.0% | 0.0% | 0.0% | 2.7% | 3.9% | 1.4% | 2.9% | 6.7% | 2.4% |
| Freight % of revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 9.4% ⚑ | 2.6% | 1.2% | 3.6%* |
| Adjusted Gross Profit | $9.4K | $8.7K | $10.3K | $17.2K | $19.3K | $12.6K | $60.6K | $50.3K | $25.0K | $213.4K |
| Net Profit / (Loss) | −$52.1K | −$37.7K | −$8.0K | −$44.7K | −$45.6K | −$57.7K | −$39.6K | −$32.3K | −$48.3K | −$365.9K |
| Normalised Net Profit (ex CEO wage) | −$32.1K | −$17.7K | +$12.1K | −$24.7K | −$25.6K | −$37.7K | −$11.1K | −$3.8K | −$19.8K | −$160.4K |
* 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 $70.4K 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 $70.4K 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%. 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 consistent and improving YoY. The Feb FY26 dip reflects the large B2B order ($47K) which may carry different margin characteristics.
Revenue by channel — FY2026 YTD
FY2026 YTD by channel
D2C
Intl $417.3K · Dom $65.0K
$482.2K
72.9% of sales
▲ +$240.5K +99.5%
MKT (Amazon)
Overseas marketplace
$124.4K
18.8% of sales
▲ +$92.5K +289.5%
B2B
Domestic wholesale
$48.0K
7.3% of sales
▲ +$43.7K +1,019%
Freight / Other
$6.5K
1.0% of sales
▲ +$5.5K +570%
Total YTD Revenue
$661.2K
YoY channel growth — grouped
| Channel | FY26 YTD | % of sales | FY25 YTD | Growth $ | Growth % |
|---|---|---|---|---|---|
|
D2C
Intl + Domestic
|
$482.2K | 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
|
$124.4K | 18.8% | $32.0K | +$92.5K | +289.5% |
|
B2B
Domestic wholesale
|
$48.0K | 7.3% | $4.3K | +$43.7K | +1,019% |
| Freight / Other | $6.5K | 1.0% | $1.0K | +$5.5K | +570% |
| Total | $661.2K | 100% | $279.0K | +$382.2K | +137.0% |
Operating expense breakdown — FY2026 YTD ($774K)
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
−$302.1K
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
−$65.1K
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 | −$302.1K | −$65.1K | −$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
$774.1K
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 |
$182.1K | 23.5% | $150.9K | +$31.2K |
D2C Freight & Distrib. |
$66.5K | 8.6% | $48.4K | +$18.1K |
Channel Mktg — Amazon |
$39.2K | 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 | $774.1K | 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 – Mar 2026 · Shopify sales by SKU
Combined Net Sales YTD
$427.7K
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
$427.7K
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
$427.7K
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 | $427.7K | 100% | 3,376 | $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 YTD
| SKU | Product | Size / Note | USA Sales | AU Sales | Combined | Units | AOV |
|---|---|---|---|---|---|---|---|
| Youth Vest — all colourways & sizes | |||||||
| YV1001 | Youth Vest — Black | XS · original core SKU | $204,407 | $4,663 | $209,070 | 1,767 | $140 |
| YVBLKSS | Youth Vest — Black | SS · New size · Pre-order | $415 | $90 | $505 | 4 | $143 |
| YVBLKMM | Youth Vest — Black | MM · New size · Pre-order | $1,578 | — | $1,578 | 12 | $144 |
| YV1001WHI | Youth Vest — White | XS · colourway extension 150 ordered · 73 on pre-order | $25,894 | — | $25,894 | 223 | $139 |
| Adult Vest — AV1001 | |||||||
| AV1001XS | Adult Vest | XSmall | $41,430 | $12,534 | $53,964 | 378 | $175 |
| AV1001SS | Adult Vest | Small | $43,398 | $15,186 | $58,584 | 373 | $186 |
| AV1001MM | Adult Vest | Medium | $26,900 | $11,861 | $38,762 | 262 | $185 |
| AV1001LL | Adult Vest | Large | $11,954 | $7,178 | $19,132 | 139 | $184 |
| AV1001XL | Adult Vest | XLarge | $8,439 | $2,315 | $10,754 | 66 | $187 |
| AV1001XXL | Adult Vest | XXLarge | $3,988 | $2,089 | $6,077 | 40 | $183 |
| Total | $371,805 | $55,917 | $427,722 | 3,376 | $153 | ||
Youth Vest Black — new sizes SS & MM launching April 2026. The original Black XS (YV1001) is the core hero SKU at $209K combined. SS and MM are new size extensions now on pre-order, delivering end of April. Early demand is $2,083 from 16 units. If the new sizes track the White colourway launch trajectory ($25.9K in 8 months from XS only), there is meaningful upside heading into FY27.
New colourways — demand exceeding supply
Youth Vest White launched with an initial order of 150 units and has sold 223 units — meaning 73 units (49% above the buy) have been sold on pre-order. This is a strong signal that the initial buy was undersized and that demand for colourway extensions is real. Youth Vest Black (SS & MM) is now live on pre-order with April delivery — if it tracks similarly to White, the reorder depth should be planned conservatively higher than the initial White buy.
December drop — $11K anomaly
December posted just $11K and 103 units — the lowest month by far, even below July. This is likely a combination of post-Black Friday demand exhaustion, holiday shipping hesitancy, and limited promotional activity. Consider whether a Christmas gifting push or early January campaign could address this trough, as January also recovered slowly to only $25.8K.
Inventory planning note
Adult size curve is highly concentrated at XS/SS (63% of units). March 2026 was the strongest month at $64.8K and 477 units — if momentum continues, reorder planning should prioritise XS and SS. XXL demand is minimal at 22 units YTD — consider limiting future buy depth on larger sizes.
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
$182.1K
$98.0K
▲ +$84.1K +85.9%
CAC per order
$62.49
2,915 orders
$54.57
1,796 orders (incl. $0-spend months)
COS
37.8%
40.5%
▼ Improved 2.7pp YoY
ROAS
2.65x
2.47x
▲ Improved 0.18x YoY
CAC by month — FY26 vs FY25
COS % by month — FY26 vs FY25
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 |
| YTD | $482.2K | $182.1K | 2,915 | $62.49 | 37.8% | 2.65x | $247.5K | $98.0K | 1,796 | $54.57 | 40.5% | 2.47x |
* FY25 Jul–Sep CAC/COS not meaningful — marketing spend was near-zero ($0–$365). Like-for-like comparison starts Oct. ⚑ Oct is consistently the weakest marketing month both years — low volume, 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
$39.2K
$5.9K FY25
▲ +$33.3K — channel scaled
FY26 COS
31.5%
FY25 n/a (paused Oct–Mar)
FY26 ROAS
3.18x
FY25 n/a
CAC
TBC
Amazon order data to be supplied
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 2.2x → 2.95x
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 31 March 2026
Total Cash
$154.0K
NAB main $138.5K
Amazon USD $14.6K + other $0.8K
Inventory & Prepayments
$89.0K
On hand $41.2K
On order (prepay) $47.8K
Working Capital
+$31.2K
Current assets $261.4K
Current liabilities $230.2K
Accounts Payable
$167.4K
Supplier invoices outstanding
Largest current liability
Assets
| Line | Value | Note |
|---|---|---|
| Bank & Cash | ||
| NAB Main Account | $138,522 | Primary operating account |
| Amazon USD Account | $14,647 | USD converted at 0.688 |
| Other accounts | $818 | PayPal, Amazon CAN/MEX |
| Total Cash | $153,987 | |
| Current Assets | ||
| Inventory — Adult & Youth | $41,200 | Stock on hand |
| Prepayments — Adult | $24,552 | Stock on order |
| Prepayments — Youth | $23,268 | Stock on order |
| Import Costs & Packaging | $16,580 | Landed cost components |
| Total Current Assets | $107,390 | |
| Other Assets | ||
| Fixed Assets (net of depreciation) | $9,122 | Plant & equipment |
| IP — BDJ Trading Pty Ltd | −$70,395 | Business IP held in a separate entity |
| Total Assets | $200,104 | |
Liabilities & Equity
| Line | Value | Note |
|---|---|---|
| Current Liabilities | ||
| Accounts Payable | $167,368 | Supplier invoices due |
| Credit Cards (NAB + CBA) | $26,462 | Business cards |
| Wayflyer Loan | $28,286 | Revenue-based short-term financing |
| Pre-order Deposits (Youth US) | $9,697 | Customer deposits held |
| Other (net) | −$1,602 | GST, ATO, clearing accounts |
| Total Current Liabilities | $230,209 | |
| Non-current Liabilities — Founder & Investor Capital | ||
| Loan — Brad & Donna Johnson | $430,888 | Personal loan to seed the business — original founder capital, held in personal names |
| Loan — Zena Sport Holdings PL | $694,550 | Intercompany loan — cumulative investor capital raised across all rounds, lent to operating entity |
| Total Founder & Investor Capital | $1,125,438 | |
| Total Liabilities | $1,355,647 | |
| Equity | ||
| Current Year Earnings | −$302,142 | FY26 YTD reported loss |
| Retained Earnings | −$853,502 | Accumulated losses |
| Paid Up Capital | $100 | |
| Total Equity | −$1,155,543 | |
Note: The $1.125M 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 multiple rounds was channelled through the holding company. The Brad & Donna Johnson loan is a personal loan taken by the founders to seed the business, held in their personal names. Neither line is external business debt. True commercial liabilities are accounts payable ($167.4K), Wayflyer ($28.3K) and credit cards ($26.5K). Working capital is positive at +$31.2K and cash is $154K.
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
$100K
Zagora — Clifford Family Trust
✓ Settled Mar 2026
Remaining to Receive
$400K
$350K due Apr · $50K due Oct
⏳ Pending settlement
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 | ⏳ Due Apr | Apr 2026 |
| Equitave Pty Ltd (Theo Family Trust) | $200,000 | ⏳ Due Apr | Apr 2026 |
| Macca DW Investments Pty Ltd | $50,000 | ⏳ Due Apr | Apr 2026 |
| Northchurch Investments Pty Ltd | $50,000 | Oct 2026 | Oct 2026 |
| Total | $500,000 | $100K settled · $350K Apr · $50K Oct | |
Pro forma cash position — post raise
| Position | Cash | Note |
|---|---|---|
| Cash at 31 Mar 2026 (balance sheet) | $153,987 | Includes Zagora $100K received 30 Mar |
| Current cash position | $153,987 | No further receipts since 31 Mar |
| + April tranche (due this month) | +$350,000 | Wilson $100K + Equitave $200K + Macca $50K |
| Pro forma cash (Apr 26) | $503,987 | Estimated upon settlement |
| + Final tranche (Oct 2026) | +$50,000 | Northchurch Investments |
| Fully funded cash (Oct 26) | $553,987 | Upon final settlement |
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 · Due Apr |
| Equitave Pty Ltd (Theo Family Trust) | 57,681 | 4.44% | $200,000 ⏳ | Current · Apr |
| Macca DW Investments Pty Ltd | 14,420 | 1.11% | $50,000 ⏳ | Current · Apr |
| Northchurch Investments Pty Ltd | 14,420 | 1.11% | $50,000 | Current · Oct 26 |
| 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 – Mar 2026)
Source: Xero P&L · Confidential — Board & Investors Only