Two-Year Financial Forecast

FY2027–FY2028 (Aug 2026 – Jul 2028) • Importation wholesale, light assembly & FAT testing • 100% prepaid group orders • 6-month shelf inventory + 4-month pipeline

Startup Equity

$2.0M

fully funded, no debt

Year 1 Revenue

$2.23M

ramp from Nov 2026

Year 2 Revenue

$4.06M

steady state

Year 2 EBITDA

$745K

18% of revenue

Minimum Cash

$118K

Apr 2027 trough

Cash at Jul 2028

$1.05M

rebuilt post-ramp

Cash & EBITDA by Quarter

Cash is quarter-end balance; EBITDA is for the quarter. Trough of $117.5K in Q3 FY27 reflects inventory build (shelf + pipeline) funded ahead of steady-state prepayment float.

Quarterly Income Statement ($000s)

Cost of sales includes direct labour (QC + Assembly technicians). Pre-tax presentation.

Quarter-End Balance Sheet ($000s)

Deferred revenue = customer prepayments (next ~4 months of orders). Balance check ties to zero every month.

Startup Capital — $2.0M Equity

Office build-out	$675,000
Shop build-out (racking, forklift, make-up air, benches, test area)	$250,000
Other startup costs	$46,000
Peak working capital (inventory ramp net of prepayments)	$911,463
Operating buffer	$117,537
Total equity funding	$2,000,000

Key Ratios (quarter-end)

	Oct-26	Jan-27	Apr-27	Jul-27	Oct-27	Jan-28	Apr-28	Jul-28
Current Ratio (goal 2.00)	2.48	1.69	1.71	1.85	1.99	2.12	2.26	2.40
Debt to Equity (goal 1.50)	0.33	0.70	0.74	0.68	0.63	0.58	0.54	0.51
Quick Ratio	1.51	0.41	0.09	0.22	0.36	0.50	0.64	0.78

Only liability is deferred revenue (customer prepayments) — no bank debt in the operating company.

Source: Third_Forge_2yr_Financial_Model.xlsx — update this page when the model changes.