FY26 revenue model

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F4✕✓fx=SUM(B4:E4) London FY26 · 14,530

	A	B	C	D	E	F	G	H	I	J	K	L	M	N	R	U	W	X
1	FY2026 revenue by region (£k) · JudeBox and EDGE ID						linked to Q-0318
2
3	Region	Q1	Q2	Q3	Q4	FY26	FY25	YoY %	Target	Var	Users	ARPU £	Mgn %
4	London	3,456	3,528	3,759	3,787	14,530	13,266	9.5	14,480	50	244	59.55	30.8
5	South East	2,669	2,616	2,792	2,809	10,886	9,722	12.0	10,390	496	228	47.75	32.8
6	East of England	1,962	2,027	2,094	2,035	8,118	7,051	15.1	8,340	(222)	144	56.38	31.7
7	South West	1,583	1,513	1,649	1,714	6,459	5,399	19.6	6,230	229	124	52.09	19.4
8	West Midlands	1,774	1,824	1,828	1,841	7,267	5,638	28.9	7,410	(143)	123	59.08	31.6
9	East Midlands	1,301	1,334	1,405	1,427	5,467	4,894	11.7	5,370	97	95	57.55	18.7
10	Yorkshire and the Humber	1,408	1,546	1,544	1,636	6,134	5,162	18.8	6,060	74	101	60.73	21.1
11	North West	1,958	1,983	2,141	2,134	8,216	7,072	16.2	8,580	(364)	166	49.49	26.9
12	North East	728	696	716	753	2,893	2,303	25.6	2,970	(77)	60	48.22	23.3
13	Wales	750	799	791	873	3,213	2,498	28.6	3,450	(237)	57	56.37	33.4
14	Scotland	1,333	1,418	1,568	1,590	5,909	5,032	17.4	6,330	(421)	108	54.71	31.1
15	Northern Ireland	465	476	505	506	1,952	1,672	16.7	2,100	(148)	39	50.05	18.2
16	Total	19,387	19,760	20,792	21,105	81,044	69,709	16.3	81,710	(666)	1,489	54.43	26.4
17
18	MAU (k)	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
19	EDGE ID	798	836	901	911	939	960	1,046	1,045	1,063	1,086	1,148	1,181
20	Judiverse Mail	594	622	666	669	688	732	745	804	787	831	854	878
21	JudeBox	1,260	1,283	1,378	1,387	1,416	1,480	1,495	1,580	1,612	1,726	1,736	1,786
22	Judio	388	395	399	419	434	448	464	497	491	503	532	547
23	Jude Office	462	470	500	501	535	545	568	584	594	597	630	648
24	Jude Bank	285	308	321	333	333	351	366	374	390	395	406	418	Scenarios FY27	Base	Bull		Bear
25	Total MAU	3,787	3,914	4,165	4,220	4,345	4,516	4,684	4,884	4,937	5,138	5,306	5,458	Revenue £k	84,120	97,300		71,040
26														Users k	1,710	2,020		1,480
27	Assumptions													ARPU £	49.19	48.17		48.00
28	Monthly churn	2.1%	Judio cohort, 6 mo											Margin %	27.1	30.4		21.8
29	ARPU growth	4.0%	Board plan v3											GPU spend £k	9,420	11,880		8,100
30	VAT	20.0%	HMRC standard											Runway months	31	38		22
31	Discount rate	8.5%	Finance policy
32	GPU £/hour	1.84	Civo A100, Oct											Probability	60%	20%		20%
33	Nov–Dec	fcst	grey cells
34														Checks
35	Costs (£k)	Q1	Q2	Q3	Q4	FY26	Share							F16 = SUM(F4:F15)			pass
36	Compute · Civo GPU	2,140	2,204	2,268	2,333	8,945	25.6							Q-0318 refreshed 11:18			pass
37	Storage and bandwidth	610	628	647	665	2,550	7.3							WM Q3 above trend			check
38	Staff	5,200	5,356	5,512	5,668	21,736	62.1							Nov–Dec are forecast			note
39	Licences and data	420	433	445	458	1,756	5.0
40	Total costs	8,370	8,621	8,872	9,124	34,987	100.0
41
42

◀ ▶Revenue FY26 MAU Costs Assumptions Scenarios Q-0318 data ＋Average: 6,754 · Count: 12 · Sum: 81,044

Names 6 Audit Jude

Revenue_FY26	$F$4:$F$15
Target_FY26	$I$4:$I$15
Users_k	$K$4:$K$15
Churn	$B$28
GPU_rate	$B$32
MAU_2026	$B$19:$M$24

Trace precedents · F16

Formula=SUM(F4:F15)Inputs12 cells · 48 quarter cellsFeedsH16, K16, Chart 1, Scenarios!B2SourceQ-0318 · signed receipt

Jude checks

checkWM Q3 is 18% above its trend line

passTotals reconcile to Q-0318

passNo hard-coded totals

noteNov–Dec MAU are forecast

Chart 1

TypeClustered columnRangeN3:Y22SeriesFY26, TargetAxis£k · 0 to max

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