Over the course of Q3, our primary goal was to get our first client live with our confirmation management workflow. We achieved this at the end of August, a month ahead of the timelines we proposed to our initial development partner. Since then we have been rapidly developing the product, completing our stated roadmap for this module. We have now productized this solution, updated our marketing presence, and started our go-to-market, engaging with a number of other hedge funds globally. Our goal for the next quarter is to close $250K in contracted ARR. In parallel we are building out AI and automation capabilities, providing metrics to our clients, engaging further with dealers, and creating our trade capture solution.
The engagement from our initial development partner has been positive and hugely valuable, partnering to rapidly deployed updates in response to feedback on their workflow. They have introduced us to a number of other firms who have similar problems, and those conversations are progressing well. We are keen to solidify this initial wedge to start to build a repeatable sales motion and explore how to create networks effects across the buy and sell side. We are also focused on how to create a more integrated vertical workflow which removes the fragmentation and inefficiency across legacy providers. We are excited to have you on this journey, and look forward to your feedback.
| Quarter | Q1 (31Mar24) | Q2 (30Jun24) | Q3 (30Sep2) | Q4 (Projected) |
|---|---|---|---|---|
| Cash Balance ($K) | 3,949 | 3,789 | 3,563 | 3,300 |
| Monthly Burn ($K) | 31 | 60 | 78 | 90 |
| Runway (Months) | 128 | 56 | 45 | 37 |
| Client Pipeline (#) | - | - | 7 | 10 |
| ARR ($K) | - | - | - | 250 |
| TCV ($K) | - | - | - | 425 |
| Trades Processed (#) | - | - | 97 | 200 |