Altamar Software, fictional company

Board edition, October 2026

Prepared by GVCODEX

Sample data

Altamar grew above plan, with less room for error

New price listOctober 2026US$5.07MNovember 2024US$2.34MOctober 202780%: US$7.50–7.89M95%: US$7.41–7.99M
Altamar Software, fictional companySample dataData as of October 31, 2026Page 1 of 5

ARR grew 2.8% in October and beat its target, but losing a large account cut net revenue retention from 103.7% to 101.6%

Altamar closed October with US$5.07M in ARR, US$103K above target and 48% higher than a year ago. Mid-market accounts drove the month: Mid-market US added US$122K and Mid-market Mexico US$104K, after the Monterrey logistics trade show. Customers reached 315, 17 more than planned.

The rest of the story is less comfortable. A large account did not renew after merging with another group: Large accounts subtracted US$99K of ARR and pushed monthly churn to 2.4%, from 0.3% in September. Net revenue retention ended at 101.6%, 3.4 pp below target. Gross margin fell to 77.7% because the company paid two cloud providers at once in September and October during a migration that ends in January.

November ARR is expected between US$5.17M and US$5.39M, above the US$5.13M target. What comes next hinges on two renewals: the two large accounts flagged red, whose usage fell this quarter, renew in December and carry US$164K of ARR at risk. The December forecast, US$5.46M, beats the US$5.30M target, but it knows nothing about those two renewals.

Altamar Software, fictional companySample dataData as of October 31, 2026Page 2 of 5

Four of seven metrics meet their target; net revenue retention, gross margin and monthly churn do not

October 2026 against the target, the previous month, the same month last year and the expected range.

Metric
Target
Previous month
Last year
Expected range, with target and value
ARR
Meets target
US$5.07M
US$4.97M
+2.1%
US$4.93M
+2.8%
US$3.43M
+48%
US$5.03–5.15M
Net revenue retention
Misses target
101.6%
105.0% or more
−3.4 pp
103.7%
−2.1 pp
106.9%
−5.3 pp
102.0–105.4%
Down because of the large account lost after a merger: Large accounts subtracted 2.9 pp.
Gross margin
Misses target
77.7%
80.0% or more
−2.3 pp
78.7%
−1.0 pp
80.3%
−2.6 pp
78.3–79.1%
Below its expected range due to the cloud migration: two providers at once until January.
Customers
Meets target
315
298
+17
303
+12
232
+83
309–313
Monthly churn
Misses target
2.4%
1.2% or less
+1.2 pp
0.3%
+2.2 pp
1.1%
+1.4 pp
0.0–0.7%
The large account that did not renew explains 2.3 pp of the rise.
CAC payback
Meets target
13.0 months
15.0 or less
−2.0
12.8
+0.3
16.1
−3.1
9.1–16.2 months
Cash runway
Meets target
22.8 months
18.0 or more
+4.8
23.1
−0.3
16.1
+6.6
21.7–22.7 months
Altamar Software, fictional companySample dataData as of October 31, 2026Page 3 of 5

Mid-market US and Mexico added US$122K and US$104K; Large accounts subtracted US$99K

ARR went from US$4.93M in September to US$5.07M in October: US$140K more in one month, with Mexico as the region that contributed the most.

+US$122KMid-marketUS+US$104KMid-marketMexico+US$9.0KSmallbusiness US+US$4.7KSmall businessSouth America−US$99KLargeaccountsUS$5.07M+US$140KARR inOctoberMore sign-ups after theMonterrey showA large account left aftera merger

What it is worth

−US$164K
of ARR per year in two large red accounts that renew in December.
−US$118K
of annual revenue missing to reach the 105.0% net revenue retention target.
−US$9.8K
of margin in October from being 2.3 pp below the 80.0% target.
Altamar Software, fictional companySample dataData as of October 31, 2026Page 4 of 5

November is on track to beat the US$5.13M target; December hinges on two renewals

New price listOctober 2026US$5.07MNov 2024Oct 2026Oct 2027October 202780%: US$7.50–7.89M95%: US$7.41–7.99MTarget

Active alerts

−US$164K ARR at riskTwo large red accounts with falling usage renew in December.
−US$118K Net revenue retentionFourth month in a row below target; the November forecast also falls short.
−US$9.8K Gross marginSixth month in a row below target, and outside its expected range due to the migration.

What to do

Visit the two large red accounts in November and close their December renewal.Suggested owner: Head of customer success.
Finish the cloud migration in January, as planned, to stop paying two providers.Suggested owner: Head of engineering.
Repeat the Monterrey trade show play in another market and check whether mid-market sign-ups hold.Suggested owner: Head of sales.

Forecast of ARR for November 2026: between US$5.17M and US$5.39M (80%). Average 3-month forecast error, measured on past data: 1.6%. The vertical axis starts at US$1.50M. This edition is not an audit, a certification or financial advice; forecasts are estimates with a range.

Altamar Software, fictional companySample dataData as of October 31, 2026Page 5 of 5