Income Statement
Click any number to view its source, formula, and editable upstream drivers
Scenario
EV $149,107,612
Equity $245,260,416
WACC 18.0%
g 3.0%
Exit 10.0x
TV: Perpetuity g
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Edits update every KPI on this page instantly. Terminal method decides whether terminal growth (g) or the exit multiple drives Enterprise Value — Blended uses a 50/50 average of both. Reset restores Master Inputs defaults.
Consolidated Income Statement
| FY2026 | FY2027 | FY2028 | FY2029 | FY2030 | |
|---|---|---|---|---|---|
| Revenue | |||||
| Music Revenue | 13,027,500 | 15,922,500 | 19,266,225 | 23,119,470 | 27,550,702 |
| Sponsorship Revenue | 13,027,500 | 15,922,500 | 19,266,225 | 23,119,470 | 27,550,702 |
| Data Revenue | - | - | - | - | - |
| Total Net Revenue | 26,055,000 | 31,845,000 | 38,532,450 | 46,238,940 | 55,101,404 |
| Cost of Revenue | |||||
| Music COR | (4,500,000) | (5,150,000) | (5,834,950) | (6,556,362) | (7,315,807) |
| Sponsorship COR | (4,500,000) | (5,150,000) | (5,834,950) | (6,556,362) | (7,315,807) |
| Data COR | - | - | - | - | - |
| Total Cost of Revenue | (9,000,000) | (10,300,000) | (11,669,900) | (13,112,724) | (14,631,615) |
| Gross Profit | 17,055,000 | 21,545,000 | 26,862,550 | 33,126,216 | 40,469,789 |
| Gross Margin | 65.5% | 67.7% | 69.7% | 71.6% | 73.4% |
| Operating Expenses | |||||
| Sales & Marketing | (476,295) | (603,834) | (786,686) | (790,974) | (814,704) |
| Product & Technology | (370,000) | (381,100) | (392,533) | (514,709) | (570,038) |
| Data Operations | (216,225) | (199,537) | (205,523) | (211,689) | (218,039) |
| General & Administrative | (986,410) | (1,183,867) | (1,317,191) | (1,343,574) | (1,383,881) |
| Other Operating Expenses | (170,000) | (175,100) | (180,353) | (185,764) | (191,336) |
| EBITDA | 14,836,070 | 19,001,562 | 23,980,264 | 30,079,506 | 37,291,790 |
| EBITDA Margin | 56.9% | 59.7% | 62.2% | 65.1% | 67.7% |
| Depreciation & Amortization | (186,000) | (511,500) | (759,500) | (811,000) | (704,500) |
| EBIT | 14,650,070 | 18,490,062 | 23,220,764 | 29,268,506 | 36,587,290 |
| EBIT Margin | 56.2% | 58.1% | 60.3% | 63.3% | 66.4% |
| Below the line | |||||
| Interest Expense — PIK on Pivot Convertible Debt | (1,000,000) | (1,100,000) | (1,210,000) | - | - |
| Pre-Tax Income | 13,650,070 | 17,390,062 | 22,010,764 | 29,268,506 | 36,587,290 |
| Tax Provision (cash) | (3,412,518) | (4,347,516) | (5,502,691) | (7,317,127) | (9,146,823) |
| Net Income | 10,237,553 | 13,042,547 | 16,508,073 | 21,951,380 | 27,440,468 |
| Memo — Personnel reconciliation (already allocated into opex above) | |||||
| Total Personnel Expense (memo) | (1,427,948) | (1,706,323) | (2,020,058) | (2,158,615) | (2,263,261) |
| → allocated to Cost of Revenue (Data) | (209,018) | (192,886) | (198,672) | (204,632) | (210,771) |
| → allocated to Sales & Marketing | (296,295) | (418,434) | (595,724) | (594,284) | (612,112) |
| → allocated to Product & Technology | - | - | - | (110,400) | (153,600) |
| → allocated to Data Operations | (216,225) | (199,537) | (205,523) | (211,689) | (218,039) |
| → allocated to G&A | (706,410) | (895,467) | (1,020,139) | (1,037,610) | (1,068,739) |
Revenue Build — full waterfall from schools to net revenue
| FY2026 | FY2027 | FY2028 | FY2029 | FY2030 | |
|---|---|---|---|---|---|
| Capacity | |||||
| Active Schools | 68 | 85 | 105 | 122 | 136 |
| Available Slots (mode) | 45,000 | 50,000 | 55,000 | 60,000 | 65,000 |
| Ramp Factor (blended) | 50.0% | 74.0% | 87.2% | 89.8% | 92.4% |
| Active Slots after ramp | 45,000 | 50,000 | 55,000 | 60,000 | 65,000 |
| Music | |||||
| Music Utilization | 30.0% | 30.0% | 30.0% | 30.0% | 30.0% |
| Sold Music Placements | 13,500 | 15,000 | 16,500 | 18,000 | 19,500 |
| Net Billable Music | 13,500 | 15,000 | 16,500 | 18,000 | 19,500 |
| Music Price / Placement | 1,000 | 1,100 | 1,210 | 1,331 | 1,464 |
| Gross Music Revenue | 13,500,000 | 16,500,000 | 19,965,000 | 23,958,000 | 28,549,950 |
| Net Music Revenue | 13,027,500 | 15,922,500 | 19,266,225 | 23,119,470 | 27,550,702 |
| Sponsorship | |||||
| Sponsorship Utilization | 30.0% | 30.0% | 30.0% | 30.0% | 30.0% |
| Sold Sponsorship Placements | 13,500 | 15,000 | 16,500 | 18,000 | 19,500 |
| Net Billable Sponsorship | 13,500 | 15,000 | 16,500 | 18,000 | 19,500 |
| Sponsorship Price / Placement | 1,000 | 1,100 | 1,210 | 1,331 | 1,464 |
| Gross Sponsorship Revenue | 13,500,000 | 16,500,000 | 19,965,000 | 23,958,000 | 28,549,950 |
| Net Sponsorship Revenue | 13,027,500 | 15,922,500 | 19,266,225 | 23,119,470 | 27,550,702 |
| Data | |||||
| Data Revenue | - | - | - | - | - |
| Total Net Revenue | 26,055,000 | 31,845,000 | 38,532,450 | 46,238,940 | 55,101,404 |
Click any number for its source & drivers. The Revenue Build waterfall shows every input from Master Inputs → Capacity → Utilization → Price → Net Revenue so you can see exactly what drives the top line.