ARR
€4.56m
+0.4% MoM · +34.1% since Nov 25
Evaluation and model-risk tooling sold into European bank technology teams.
1.57x
ARR
€4.56m
+0.4% MoM · +34.1% since Nov 25
Net burn
€740k / mo
Implied cash €8.14m
Runway
11 mo
Outside the nine-month line
People
52
NRR 108% · GM 69%
watch
Monthly growth has faded from about 6% to under 1%. Two renewals are sitting with procurement. Net revenue retention is 108% and no longer expanding.
Suggested action. Do not call the €3m reserve until both renewals are signed or lost. Ask for the cohort chart, not another product demo.
€m, monthly
€m per month
Monitoring note
Marlowe was underwritten as the picks-and-shovels vendor for bank model risk. The buyer exists. The motion has slowed, and the mark still assumes the slowdown is a pause. Treat the next two renewals as the underwriting, not as account management.