Distinguished Board Members,
I present to you the CEO Report for Q1 2026, marking the launch of our "Quantum Leap" strategy. FY2025 demonstrated resilience with 39% revenue growth to KES 32.5M, positioning us for an ambitious 131% growth trajectory to achieve KES 75M in FY2026 through our dual-pronged "Whale Hunt" and "Anchor Garden" strategies.
Secure 10 "Whale" deals (5M+ each) targeting high-value MFI and enterprise segments.
Onboard/upsell 20 anchor clients generating 100K+ monthly recurring revenue.
| Account Name | FY 2024 | FY 2025 | Difference | % Growth |
|---|---|---|---|---|
| Recurring Revenue | ||||
| Subscription Income | 4,851,512 | 4,463,313 | -388,198 | -8% |
| Transactional Income | 3,224,930 | 4,451,747 | 1,226,817 | 38% |
| E-Guarantorship Income | 593,599 | 779,518 | 185,919 | 31% |
| Revenue Share Income | 1,542,127 | 1,832,506 | 290,380 | 19% |
| Credit Scoring | 38,136 | 673,097 | 634,960 | 1665% |
| Other RR (Partners, USSD) | 1,128,316 | 719,237 | -409,079 | -36% |
| Total Recurring Revenue | 11,378,620 | 12,919,418 | 1,540,798 | 14% |
| Non-Recurring Revenue | ||||
| LMS & Zoho Customization | 8,188,213 | 15,197,151 | 7,008,938 | 86% |
| AWS Customization | 3,859,800 | 4,736,631 | 876,831 | 23% |
| Total Non-Recurring Revenue | 12,048,013 | 19,933,781 | 7,885,768 | 65% |
| Gross Revenue | 23,426,633 | 32,853,199 | 9,426,566 | 40% |
| Less: Discounts | (10,403) | (329,875) | ||
| Net Revenue | 23,416,230 | 32,523,324 | 9,107,094 | 39% |
| Quarter | FY 2024 | FY 2025 | YoY Growth |
|---|---|---|---|
| Q1 | 5,100,000 | 7,100,000 | +39% |
| Q2 | 5,500,000 | 7,900,000 | +43% |
| Q3 | 6,000,000 | 8,800,000 | +46% |
| Q4 | 6,816,230 | 8,723,324 | +28% |
| Total Net Revenue | 23,416,230 | 32,523,324 | +39% |
| Metric | Q1 2025 (Est.) | Q1 2026 (Actual) | Growth / Change |
|---|---|---|---|
| Net Revenue | 7,100,000 | 9,928,125 | +39.8% |
| Cost of Goods Sold | (2,974,076) | (2,245,601) | -24.4% (Improved) |
| Gross Profit | 4,125,924 | 7,682,524 | +86.2% |
| Total OPEX | (5,780,911) | (2,659,473) | -53.9% (Optimized) |
| Operating Profit / (Loss) | (1,654,987) | 5,023,050 | Turnaround |
| OPEX Line Item | FY 2024 (Full Year) | FY 2025 (Full Year) | Q1 2026 (Actuals) |
|---|---|---|---|
| Salaries & Consultants Wages | 10,095,770 | 14,458,210 | 1,349,448 |
| Statutory Deductions & Insurance | 2,545,943 | 3,142,043 | 781,231 |
| Sales & Marketing | 644,278 | 2,734,595 | 224,039 |
| Office & General Administration | 2,158,820 | 765,791 | 246,140 |
| Interest on Loans | 1,409,302 | 1,388,933 | 29,727 |
| Bank Fees and Charges | 123,347 | 49,909 | 24,190 |
| Other Expenses (Bad Debt, Legal, etc.) | 359,093 | 584,163 | 4,698 |
| Total Operating Expenses | 17,337,554 | 23,123,645 | 2,659,473 |
| Line Item | Q1 | Q2 | Q3 | Q4 | FY2026 |
|---|---|---|---|---|---|
| Gross Revenue | 10,200,000 | 20,400,000 | 25,100,000 | 19,300,000 | 75,000,000 |
| Net Revenue | 10,098,000 | 20,196,000 | 24,849,000 | 19,107,000 | 74,250,000 |
| Gross Profit (66%) | 6,664,680 | 13,329,360 | 16,400,340 | 12,610,620 | 49,005,000 |
| Total OPEX | (8,204,533) | (8,519,533) | (8,467,033) | (8,047,033) | (33,238,132) |
| Operating Profit/(Loss) | (1,539,853) | 4,809,827 | 7,933,307 | 4,563,587 | 15,766,868 |
Our combined active NRR pipeline stands at a robust KES 99.5M, providing nearly 200% coverage for our KES 50M Whale Hunt target. Our MRR pipeline (Active + Projected) sits at KES 2.65M/month, exceeding our KES 2.1M/month Anchor Garden target.
Combined view of all active implementation, custom build, and one-off project pipelines.
| Client / Deal Name | Projected NRR (KES) | Stage |
|---|---|---|
| Garda World - ERP | 50,000,000 | Qualification |
| Ukaguzi SACCO | 6,980,000 | Proposal/Price Quote |
| Standard Life Rwanda - LMS | 5,000,000 | Pipeline |
| Keton Consulting | 4,980,000 | Demo |
| KSAMUEL - ERP | 4,900,000 | Proposal/Price Quote |
| ICPAK - ERP Optimization | 4,756,000 | Qualification |
| Centrino Technologies - CRM | 4,000,000 | Pipeline |
| Madison Group - AI Implementation | 3,500,000 | Pipeline |
| CurePlus LMS+Zoho | 3,287,440 | Proposal/Price Quote |
| Power Ltd - Sales & Marketing | 2,800,000 | Demo |
| Bidii Credit | 2,500,000 | Qualification |
| EdenBridge Capital - CRM & AI | 2,000,000 | Pipeline |
| Tourism Regulatory Authority | 1,500,000 | Qualification |
| APF - ZOHO VOICE | 1,020,000 | Proposal/Price Quote |
| GIMBO ERP OPTIMIZATION | 600,000 | Qualification |
| Bayes - ERP Customization | 500,000 | Proposal/Price Quote |
| Bungoma Line SACCO | 500,000 | Negotiation/Review |
| Topride Driving School | 300,000 | Qualification |
| Easy Assets Management | 300,000 | Negotiation/Review |
| Nirvana Credit - Zoho Voice | 150,000 | Proposal/Price Quote |
| TOTAL ACTIVE NRR PIPELINE | 99,573,440 | |
| HFC Bank - E-Sign | (2,500,000) | Lost (Internal Team) |
Combined view of currently active subscriptions and projected pipeline MRR.
| Client | Service | Monthly MRR | Status |
|---|---|---|---|
| Active & Implementation (Started) | |||
| Easy Credit | LMS Solution | 150,000 | Started |
| Pi Capital (Bayes) | Trading Platform | 100,000 | Started |
| Stawika | Financial Services | 100,000 | Started |
| Madison Life | Loan Apps & ID Verification | 100,000 | Started |
| Nirvana Credit | Overdraft Product | 100,000 | Started |
| M-Paya Ltd | Okoa Tokens & BNPL | 100,000 | Implementation |
| Nirvana Credit | Hire-Purchase Product | 100,000 | Implementation |
| Subtotal Active MRR | 750,000 | ||
| Pipeline Projections | |||
| Garda World | ERP Subscription | 1,275,000 | Qualification |
| CurePlus | LMS+Zoho | 100,000 | Proposal/Price Quote |
| Tourism Regulatory | Help Desk | 100,000 | Qualification |
| Ukaguzi SACCO | LMS | 75,000 | Proposal/Price Quote |
| Keton Consulting | ERP | 72,000 | Demo |
| KSAMUEL | ERP | 62,000 | Proposal/Price Quote |
| ICPAK | ERP Optimization | 60,000 | Qualification |
| Bungoma Line SACCO | ERP/LMS | 50,000 | Negotiation/Review |
| Bidii Credit | ERP/LMS | 40,000 | Qualification |
| Power Ltd | Sales & Marketing | 35,000 | Demo |
| APF | ZOHO VOICE | 12,750 | Proposal/Price Quote |
| Topride Driving School | Zoho One | 10,000 | Qualification |
| Gimbo Ltd | ERP Optimization | 10,000 | Qualification |
| Subtotal Pipeline MRR | 1,901,750 | ||
| TOTAL COMBINED MRR | 2,651,750 / month | ||
| Annualized MRR Value | 31,821,000 / year | ||
The following OKRs align all departments toward achieving the 75M Mandate.
Our FY2026 product development strategy is anchored on delivering exceptional customer experiences, streamlining operations, and building trust.
| Category | Feature / Activity | Target Quarter | Status |
|---|---|---|---|
| Onboarding | Self-onboarding, ID & Phone Verification, Smart ID | Q1 2026 | Planned |
| Verified Checks & WhatsApp-based Onboarding | Q1-Q2 2026 | In Progress | |
| Self-Service | Mobile access to loan & member statements | Q1 2026 | Ongoing |
| Early loan settlements & Goal-based savings trends | Q1 2026 | Ongoing | |
| Backoffice | Continuous hourly recon, PrestaPay verification, Alerting | Q1 2026 | Ongoing |
To successfully execute the 75M Mandate, we must proactively manage our financial and operational risks while maintaining strict focus on our core strategic priorities.