Morrow Dairy · Beacon

last updated Feb'26@ 85.6

AOPVPprior yr

FY: Apr–Mar@ 85.6

As of

Net revenue

15.7$ mn

YoY▲12.3%

AOP17.3−9.2%

VP23.7−33.7%

Active subscribers

5,29,419

YoY▲7.4%

AOP5,86,966−9.8%

VP8,03,722−34.1%

CM2 margin

10.5%

YoY▲1.0pp

AOP15.3%−4.9pp

VP16.8%−6.3pp

EBIT

0.1$ mn

YoY▲0.2

AOP1.2−95.1%

VP2.5−97.7%

Cross-sell (% of net revenue)

35.8%

YoY▲2.6pp

AOP36.0%−0.2pp

VP35.8%+0.0pp

Cash balance

78.1$ mn

YoY▼1.3%

AOP88.7−12.0%

VP124−37.0%

Cash & runway

Cash balance78.1$mn−0.1/mo · avg of 3Runway849.8monthsat the current burn

Net revenue

15.7$ mn · Feb ’26

numbers

period	actual	AOP	VP	prior yr
Mar ’24	12.6	—	14.2	—
Apr ’24	12.8	13.8	14.1	10.6
May ’24	12.8	13.7	14.2	10.5
Jun ’24	12.7	14.2	14.6	10.4
Jul ’24	14	14.8	15.6	11.3
Aug ’24	14.2	15.1	16.2	11.7
Sep ’24	14.5	15.5	16.7	12.2
Oct ’24	14.5	16	17.5	12.8
Nov ’24	14.9	16	17.8	12.1
Dec ’24	15.1	16.4	18.4	13.2
Jan ’25	15.4	16.3	18.5	12.8
Feb ’25	14	15.5	17.8	12.6
Mar ’25	15.2	16.5	19	12.6
Apr ’25	14.7	16.8	19	12.8
May ’25	14.6	16.4	19.1	12.8
Jun ’25	15.2	16.6	19.7	12.7
Jul ’25	15.3	17.4	20.9	14
Aug ’25	15.9	17.6	21.6	14.2
Sep ’25	16.4	18.1	22.4	14.5
Oct ’25	16.9	18.4	23.4	14.5
Nov ’25	16.3	18.3	23.7	14.9
Dec ’25	16.9	18.6	24.4	15.1
Jan ’26	15.9	18.3	24.5	15.4
Feb ’26	15.7	17.3	23.7	14

Milk revenue

10.9$ mn · Feb ’26

numbers

period	actual	AOP	VP	prior yr
Mar ’24	9.5	—	10.6	—
Apr ’24	9.5	10.3	10.4	8.2
May ’24	9.4	10.1	10.5	8
Jun ’24	9.4	10.5	10.8	8
Jul ’24	10.4	10.9	11.5	8.5
Aug ’24	10.4	11.1	11.9	8.9
Sep ’24	10.6	11.4	12.2	9.3
Oct ’24	10.5	11.6	12.8	9.8
Nov ’24	10.8	11.6	13	9.2
Dec ’24	10.9	11.9	13.3	9.8
Jan ’25	11	11.8	13.4	9.6
Feb ’25	10.1	11.2	12.9	9.5
Mar ’25	10.9	11.9	13.7	9.5
Apr ’25	10.5	12	13.6	9.5
May ’25	10.4	11.7	13.6	9.4
Jun ’25	10.9	11.9	14	9.4
Jul ’25	10.9	12.4	14.8	10.4
Aug ’25	11.3	12.4	15.3	10.4
Sep ’25	11.6	12.8	15.8	10.6
Oct ’25	11.9	12.9	16.4	10.5
Nov ’25	11.5	12.9	16.6	10.8
Dec ’25	11.7	13	17.1	10.9
Jan ’26	11.1	12.7	17.1	11
Feb ’26	10.9	12	16.4	10.1

Cross-sell revenue

5.6$ mn · Feb ’26

numbers

period	actual	AOP	VP	prior yr
Mar ’24	3.9	—	4.5	—
Apr ’24	4.1	4.5	4.5	3.1
May ’24	4.2	4.4	4.6	3.2
Jun ’24	4.1	4.6	4.7	3.2
Jul ’24	4.6	4.8	5.1	3.5
Aug ’24	4.7	4.9	5.3	3.6
Sep ’24	4.7	5.1	5.5	3.8
Oct ’24	4.8	5.3	5.8	3.8
Nov ’24	5	5.3	5.9	3.7
Dec ’24	5.1	5.5	6.1	4.2
Jan ’25	5.2	5.5	6.2	4
Feb ’25	4.6	5.2	6	3.9
Mar ’25	5.2	5.6	6.5	3.9
Apr ’25	5.1	5.7	6.5	4.1
May ’25	5	5.6	6.5	4.2
Jun ’25	5.1	5.7	6.8	4.1
Jul ’25	5.3	6	7.2	4.6
Aug ’25	5.5	6.1	7.5	4.7
Sep ’25	5.7	6.3	7.8	4.7
Oct ’25	5.8	6.5	8.2	4.8
Nov ’25	5.7	6.5	8.4	5
Dec ’25	6	6.6	8.7	5.1
Jan ’26	5.6	6.5	8.7	5.2
Feb ’26	5.6	6.2	8.5	4.6

Cross-sell (% of net revenue)

35.8%Feb ’26

numbers

period	actual	AOP	VP	prior yr
Mar ’24	31.1%	—	31.9%	—
Apr ’24	32.3%	32.2%	32.0%	29.8%
May ’24	32.8%	32.3%	32.2%	30.1%
Jun ’24	31.9%	32.4%	32.4%	30.4%
Jul ’24	32.5%	32.6%	32.5%	31.4%
Aug ’24	32.8%	32.7%	32.7%	30.5%
Sep ’24	32.6%	32.9%	32.9%	30.9%
Oct ’24	33.5%	33.2%	33.1%	30.1%
Nov ’24	33.7%	33.1%	33.2%	30.8%
Dec ’24	33.6%	33.3%	33.4%	31.9%
Jan ’25	34.0%	33.5%	33.6%	31.6%
Feb ’25	33.2%	33.8%	33.7%	31.1%
Mar ’25	34.1%	34.0%	33.9%	31.1%
Apr ’25	34.4%	34.1%	34.1%	32.3%
May ’25	34.5%	34.3%	34.3%	32.8%
Jun ’25	33.7%	34.3%	34.4%	31.9%
Jul ’25	34.5%	34.5%	34.6%	32.5%
Aug ’25	34.4%	34.9%	34.8%	32.8%
Sep ’25	34.7%	35.0%	34.9%	32.6%
Oct ’25	34.6%	35.2%	35.1%	33.5%
Nov ’25	34.9%	35.3%	35.3%	33.7%
Dec ’25	35.7%	35.4%	35.5%	33.6%
Jan ’26	35.3%	35.6%	35.6%	34.0%
Feb ’26	35.8%	36.0%	35.8%	33.2%

Active subscribers

5,29,419Feb ’26

numbers

period	actual	AOP	VP	prior yr
Mar ’24	4,63,652	—	5,18,865	—
Apr ’24	4,66,033	5,05,253	5,12,848	4,01,673
May ’24	4,62,591	4,97,144	5,16,145	3,95,259
Jun ’24	4,56,772	5,14,018	5,29,698	3,94,377
Jul ’24	5,06,755	5,33,584	5,63,982	4,25,893
Aug ’24	5,04,453	5,42,779	5,84,243	4,39,050
Sep ’24	5,19,312	5,56,145	5,99,937	4,60,335
Oct ’24	5,19,157	5,70,062	6,25,807	4,79,694
Nov ’24	5,28,089	5,69,747	6,34,846	4,46,181
Dec ’24	5,38,179	5,85,279	6,52,796	4,87,507
Jan ’25	5,42,766	5,80,145	6,56,866	4,72,077
Feb ’25	4,92,852	5,49,077	6,29,313	4,60,038
Mar ’25	5,31,036	5,80,883	6,69,957	4,63,652
Apr ’25	5,16,151	5,88,981	6,65,544	4,66,033
May ’25	5,09,183	5,72,295	6,66,000	4,62,591
Jun ’25	5,29,819	5,79,881	6,85,724	4,56,772
Jul ’25	5,28,531	6,04,969	7,25,625	5,06,755
Aug ’25	5,44,762	6,07,588	7,48,894	5,04,453
Sep ’25	5,58,913	6,25,973	7,74,573	5,19,312
Oct ’25	5,83,836	6,32,987	8,03,787	5,19,157
Nov ’25	5,59,118	6,27,021	8,12,415	5,28,089
Dec ’25	5,76,738	6,35,022	8,35,652	5,38,179
Jan ’26	5,39,440	6,22,970	8,33,842	5,42,766
Feb ’26	5,29,419	5,86,966	8,03,722	4,92,852

Milk volume

115lakh L · Feb ’26

numbers

period	actual	AOP	VP	prior yr
Mar ’24	106	—	119	—
Apr ’24	107	115	117	94.3
May ’24	105	113	117	92.3
Jun ’24	104	117	120	91.9
Jul ’24	116	121	128	98
Aug ’24	116	123	132	102
Sep ’24	117	125	135	107
Oct ’24	115	128	141	111
Nov ’24	117	127	142	106
Dec ’24	120	131	146	112
Jan ’25	120	129	147	108
Feb ’25	110	122	140	107
Mar ’25	118	129	149	106
Apr ’25	115	130	147	107
May ’25	113	126	147	105
Jun ’25	118	128	151	104
Jul ’25	117	133	160	116
Aug ’25	121	133	164	116
Sep ’25	124	137	170	117
Oct ’25	129	138	175	115
Nov ’25	123	137	177	117
Dec ’25	124	138	182	120
Jan ’26	117	135	181	120
Feb ’26	115	126	174	110

Realisation per litre

0.9$ · Feb ’26

numbers

period	actual	AOP	VP	prior yr
Mar ’24	0.9	—	0.9	—
Apr ’24	0.9	0.9	0.9	0.9
May ’24	0.9	0.9	0.9	0.9
Jun ’24	0.9	0.9	0.9	0.9
Jul ’24	0.9	0.9	0.9	0.9
Aug ’24	0.9	0.9	0.9	0.9
Sep ’24	0.9	0.9	0.9	0.9
Oct ’24	0.9	0.9	0.9	0.9
Nov ’24	0.9	0.9	0.9	0.9
Dec ’24	0.9	0.9	0.9	0.9
Jan ’25	0.9	0.9	0.9	0.9
Feb ’25	0.9	0.9	0.9	0.9
Mar ’25	0.9	0.9	0.9	0.9
Apr ’25	0.9	0.9	0.9	0.9
May ’25	0.9	0.9	0.9	0.9
Jun ’25	0.9	0.9	0.9	0.9
Jul ’25	0.9	0.9	0.9	0.9
Aug ’25	0.9	0.9	0.9	0.9
Sep ’25	0.9	0.9	0.9	0.9
Oct ’25	0.9	0.9	0.9	0.9
Nov ’25	0.9	0.9	0.9	0.9
Dec ’25	0.9	0.9	0.9	0.9
Jan ’26	1	0.9	0.9	0.9
Feb ’26	0.9	0.9	0.9	0.9

Gross profit

6.1$ mn · Feb ’26

numbers

period	actual	AOP	VP	prior yr
Mar ’24	4.8	—	5.5	—
Apr ’24	5.1	5.6	5.5	4
May ’24	4.8	5.5	5.6	3.9
Jun ’24	4.7	5.8	5.8	3.8
Jul ’24	5.4	6	6.2	4.1
Aug ’24	5.5	6.2	6.5	4.3
Sep ’24	5.8	6.3	6.7	4.6
Oct ’24	5.7	6.5	7.1	4.6
Nov ’24	5.4	6.5	7.3	4.6
Dec ’24	6	6.7	7.5	5
Jan ’25	5.8	6.7	7.6	4.9
Feb ’25	5.4	6.3	7.3	5.1
Mar ’25	6	6.8	7.9	4.8
Apr ’25	5.7	7	7.9	5.1
May ’25	5.9	6.9	7.9	4.8
Jun ’25	6	6.9	8.3	4.7
Jul ’25	5.9	7.3	8.8	5.4
Aug ’25	6.4	7.4	9.1	5.5
Sep ’25	6.3	7.6	9.6	5.8
Oct ’25	6.5	7.8	10	5.7
Nov ’25	6.4	7.7	10.2	5.4
Dec ’25	6.5	7.8	10.5	6
Jan ’26	6.1	7.8	10.7	5.8
Feb ’26	6.1	7.3	10.3	5.4

Gross margin

39.1%Feb ’26

numbers

period	actual	AOP	VP	prior yr
Mar ’24	38.2%	—	39.1%	—
Apr ’24	39.9%	40.3%	39.4%	37.8%
May ’24	37.2%	40.5%	39.7%	36.8%
Jun ’24	36.9%	40.7%	39.6%	36.8%
Jul ’24	38.6%	40.6%	39.7%	36.6%
Aug ’24	38.5%	40.8%	40.3%	36.4%
Sep ’24	40.3%	40.4%	40.2%	37.6%
Oct ’24	39.6%	40.4%	40.4%	35.9%
Nov ’24	36.2%	40.8%	40.8%	37.5%
Dec ’24	40.0%	40.9%	41.0%	38.1%
Jan ’25	37.8%	41.3%	41.2%	38.5%
Feb ’25	38.7%	40.8%	41.2%	40.2%
Mar ’25	39.7%	40.9%	41.2%	38.2%
Apr ’25	39.0%	42.0%	41.5%	39.9%
May ’25	40.4%	42.1%	41.7%	37.2%
Jun ’25	39.3%	41.7%	41.9%	36.9%
Jul ’25	38.4%	41.6%	42.3%	38.6%
Aug ’25	40.2%	41.9%	42.2%	38.5%
Sep ’25	38.8%	42.2%	42.9%	40.3%
Oct ’25	38.2%	42.6%	42.8%	39.6%
Nov ’25	39.4%	41.8%	43.0%	36.2%
Dec ’25	38.7%	42.2%	43.0%	40.0%
Jan ’26	38.4%	42.5%	43.5%	37.8%
Feb ’26	39.1%	42.5%	43.6%	38.7%

CM1

2.6$ mn · Feb ’26

numbers

period	actual	AOP	VP	prior yr
Mar ’24	1.9	—	2.3	—
Apr ’24	2.1	2.5	2.3	1.5
May ’24	1.7	2.5	2.4	1.3
Jun ’24	1.7	2.6	2.5	1.3
Jul ’24	2.1	2.7	2.7	1.4
Aug ’24	2.2	2.8	2.9	1.5
Sep ’24	2.5	2.8	3	1.7
Oct ’24	2.3	2.9	3.2	1.5
Nov ’24	1.9	3	3.3	1.7
Dec ’24	2.6	3.1	3.5	2
Jan ’25	2.3	3.1	3.6	1.9
Feb ’25	2.2	2.9	3.4	2.1
Mar ’25	2.5	3.1	3.7	1.9
Apr ’25	2.4	3.4	3.8	2.1
May ’25	2.6	3.4	3.8	1.7
Jun ’25	2.6	3.3	4	1.7
Jul ’25	2.5	3.5	4.4	2.1
Aug ’25	2.8	3.6	4.5	2.2
Sep ’25	2.7	3.8	4.9	2.5
Oct ’25	2.6	3.9	5.1	2.3
Nov ’25	2.7	3.8	5.2	1.9
Dec ’25	2.7	3.9	5.4	2.6
Jan ’26	2.6	3.9	5.6	2.3
Feb ’26	2.6	3.7	5.4	2.2

CM1 margin

16.8%Feb ’26

numbers

period	actual	AOP	VP	prior yr
Mar ’24	14.7%	—	15.9%	—
Apr ’24	16.6%	17.7%	16.4%	13.9%
May ’24	13.5%	18.1%	16.9%	12.3%
Jun ’24	13.5%	18.3%	16.8%	12.5%
Jul ’24	15.2%	18.2%	17.1%	12.3%
Aug ’24	15.4%	18.4%	17.8%	12.8%
Sep ’24	17.2%	18.0%	17.8%	13.6%
Oct ’24	16.2%	18.2%	18.1%	11.6%
Nov ’24	13.0%	18.7%	18.5%	13.6%
Dec ’24	17.1%	18.8%	18.9%	14.9%
Jan ’25	14.9%	19.2%	19.2%	15.0%
Feb ’25	16.1%	18.7%	19.2%	16.7%
Mar ’25	16.7%	19.0%	19.4%	14.7%
Apr ’25	16.5%	20.4%	19.8%	16.6%
May ’25	17.6%	20.5%	20.1%	13.5%
Jun ’25	16.9%	20.1%	20.4%	13.5%
Jul ’25	16.1%	20.1%	21.0%	15.2%
Aug ’25	17.5%	20.4%	20.9%	15.4%
Sep ’25	16.3%	20.9%	21.7%	17.2%
Oct ’25	15.5%	21.3%	21.6%	16.2%
Nov ’25	16.7%	20.5%	21.9%	13.0%
Dec ’25	16.2%	21.0%	22.1%	17.1%
Jan ’26	16.2%	21.4%	22.8%	14.9%
Feb ’26	16.8%	21.4%	22.9%	16.1%

CM2

1.6$ mn · Feb ’26

numbers

period	actual	AOP	VP	prior yr
Mar ’24	1	—	1.3	—
Apr ’24	1.3	1.5	1.4	0.7
May ’24	0.9	1.6	1.5	0.6
Jun ’24	0.8	1.7	1.5	0.6
Jul ’24	1.2	1.7	1.6	0.6
Aug ’24	1.2	1.8	1.8	0.7
Sep ’24	1.5	1.8	1.9	0.9
Oct ’24	1.3	1.9	2	0.6
Nov ’24	0.9	2	2.2	0.9
Dec ’24	1.5	2	2.3	1.1
Jan ’25	1.3	2.1	2.4	1
Feb ’25	1.3	1.9	2.3	1.2
Mar ’25	1.5	2.1	2.5	1
Apr ’25	1.4	2.4	2.6	1.3
May ’25	1.6	2.3	2.6	0.9
Jun ’25	1.6	2.3	2.8	0.8
Jul ’25	1.5	2.4	3.1	1.2
Aug ’25	1.7	2.5	3.2	1.2
Sep ’25	1.6	2.7	3.5	1.5
Oct ’25	1.6	2.8	3.6	1.3
Nov ’25	1.7	2.6	3.7	0.9
Dec ’25	1.6	2.7	3.9	1.5
Jan ’26	1.6	2.8	4.1	1.3
Feb ’26	1.6	2.6	4	1.3

CM2 margin

10.5%Feb ’26

numbers

period	actual	AOP	VP	prior yr
Mar ’24	7.6%	—	9.2%	—
Apr ’24	9.9%	11.0%	9.8%	6.9%
May ’24	6.7%	11.6%	10.3%	5.5%
Jun ’24	6.5%	11.8%	10.2%	5.7%
Jul ’24	8.7%	11.6%	10.5%	5.2%
Aug ’24	8.3%	11.9%	11.2%	6.0%
Sep ’24	10.6%	11.6%	11.3%	7.0%
Oct ’24	9.2%	11.7%	11.7%	4.7%
Nov ’24	5.7%	12.4%	12.1%	7.0%
Dec ’24	10.1%	12.4%	12.5%	8.4%
Jan ’25	8.4%	12.7%	12.7%	8.2%
Feb ’25	9.5%	12.3%	12.9%	9.9%
Mar ’25	9.8%	12.6%	13.0%	7.6%
Apr ’25	9.6%	14.0%	13.5%	9.9%
May ’25	10.6%	14.1%	13.8%	6.7%
Jun ’25	10.6%	13.8%	14.2%	6.5%
Jul ’25	9.8%	13.8%	14.7%	8.7%
Aug ’25	10.7%	14.2%	14.7%	8.3%
Sep ’25	10.0%	14.7%	15.5%	10.6%
Oct ’25	9.5%	15.1%	15.5%	9.2%
Nov ’25	10.2%	14.2%	15.8%	5.7%
Dec ’25	9.3%	14.7%	16.0%	10.1%
Jan ’26	9.8%	15.2%	16.6%	8.4%
Feb ’26	10.5%	15.3%	16.8%	9.5%

EBIT

0.1$ mn · Feb ’26

numbers

period	actual	AOP	VP	prior yr
Mar ’24	(0.4)	—	(0)	—
Apr ’24	(0.1)	0.2	0.1	(0.6)
May ’24	(0.6)	0.2	0.1	(0.7)
Jun ’24	(0.6)	0.3	0.2	(0.8)
Jul ’24	(0.2)	0.3	0.3	(0.8)
Aug ’24	(0.3)	0.4	0.5	(0.6)
Sep ’24	0.1	0.4	0.5	(0.5)
Oct ’24	(0.1)	0.5	0.7	(0.8)
Nov ’24	(0.6)	0.6	0.8	(0.5)
Dec ’24	0.1	0.6	0.9	(0.3)
Jan ’25	(0.2)	0.7	1	(0.3)
Feb ’25	(0.1)	0.5	0.9	(0.1)
Mar ’25	(0)	0.6	1.1	(0.4)
Apr ’25	(0.1)	0.9	1.2	(0.1)
May ’25	0.1	0.9	1.2	(0.6)
Jun ’25	0.1	0.9	1.4	(0.6)
Jul ’25	(0)	1	1.7	(0.2)
Aug ’25	0.2	1.1	1.8	(0.3)
Sep ’25	0.1	1.2	2	0.1
Oct ’25	0.1	1.3	2.2	(0.1)
Nov ’25	0.1	1.1	2.3	(0.6)
Dec ’25	0	1.3	2.4	0.1
Jan ’26	0	1.3	2.6	(0.2)
Feb ’26	0.1	1.2	2.5	(0.1)

EBIT margin

0.4%Feb ’26

numbers

period	actual	AOP	VP	prior yr
Mar ’24	-3.5%	—	-0.1%	—
Apr ’24	-1.0%	1.3%	0.4%	-5.7%
May ’24	-4.3%	1.6%	0.9%	-7.1%
Jun ’24	-4.6%	2.2%	1.1%	-7.3%
Jul ’24	-1.5%	2.4%	1.9%	-6.8%
Aug ’24	-1.9%	2.8%	2.9%	-5.5%
Sep ’24	0.6%	2.7%	3.2%	-4.1%
Oct ’24	-0.9%	3.0%	3.9%	-6.0%
Nov ’24	-4.1%	3.6%	4.4%	-4.2%
Dec ’24	0.4%	3.9%	5.0%	-2.1%
Jan ’25	-1.1%	4.1%	5.2%	-2.7%
Feb ’25	-1.0%	3.2%	5.1%	-1.1%
Mar ’25	-0.2%	3.9%	5.7%	-3.5%
Apr ’25	-0.4%	5.5%	6.1%	-1.0%
May ’25	0.5%	5.4%	6.4%	-4.3%
Jun ’25	0.7%	5.2%	7.0%	-4.6%
Jul ’25	-0.1%	5.6%	7.9%	-1.5%
Aug ’25	1.0%	6.0%	8.1%	-1.9%
Sep ’25	0.5%	6.7%	9.1%	0.6%
Oct ’25	0.4%	7.1%	9.3%	-0.9%
Nov ’25	0.5%	6.2%	9.6%	-4.1%
Dec ’25	0.1%	6.8%	10.0%	0.4%
Jan ’26	0.1%	7.1%	10.7%	-1.1%
Feb ’26	0.4%	6.8%	10.6%	-1.0%

Net income

(0.1)$ mn · Feb ’26

numbers

period	actual	AOP	VP	prior yr
Mar ’24	(0.6)	—	(0.1)	—
Apr ’24	(0.3)	0	(0.1)	(0.7)
May ’24	(0.7)	0.1	0	(0.9)
Jun ’24	(0.7)	0.1	0	(0.9)
Jul ’24	(0.3)	0.2	0.1	(0.9)
Aug ’24	(0.4)	0.2	0.3	(0.8)
Sep ’24	(0)	0.2	0.3	(0.6)
Oct ’24	(0.3)	0.3	0.4	(0.9)
Nov ’24	(0.7)	0.3	0.5	(0.6)
Dec ’24	(0.1)	0.4	0.6	(0.4)
Jan ’25	(0.3)	0.4	0.6	(0.5)
Feb ’25	(0.3)	0.3	0.6	(0.3)
Mar ’25	(0.2)	0.4	0.7	(0.6)
Apr ’25	(0.2)	0.6	0.8	(0.3)
May ’25	(0.1)	0.6	0.8	(0.7)
Jun ’25	(0)	0.6	0.9	(0.7)
Jul ’25	(0.1)	0.6	1.1	(0.3)
Aug ’25	0	0.7	1.2	(0.4)
Sep ’25	(0)	0.8	1.4	(0)
Oct ’25	(0.1)	0.9	1.5	(0.3)
Nov ’25	(0.1)	0.8	1.6	(0.7)
Dec ’25	(0.1)	0.9	1.7	(0.1)
Jan ’26	(0.1)	0.9	1.9	(0.3)
Feb ’26	(0.1)	0.8	1.8	(0.3)

Cash balance

78.1$ mn · Feb ’26

numbers

period	actual	AOP	VP	prior yr
Mar ’24	54.3	—	55.5	—
Apr ’24	54	54.4	55.5	60.7
May ’24	53.4	54.5	55.4	60
Jun ’24	81.8	83.8	102	59.2
Jul ’24	81.5	84	102	58.4
Aug ’24	81.1	84.3	103	57.8
Sep ’24	81	84.5	103	57.1
Oct ’24	80.6	84.8	103	56.3
Nov ’24	79.8	85.2	104	55.7
Dec ’24	79.6	85.6	104	55.4
Jan ’25	79.3	86.1	105	54.9
Feb ’25	79.1	86.4	106	54.7
Mar ’25	79.1	86.9	107	54.3
Apr ’25	79	79.8	108	54
May ’25	78.8	80.5	108	53.4
Jun ’25	78.6	81.1	110	81.8
Jul ’25	78.6	81.9	111	81.5
Aug ’25	78.5	82.7	112	81.1
Sep ’25	78.5	83.7	114	81
Oct ’25	78.3	84.7	116	80.6
Nov ’25	78.3	85.6	118	79.8
Dec ’25	78.3	86.6	120	79.6
Jan ’26	78.3	87.7	122	79.3
Feb ’26	78.1	88.7	124	79.1

Net burn

(0.2)$ mn · Feb ’26

numbers

period	actual	prior yr
Mar ’24	(0.4)	—
Apr ’24	(0.3)	—
May ’24	(0.6)	(0.8)
Jun ’24	28.5	(0.8)
Jul ’24	(0.3)	(0.8)
Aug ’24	(0.3)	(0.6)
Sep ’24	(0.1)	(0.6)
Oct ’24	(0.4)	(0.9)
Nov ’24	(0.8)	(0.5)
Dec ’24	(0.2)	(0.3)
Jan ’25	(0.3)	(0.5)
Feb ’25	(0.2)	(0.2)
Mar ’25	(0)	(0.4)
Apr ’25	(0.1)	(0.3)
May ’25	(0.2)	(0.6)
Jun ’25	(0.1)	28.5
Jul ’25	(0)	(0.3)
Aug ’25	(0.1)	(0.3)
Sep ’25	0	(0.1)
Oct ’25	(0.3)	(0.4)
Nov ’25	0.1	(0.8)
Dec ’25	(0)	(0.2)
Jan ’26	(0.1)	(0.3)
Feb ’26	(0.2)	(0.2)

Morrow Dairy · Beacon