〔 Privileged & Confidential 〕

Financial model framework

Nevamind — FY 2026 · v0.4.0-draft

〔 CFO Planning Framework 〕

Nevamind

Annual client financial model framework — FY 2026 (Jun 2026 – May 2027)

$42M
M12 ARR target (base)
~750K
M12 cumulative registrations
~75K
M12 net paid users
$1.7M
FY acquisition spend (all channels)
Disclaimer. This is a CFO planning and management framework. It is not statutory accounting, tax advice, audit evidence, legal advice, or a customer-facing commercial commitment. Contract basis, invoice entity, tax treatment, revenue recognition, success-fee enforceability, and any fundraising/investment claim must be reviewed by Legal OS and external counsel.
Executive framing (CFO lens)

Nevamind's financial model tracks the Boids product unit economics across M1–M12:

Client P&L — Boids unit economics

What ARR, gross margin, and CAC payback can Boids realistically deliver across M1–M12, and at what cash burn?

Base scenario anchored to Boids public launch (Jun 8, 2026). M6 growth targets from aligned target model (2026-05-24). M9/M12 extrapolated from channel curves.

Model metadata
Versionv0.4.0-draft
Fiscal yearFY 2026
HorizonM1–M12
Primary laneBoids (boids.so)
CurrencyUSD
Model ownerCFO Office
GTM ownerGrowth (CGO)
Business ownerNevamind (Chen Hong)
Legal reviewRequired
Strategic goal map — annual decisions this model must support
LensAnnual decisionOwnerEvidence required
Nevamind boardContinue Boids investment, redirect to doppelganger, or cut spendChen Hong + investorsM3 PMF gate, M6 ARR run-rate, blended LTV365/CAC
GrowthScale winning channels, pause underperformers, redesign creativeCGOCAC by channel, LTV365/CAC, kill-signal triggers
CFOFY 2027 budget envelope and lane portfolioCFO + boardFull-year Boids unit economics reconciliation
〔 §5 Client P&L 〕

Boids annual driver model

Nevamind-side unit economics across M1–M12. M6 anchors from aligned target model (2026-05-24). M9/M12 extrapolated from channel curves.

5.1 Segment mix anchors
SegmentMix ratioM6 ARPA (USD/mo)Target CPANotes
普通 C (Consumer)10x$24$2Volume / DAU base
Pro C (Orchestrator)3x$50$10Stable subscription
创作者 (Creator)1x$180$30High ARPA, k-factor source
5.2 M1–M12 top-level driver schedule (base scenario)
DriverM1 (Jun-26)M3 (Aug-26)M6 (Nov-26)M9 (Feb-27)M12 (May-27)
New registrations5,20020,800~52,000~95,000~140,000
Cumulative registrations5,20036,400~200,000*~440,000~750,000
Blended CPA (USD)$4.62$4.98~$5.40~$5.20~$5.00
Monthly acquisition spend$24,000$100,036~$280K~$494K~$700K
Paid conversion rate6.8%8.5%~11%~12%~13%
Cumulative paid users (net)3523,033~13,703*~38K~75K
Blended ARPA (USD)$33$45$50$55$60
MRR (month-end, gross)$11,600$83,712$593,145*~$1.65M~$3.5M
ARR run-rate (gross)$0.14M$1.0M$7.1M*$19.8M~$42M

CFO reconciliation notes: Paid conversion rates sourced from growth plan §12.2. M12 cumulative paid users (~75K) is a net figure (~15% churn discount from ~88K gross). M12 ARR ($42M) is below the naive 75K x $60 x 12 = $54M — gap reflects ARPA convergence, segment-mix drag, and early-cohort churn weighting. Flagged as assumed until M3 actuals validate.

5.3 Boids revenue build
StreamFormulaFY 2026 base
Subscription (Pro C + 创作者)active paid x ARPA x monthssum of monthly MRR
Pay-as-you-go credit (普通 C)credits consumed x USD/creditfrom token ledger
Creator GMV (take rate)published-agent rev x take %ramps M4+ onward
Trial credit liability ($2/reg)new regs x $2up to $1.5M nominal
5.5 Unit economics targets (CFO healthy bands)
MetricM3 floorM6 targetM12 targetKill signal
LTV365 / CAC≥ 1.0≥ 2.0≥ 3.0< 0.7 x2mo
LTV30 / CAC≥ 0.30≥ 0.40≥ 0.50< 0.20 x2mo
CAC payback≤ 18 mo≤ 12 mo≤ 9 mo> 24 mo
Gross margin≥ 48%≥ 55%≥ 63%< 40%
Use → Create (Pro C D7)≥ 12%≥ 25%≥ 30%< 8% PMF
5.4 Boids cost stack
CostFormulaFY est.Internal only?
Acquisition (Google Ads)Q1 $72K + Q2 $120K + Q3 $120K + Q4 $168K$480KNo (joint dashboard)
Acquisition (all channels)Channel-mix % applied to monthly totals~$1.7MNo
Model / inference costtokens x provider unit cost x agent multiplierYes
Infra / gateway / storageruns x infra unit costYes
Trial-credit utilizationredeemed credits x marginal model costYes
Customer support / opshours x loaded rateYes
Creator revenue sharecreator GMV x payout %No (contractual)
Refund / chargebackrate x revenueYes
〔 §14 Twelve-month UE forecast 〕

Monthly revenue, cost, profit

Base-scenario UE forecast by month, June 2026 → May 2027. Anchored to §5.2 driver schedule with geometric interpolation between M1, M3, M6, M9, M12 milestones. CFO planning estimates only — not booked numbers.

14. Boids client UE — monthly forecast
Revenue · total cost · gross profit · USD K · max $3.5M (M12) — revised to L1 AI benchmarks
Revenue Total cost Gross profit
FY revenue
$13.20M
FY total cost
$9.79M
FY gross profit
$6.37M
FY GM blended
48.2%
Crossover
M7

CFO flag. M3 GM at 36% — below the 48% floor; trial-credit overhang + agent inference costs dominate early MRR. Acquisition spend FY total $3.92M above §A17 cap of $1.7M — see Q9 (open). GM revised to align with L1 AI industry benchmarks (Cursor ~55%, Copilot ~50–60%).

〔 §8 Scenarios 〕

Annual P&L scenario summary

Four-scenario framework for the Boids client P&L. Base scenario is the planning anchor.

Boids client scenarios

Conservative
~400K
M12 cum. registrations
~$15M
M12 ARR
~$1.4M
Cum. acq. spend
42–52%
Gross margin
$3.0M
Cash need (12mo)

Hold; cut to 1 lane; recheck M6

Base
~750K
M12 cum. registrations
~$42M
M12 ARR
~$1.7M + $1.5M trial
Cum. acq. spend
50–60%
Gross margin
$4.2M
Cash need (12mo)

Continue, scale Q3+Q4

Upside
~1.0M
M12 cum. registrations
~$60M+
M12 ARR
~$2.0M
Cum. acq. spend
55–63%
Gross margin
$5.2M
Cash need (12mo)

Scale, raise Series A bridge

Stress
<250K
M12 cum. registrations
<$8M
M12 ARR
$1.0M (cap)
Cum. acq. spend
<38%
Gross margin
$2.5M
Cash need (12mo)

Pause paid; redesign Pro C onboarding

〔 §7 KPI Framework 〕

Integrated KPI framework

KPI hierarchy for the Boids client P&L with CFO linkage.

LayerBoids KPICFO link
StrategicM3 PMF gate, M6 ARR, M12 LTV/CACRecognized vs deferred revenue
GrowthRegistrations by segment/channel, blended CPA, D7 retentionCAC, ROI, channel attribution
UsageAgent runs, tokens, credits consumed, Use→Create rateUnit cost, gross margin
QualityActivation quality, NPS (creators), refund rateRefund / rework risk
CashBoids MRR, prepaid credit balance, $2 trial liabilityCash flow, financing cost
LearningBoids playbook v2, channel CPM/CPC/CPA benchmarksFuture-margin uplift
〔 §A–B Tunable Parameters 〕

Key variables & input parameters

Single tunable surface for scenario adjustment. All downstream P&L, cash, and KPI dashboards read from here.

A. Boids / client-side parameters
#ParameterSymbolBaseConservativeUpsideSensitivity
A1M1 new registrationsreg_M15,2003,0007,000
A2Monthly reg. growth multiplier (M1→M3)reg_growth_q12.0x1.5x2.5x
A3M3→M12 registration ramp curvereg_curveper §9 pacingflatten 30%steepen 25%
A4Segment mixmix10:3:112:2:18:4:2
A5ARPA — 普通 Carpa_C$24$18$30
A6ARPA — Pro Carpa_PC$50$40$65
A7ARPA — 创作者arpa_CR$180$140$220
A8Blended paid-conversion ratepc_rate6.8% → 13%5% → 10%8% → 16%
A9D7 retention (blended)ret_D735% → 50%25% → 40%45% → 60%
A10D365 retention (paid)ret_D365_paid50–65%40–55%60–75%
A11Blended CPAcpa_blended$4.62 → $5.00$6.50 → $7.50$3.80 → $4.20
A12Channel mix — Google Ads %mix_googleper §12.1+10pp-10pp
A13Channel mix — KOL %mix_kolper §12.1-5pp+5pp
A14Use → Create rate (Pro C D7)use_create_PC12% → 30%8% → 20%18% → 40%
A15$2 trial credit utilizationtrial_burn65%80%50%
A16Boids gross margingm_boids50–60%42–52%55–63%
A17Acquisition spend cap (FY, all channels)cap_acq$1.7M$1.0M$2.4M
A18Creator GMV start monthgmv_startM4M6M3
A19Marketplace take ratetake_rate15%10%25%
A20Refund / chargeback raterefund_rate2%4%1%
B. Sensitivity priority (tornado-chart order)
1. A2 / A3 — Registration ramp curve
2. A11 / A8 — CPA x paid-conversion
3. A17 — Acquisition spend cap
4. A16 — Boids gross margin
5. A8 — Paid conversion rate
〔 §11 Controls & Review Gates 〕

Controls and review gates

Governance checkpoints for model integrity throughout FY 2026.

GateRequired checkOwnerCadence
Registry checknevamind ID, route, access levelCFO + registryQuarterly
Revenue recognitionSubscription straight-line, credit at consumptionCFOMonthly close
Cost allocationDirect vs shared, internal vs reimbursableCFOMonthly close
GTM metric validityEvent dictionary, attribution methodGTM OSWeekly
Trial-credit accounting$2/reg liability — accrue or expense?CFO + ext. accountantM1 close, then quarterly
Annual decisionContinue / scale / pause / redesign / exitBoard + CFOM6 mid-year + M12 close
〔 §13 Open Questions 〕

Blocking items

Unresolved questions requiring CFO or board decision before model can be finalized.

Q4
$2 trial-credit accounting — accrue as liability or expense as incurred?
Owner: CFO + ext. accountant · Deadline: M1 close · $400K–$1.5M nominal exposure misstatement
Q9
Acquisition spend cap reconciliation — §A17 base $1.7M cap vs §14.1 monthly schedule sum (~$3.92M FY). Resolve by raising cap to ~$4M, flattening §5.2 ramp, or reclassifying portion as creator-payout rebate.
Owner: CFO + GTM · Deadline: pre-M3 readout · Budget-vs-plan gap of ~$2.2M