Path to €1M ARR

The bridge round funds the acceleration from our Budget trajectory (conservative, organic) to our Model trajectory (€1M ARR EoY 2026). Both scenarios are derived from internal financial planning. The gap between them is what the bridge capital activates.

The two trajectories side by side

Budget trajectory

€404K ARR

EoY 2026 · conservative organic growth

• EoP MRR Dec 2026: €33,675
• Net Revenue 2026: €768,531
• Total clients EoY: 19
• 5 new recurrent clients in 2026
• EBITDA 2026: -€2.59M

Model trajectory (bridge-funded)

€1.01M ARR

EoY 2026 · accelerated commercial execution

• EoP MRR Dec 2026: €84,188
• Net Revenue 2026: €1,252,459
• Clinical Practice revenue: €670,679
• Clinical Research revenue: €581,781
• EBITDA 2026: -€2.19M (despite higher growth)

The gap

ARR gap

+€606K

€404K → €1.01M

Revenue gap

+€484K

€768K → €1.25M

EBITDA delta

+€400K

Model is more efficient at scale

Bridge size

€1.5-2M

To fund the gap + runway

Key insight

The Model trajectory generates more ARR with similar burn: same R&D and overhead, expanded commercial muscle. The bridge isn't funding cost increases, it's funding revenue acceleration through targeted commercial hires and pharma frame negotiations.

Quarter-by-quarter Model projection

Quarter	EoP MRR	ARR	Quarterly revenue	Cumulative revenue
Dec 2025 (actual)	€24,994	€300K	—	—
Q1 2026 (Model)	€40,628	€488K	€204,830	€204,830
Q2 2026 (Model)	€58,180	€698K	€270,819	€475,649
Q3 2026 (Model)	€68,055	€817K	€343,920	€819,569
Q4 2026 (Model)	€84,188	€1,010K	€432,891	€1,252,459

The trajectory shows a steep acceleration in Q2-Q3 2026, driven by:

• BUPA Europe expansion deals coming online (Lux Med precedent already closed Q3 2025)
• Spanish public health (Telefónica gateway) scale-up
• Pharma multi-year frame conversions reflected in committed revenue

How we get there: the commercial levers

1

BUPA Europe rollout

Sanitas (Spain) + Lux Med (Poland, closed Q3 2025) opens BUPA Europe network. Target: 1-2 additional BUPA country deals (UK, Ireland, or BUPA Global) at €100-200K ACV each.

Estimated ARR contribution: +€200-300K

2

Spanish public health scale-up

SESPA (via Telefónica) and SERMAS (Madrid) already live. Target: 2-3 additional Comunidades Autónomas via Telefónica framework. ACV €50-100K per region.

Estimated ARR contribution: +€150-300K

3

Pharma project → committed conversion

Negotiate 2-3 existing pharma relationships (J&J, Boehringer, Lilly) from project to multi-year framework. Doesn't increase ARR strictly, but reclassifies €200-400K from project to committed revenue, with material valuation impact.

Committed revenue contribution: +€300-500K

4

CRO channel expansion

ICON contract (Q1 2026, top-5 CRO globally) opens portfolio of pharma clients. Activate pipeline: PPD, Symbio, Fortrea, Eurofins Bioskin. Each CRO partnership multiplies pharma reach without one-by-one BD.

Estimated revenue contribution: +€100-250K (mixed ARR/Committed)

5

Net Revenue Retention (NRR) expansion

Existing recurring customers (Ribera Salud 3 hospitals, Sanitas, Visiba Care) have not yet been systematically upsold. Customer Success hire enables NRR expansion via additional modules, more departments per hospital, more geographic coverage.

Estimated ARR uplift: +€50-150K from existing base

What could go wrong (and the mitigation)

Scenario	Likelihood	Mitigation
BUPA Europe rollout slower than projected	Medium	Lux Med deal validated the channel; even 1 additional country deal contributes €100-200K ARR. Spanish public health backstops
Pharma frame negotiations stall	Medium	Project revenue continues at current rate; loss is only valuation reclassification, not absolute revenue
Sales hires take longer to ramp	Low-Medium	Existing pipeline already supports ~€700K ARR by EoY 2026 with current team; new hires are upside, not dependency
Cash runs out before €1M ARR	Low	Bridge size sized to provide 18-24 months of runway at Model burn; even at Budget pace, runway covers to mid-2027

Even at half-trajectory, the math works

If we achieve only 50% of the gap (i.e. €700K ARR EoY 2026 instead of €1.01M), that's still 2.3x current ARR and a credible Series A platform. The bridge isn't binary, it has graceful degradation.

Series A trigger conditions

The bridge will convert (or be repaid) at a future Series A. Conditions for Series A launch:

1. ARR ≥ €1M (primary trigger)
2. NRR > 110% (sustained net expansion from existing base)
3. FDA pre-submission completed (US regulatory catalyst)
4. 2+ multi-year pharma frames signed (committed revenue layer materialised)

Reaching all 4 conditions positions Legit.Health for a Series A at €15-20M pre-money range, lead by an international healthtech / clinical AI fund.