Path to €1M ARR
The bridge round funds the acceleration from our Budget trajectory (conservative, organic) to our Model trajectory (€1M ARR, the level that opens Series A). Both scenarios are derived from internal financial planning. The gap between them is what the bridge capital activates.
The two trajectories side by side
- 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
- EoP MRR Dec 2026: €84,188
- Net Revenue 2026: €1,048,114
- Clinical Practice revenue: €495,684
- Clinical Research revenue: €552,430
- EBITDA 2026: -€1.87M (despite higher growth)
The gap
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.
From €401K to €1M ARR
| Period | ARR | Basis |
|---|---|---|
| Dec 2025 | €300K | Actual |
| June 2026 | €401K | Actual (+34% in H1 2026) |
| Q4 2026 target | €1.0M | Bridge-funded milestone that opens the Series A |
The path from €401K to €1M ARR is 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
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 with the current team; new hires are upside, not dependency |
| Cash runs out before €1M ARR | Low | Bridge sized to fund the path to €1M ARR with buffer; the convertible plus non-dilutive layers extend runway well into 2027 even at a slower trajectory |
If we achieve only 50% of the gap (i.e. €700K ARR instead of €1.01M), that's still 1.8x 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:
- ARR ≥ €1M (primary trigger)
- NRR > 110% (sustained net expansion from existing base)
- FDA pre-submission completed (US regulatory catalyst)
- 2+ multi-year pharma frames signed (committed revenue layer materialised)
Reaching all 4 conditions positions Legit.Health for a Series A led by an international healthtech / clinical AI fund; the valuation terms are set out in the term sheet (available under NDA).