Revenue, EBITDA and runway on one screen. Snap Claim funds two years of build from the raise, then turns EBITDA-positive in Year 3 on $87.5M of revenue.

Engineering and carrier GTM take 60 percent of the raise, the two levers that move STP coverage and carrier count. Claims operations, compliance and G&A carry the rest.

Revenue moves from $8.4M to $87.5M, more than ten times the base. Gross margin widens from 74 to 82 percent as the automated mix grows and cost per claim falls.

Claims volume scales on automation, from 72,000 a month today to 8.1M a year by Year 3. Carrier count and straight-through rate rise together, so revenue grows faster than headcount.

Two per-claim fee lines, both billed to the carrier: a $6.00 platform fee on every claim and a $3.60 share of the loss-adjustment expense removed. Blended revenue is $9.60 today, rising as automation improves.

Year-one gross profit per carrier is roughly four times the cost to acquire one, so payback lands inside a single quarter. Net revenue retention of 128 percent compounds the rest.

Gross margin walks from 74 to 82 percent as more claims clear straight-through and marginal cost per claim falls. The lift is structural, driven by automation mix, not by raising price.

Most cost sits in automated inference and a shrinking human-review tail, so cost of revenue falls as a share of sales every year. Contribution is positive from the first claim.

Growth comes from carriers already live. Net revenue retention of 128 percent expands each account as new lines land inside the book, so the $3.8B of premium Snap Claim touches keeps compounding.

The motion leans on founder-led enterprise sales and embedded expansion inside live carrier books. Referrals and conference presence fill the top of the funnel, paid demand plays no part.

Operating discipline keeps overhead lean as revenue scales more than ten times. G&A takes just 10 percent of the raise, while compliance and licensing get the same weight as claims operations.

Engineering and AI take 35 percent of the raise, the lever that moves straight-through processing from 41 to 61 percent. SOC 2 Type II and two new lines land in Year 1.

A small team that has already run claims at carrier scale. The CEO's org handled roughly 4M claims a year, and the actuarial lead carries the model governance carriers demand before they plug anyone into their book.