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You're at $2.05M YTD vs $1.93M budget (+$116K ahead). However, April's $701K revenue included a major Food Processing job ($326K). Without it, April would have been ~$375K — below your prior trend. This matters: May backlog will determine whether you stay on track or drop back to baseline revenue.
Ending cash $46,990 with $250K LOC maxed. Despite $160K April profit, only $7K hit the bank because $272K customer deposits were consumed and $124K vendor payments were made. You have zero financing flexibility.
Net profit $159.7K beat budget by $73.4K. But ending cash was only $47K. Starting from $39.6K in cash plus $159.7K profit = $199.3K available, you retained just $47K. That's a 23.6% conversion rate (healthy is 80%+). Working capital consumed $105.9K (mostly from burning through $271.6K in customer deposits while paying down $123.8K in vendor bills).
| Line Item | Jan | Feb | Mar | Apr | YTD Total |
|---|---|---|---|---|---|
| Revenue | $367,600 | $415,296 | $565,696 | $700,573 | $2,049,165 |
| COGS | $295,701 | $348,657 | $472,871 | $514,962 | $1,632,191 |
| Gross Margin | $71,899 | $66,639 | $92,824 | $185,612 | $416,974 |
| Gross Margin % | 19.6% | 16.0% | 16.4% | 26.5% | 20.3% |
| Production Expenses | $73,774 | $86,765 | $114,249 | $82,317 | $357,105 |
| Admin & Overhead | $90,195 | $101,469 | $124,451 | $104,189 | $420,304 |
| Overhead Allocation | -$175,135 | -$185,259 | -$183,427 | -$190,674 | -$734,495 |
| EBITDA | $83,064 | $63,664 | $37,551 | $189,780 | $374,059 |
| EBITDA % | 22.6% | 15.3% | 6.6% | 27.1% | 18.3% |
| Finance & Non-Cash | $29,957 | $30,973 | $42,366 | $30,033 | $133,329 |
| Net Profit | $53,106 | $32,690 | -$4,815 | $159,747 | $240,730 |
| Net Margin % | 14.4% | 7.9% | -0.9% | 22.8% | 11.7% |
| Line Item | Budget | Actual | Variance | % Var |
|---|---|---|---|---|
| Revenue | $600,000 | $700,573 | +$100,573 | +16.8% |
| COGS | $482,646 | $514,962 | -$32,316 | -6.7% |
| Gross Margin | $117,354 | $185,611 | +$68,257 | +58.1% |
| GM % | 20.0% | 26.5% | +6.5 pts | — |
| Absorption Adjustment | $0 | -$4,168 | -$4,168 | — |
| EBITDA | $117,354 | $189,779 | +$72,425 | +61.7% |
| Finance & Non-Cash | $31,000 | $30,033 | +$967 | +3.1% |
| Net Profit | $86,354 | $159,746 | +$73,392 | +85.0% |
| Line Item | Budget | Actual | Variance | % Var |
|---|---|---|---|---|
| Revenue | $1,932,896 | $2,049,165 | +$116,269 | +6.0% |
| COGS | $1,554,840 | $1,632,191 | -$77,351 | -5.0% |
| Gross Margin | $378,056 | $416,974 | +$38,918 | +10.3% |
| GM % | 19.6% | 20.3% | +0.7 pts | — |
| Absorption Adjustment | $0 | -$42,915 | -$42,915 | — |
| EBITDA | $378,056 | $374,059 | -$3,997 | -1.1% |
| Finance & Non-Cash | $123,000 | $133,329 | -$10,329 | -8.4% |
| Net Profit | $255,056 | $240,730 | -$14,326 | -5.6% |
You're 6% ahead of annual budget at the 4-month mark ($2.05M actual vs $1.93M budget, +$116K). However, this masks volatility: Jan–Mar averaged $449K/month; April was $701K. The jump was driven entirely by the Food Processing job ($326K in April alone). Removing that, April would have been $375K — below trend.
Implication: YTD revenue is healthy, but May backlog is critical to sustain momentum.
YTD net profit is $240.7K vs $254.6K budget — a $13.9K miss (-5.4%). April beat budget by $73.4K (+85.0%), but this was offset by Jan–Mar underperformance. March actually posted a loss (-$4.8K net profit) due to under-absorption of overhead against lower billable hours. This is the key headwind: every month you're not at 100% billable hour capacity, overhead gets under-absorbed and hits the P&L.
Implication: March's loss was a one-time absorption variance. April's strong recovery shows the business can execute when demand is there.
April COGS came in at 73.5% of revenue (budget 80%) — a 6.5-point favorable swing. This was the Food Processing job, which carried a 31.6% gross margin vs your 26.5% April average. YTD COGS is 79.6% (nearly on budget at 80%), but the Food Processing mix shows you have a high-margin product available. Repeating this work would meaningfully improve blended margin.
Implication: Food Processing is a margin game-changer. Prioritize pipeline development.
You earned $159.7K in net profit but only added $7K to the bank. Why the $152.7K gap?
| Month | A/R Change | A/P Change | Inventory Change | Deposits Change | Net WC Impact |
|---|---|---|---|---|---|
| January | — | — | — | — | -$118.4K |
| February | ↓ $140.6K | ↓ $198.1K | ↑ $126.5K | ↑ $247.2K | +$63.2K |
| March | ↑ $202.7K | ↑ $243.0K | ↑ $85.1K | ↓ $97.5K | -$142.4K |
| April | ↓ $185.9K | ↓ $123.8K | ↓ $103.7K | ↓ $271.6K | -$105.9K |
| Account | April | MoM |
|---|---|---|
| Cash in Bank | $46,990 | ↑ $7,420 |
| Accounts Receivable | $428,182 (DSO: 18 days) | ↓ $185,875 |
| Accounts Payable | $339,904 (DPO: 20 days) | ↓ $123,804 |
| Line of Credit | $250,000 (maxed) | — |
| Long-Term Debt | $191,061 | ↓ $12,250 |
| Inventory | $1,303,222 | ↓ $103,676 |
| Owner Equity | $2,798,533 | ↑ $159,747 |
You're running well below industry-standard leverage. Manufacturing/fabrication companies typically operate at 45% debt-to-assets; you're at 26%. This gives you significant borrowing capacity.
If net profit remains steady at ~$160K/month, consider strategic fixed asset purchases (equipment, tooling, automation) in the next 2–3 months. A $100–200K investment at your 14% projected margin would have a 10–20 month payback depending on the size and the revenue lift achieved. You have the balance sheet strength to finance growth without strain.