Revenue History
Ten Years of Building
From first commercial sales in 2018 to a $658K peak in 2021, a correction driven by market saturation
and strategic refocus, and a structured rebuild now underway. The 2026 plan is the first time
all revenue streams — instruments, services, initiatives, and outreach — are running in parallel.
$3.9M
Total revenue
2018 – 2025
$128K
2025 actuals
Strategic reset
$190K
2026 actuals to date (CAD)
Mar 21 · 6 deals closed
2018 – 2022
Covid sugar rush
Peak at $658K in 2021 with 12 people on payroll.
COVID-era lab investment accelerated buying cycles globally — strong demand,
but the cost base grew with it. When the wave receded, so did the margin.
2023 – 2025
Reset & rebuild
Major management reshuffle in 2023. New product learning cycle in 2024.
In 2025: cut $90K+ in bank debt, rebuilt to a lean team of 2,
and relaunched with a new product lineup and recurring revenue model.
Painful — and necessary.
2026 →
The opportunity
$190K in 3 months with a team of 2. All four revenue streams
now running in parallel for the first time — instruments, services, initiatives,
outreach. With a team of 4, the Covid-era high of $658K is a realistic
target for this year.
The Strategic Reset
What 2025 taught us
US · Canada · China · Taiwan · UK
We listened more than we pitched.
Conferences
BPS · PEGS · Canadian Chemistry Conference · Biophysics Society Canada
Met with
GSK · RNA T&T · Regional distributors · Harvard · Berkeley · Cambridge
Content
6 newsletters · 2 application notes · 1 conference poster
2025 wasn't a cost reset — it was a clarity reset. We stopped selling and started asking the questions we should have asked earlier.
We tested our message at every level — field conversations, 6 newsletters, 2 application notes, a conference poster. The signal came back consistent across all of it: researchers don't want to master SPR. They want quick, reliable binding data — a simple entry point into the technology and a platform to develop biosensors. The demand is real. Complexity is the only barrier. Remove it, and the market is far larger than we ever sold into.
We assumed the gap was hardware. We were wrong. The instrument was ready — the experience around it wasn't. 15 years of hard-won SPR knowledge lived in our heads, not in the product. We spent 6 months rebuilding the software from scratch. LLM became the unlock: for the first time, we can embed what we know directly into what users experience — no expert required.
We also looked at our own history without flinching. Four commitments going forward: use what you sell · document obsessively · go slow and focused · lead with service. And one deliberate market shift — anchor in biotech, reduce dependence on academia. Service is the fastest path to revenue, and biotech is where it closes.
SPR is where PCR was in 1990. We are kitasizing it.
Revenue Breakdown
Oct 2025 – Mar 21, 2026
Four revenue streams running in parallel for the first time. Instruments anchor the number,
but services and consumables are both active — that's the recurring revenue foundation starting to form.
* Discounts of −$20,166 applied · Net total ~$190,000 CAD
| Stream |
Revenue |
Cost profile |
Notes |
| Instruments |
$121,005 |
~30% COGS on sold price |
3 units · P4SPR × 2 · P4PRO × 1 |
| Services |
$51,841 |
Primarily salary cost |
Analytical · maintenance · installation |
| Consumables |
$35,839 |
Mixed — sensors + reagent kits |
11 customers · repeat orders beginning |
| Discounts |
−$20,166 |
|
Strategic — new customers & demo units |
| Total |
~$190,000 |
Oct 2025 – Mar 21, 2026 · Source: QuickBooks Online |
Investment Scenarios
Funding Scenarios & Revenue Impact
The company needs investment to survive and scale. Below: where we are today, what each funding level enables, and how cash converts into revenue.
A$0Closes
B$125KMore debt
C$100KFragile
D$225KViable
E$350KOptimal
F$550KScale
G$350K6mo late
Scenario D · $225K
IRAP + CapEx — the inflection point
CapEx serves triple duty: SR&ED capital claim, service lab capacity, and instrument development. Service revenue starts first (Sep 2026), device delivery follows (Q4 2026). Self-sustaining from year end.
Late 2027
Breakeven ($1.4M)
How cash converts to revenue
Step 1
IRAP Sprint
Apr–Sep 2026
▶
Step 2
Lab & Equipment
Deployed by Sep
▶
Step 3
Service Revenue
Starts Sep 2026
▶
Step 4
Device Delivery
Closes Q4 2026
▶
Step 5
Pipeline Fills
2027 launch
▶
Target
$1.4M Breakeven
Sustainable ops
7 deal slots unlocked · ~$703K pipeline value
Recommendation
D ($225K) minimum
E ($350K) optimal
D is the inflection point — everything below it fails. CapEx serves triple duty. Service starts first, devices follow. Self-sustaining by end of 2026.
E accelerates D — adds scientist + engineer + marketing. Fills the 2027 pipeline. Reaches $1.4M breakeven faster. Justifies the extra leverage.
If equity available by end of 2026
F ($550K) builds the org — instrument team runs independently, founders shift to service scaling + strategy.
G ($350K) is the fallback — D now, hire from surplus later. Same destination, 6 months late. Acceptable if equity doesn't materialize.
Board Discussion
Questions & Comments