Q4 2026 Operating Review
Executive summary
Q4 is tracking ahead of plan. We closed the month with $2.41M in MTD revenue (+18% YoY), the strongest October on record, and entered November with 3.2× pipeline coverage against quota. Net retention held above 125% for the fourth straight quarter, driven by expansion within the top 15 enterprise accounts. Customer health softened modestly — three new at-risk accounts moved onto the watchlist in mid-market — but at-risk ARR fell to $640k as we resolved two of last quarter's top concerns.
- Closed Acme Corp at $340k ARR — largest single-deal of the year
- Pipeline coverage 3.2× (target 3.0×), highest since 2025-Q2
- Data freshness P95 down 8s after the connector v4 rollout
- Net retention 127% (+4pp QoQ) driven by enterprise expansion
- Three new mid-market at-risk accounts ($210k combined ARR)
- Connector queue lag during peak hours — needs autoscaling
- Hiring plan is behind on platform engineering by two seats
- SOC 2 Type II audit scheduled for mid-November
Revenue
Closed-won revenue accelerated through the quarter, ending the period with three consecutive record weeks. Enterprise drove the majority of growth — 58% of MTD revenue and the only segment expanding faster than plan. SMB remained slightly below target as we re-prioritized outbound effort upmarket.
Pipeline
Open pipeline ended the period at $22.6M across five stages. Stage-to-stage conversion held at historical rates; the bottleneck remains in Proposal, where two enterprise opportunities are awaiting security reviews scheduled for early November.
Customer health
Of 159 active accounts, 78% are healthy and 12% are on the at-risk watchlist. Three new mid-market accounts moved onto the watchlist this period; each has a CSM check-in and exec sponsor pairing scheduled for the coming week.
Product usage
Daily active users grew from 3.2k to 6.2k over the last 30 days — a 94% expansion driven primarily by the enterprise rollout at Acme Corp and Galaxy. Consumption is concentrated in the top 7 accounts (78% of total query volume).
Q1 2027 focus
Four operating priorities for next quarter. Each has a named owner and a measurable target.
Two in active negotiation; outbound to focus on RegTech vertical.
Weekly health reviews + executive sponsor pairing for each watchlist account.
Removes the peak-hour queue lag flagged in this report.
Audit kicks off Nov 11; evidence collection complete on Nov 4.