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Board Strategy Update · PPTX · 9 slide

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{
  "type": "presentation",
  "version": "1.0",
  "presentationTitle": "FY26 Strategy Update — Board of Directors",
  "companyName": "Meridian Grid Systems",
  "theme": "default-navy",
  "slides": [
    {
      "pattern": "title",
      "content": {
        "title": "FY26 Strategy Update",
        "subtitle": "Board of Directors — Q2 Review, 22 July 2026 — Confidential"
      }
    },
    {
      "pattern": "statement",
      "content": {
        "title": "The grid-modernization cycle is arriving faster than our FY26 plan assumed — we intend to lean in, not coast.",
        "subtitle": "CEO perspective",
        "prose": [
          "Utility capital programs tied to interconnection queues accelerated meaningfully in the first half. Our pipeline from investor-owned utilities is up 64% year over year, and average deal size in the segment has moved from $310K to $442K ACV.",
          "Management is asking the board to endorse a controlled acceleration: pull forward roughly $6.8M of FY27 go-to-market and platform spend into H2 FY26, funded from the existing balance sheet, while holding the FY26 non-GAAP operating margin floor at -4%."
        ]
      }
    },
    {
      "pattern": "dashboard",
      "content": {
        "title": "Operating snapshot — Q2 FY26",
        "subtitle": "All figures as of 30 June 2026; growth rates year over year",
        "kpis": [
          {
            "label": "ARR",
            "value": "$86.4M",
            "trend": "up",
            "sublabel": "+31% YoY; plan was +26%"
          },
          {
            "label": "Net revenue retention",
            "value": "117%",
            "trend": "up",
            "sublabel": "+4pp vs Q2 FY25"
          },
          {
            "label": "Non-GAAP gross margin",
            "value": "71.8%",
            "trend": "flat",
            "sublabel": "Plan: 72.0%"
          },
          {
            "label": "Cash & equivalents",
            "value": "$118.2M",
            "trend": "down",
            "sublabel": "H1 burn $9.1M vs $12.4M plan"
          }
        ]
      }
    },
    {
      "pattern": "chart-focus",
      "content": {
        "title": "ARR by customer segment — utilities now drive over half of the book",
        "subtitle": "Ending ARR, $M, trailing five quarters",
        "chart": {
          "type": "bar",
          "title": "Ending ARR by segment ($M)",
          "series": [
            {
              "name": "Investor-owned utilities",
              "dataPoints": [
                {
                  "category": "Q2 FY25",
                  "value": 28.1
                },
                {
                  "category": "Q3 FY25",
                  "value": 31.4
                },
                {
                  "category": "Q4 FY25",
                  "value": 35.9
                },
                {
                  "category": "Q1 FY26",
                  "value": 40.6
                },
                {
                  "category": "Q2 FY26",
                  "value": 45.3
                }
              ]
            },
            {
              "name": "Independent power producers",
              "dataPoints": [
                {
                  "category": "Q2 FY25",
                  "value": 21.7
                },
                {
                  "category": "Q3 FY25",
                  "value": 22.9
                },
                {
                  "category": "Q4 FY25",
                  "value": 24.2
                },
                {
                  "category": "Q1 FY26",
                  "value": 25.4
                },
                {
                  "category": "Q2 FY26",
                  "value": 26.6
                }
              ]
            },
            {
              "name": "Commercial & industrial",
              "dataPoints": [
                {
                  "category": "Q2 FY25",
                  "value": 16.2
                },
                {
                  "category": "Q3 FY25",
                  "value": 15.8
                },
                {
                  "category": "Q4 FY25",
                  "value": 15.1
                },
                {
                  "category": "Q1 FY26",
                  "value": 14.9
                },
                {
                  "category": "Q2 FY26",
                  "value": 14.5
                }
              ]
            }
          ]
        }
      }
    },
    {
      "pattern": "bullets",
      "content": {
        "title": "Strategic pillar progress — H1 FY26",
        "subtitle": "Status against the three-pillar plan approved in the January board meeting",
        "bulletPoints": [
          "Pillar 1, Utility depth: 11 of 14 planned IOU logos closed; Duke and Xcel expansions moved to enterprise-wide licenses covering 100% of transmission territories",
          "Pillar 1, Utility depth: FERC 2023-compliant interconnection module shipped 9 weeks early; already attached to 71% of new utility deals",
          "Pillar 2, Platform: forecasting engine re-platform completed; median model refresh latency down from 41 min to 6 min at P95",
          "Pillar 2, Platform: SOC 2 Type II and NERC CIP readiness assessments both closed with zero high-severity findings",
          "Pillar 3, C&I repositioning: deliberate churn of 22 low-fit C&I accounts ($1.9M ARR) completed; segment gross margin improved 6.2pp",
          "Pillar 3, C&I repositioning: channel-led motion with two national energy-services partners signed; first co-sold deal closed in June",
          "Watch item: EMEA entry remains paused pending the UK Ofgem data-residency ruling expected in September"
        ]
      }
    },
    {
      "pattern": "comparison",
      "content": {
        "title": "Plan vs. actual — where H1 diverged",
        "subtitle": "Left: assumptions in the January FY26 plan. Right: what actually happened in H1.",
        "bulletPoints": [
          "Plan assumed utility sales cycles of 9-11 months; actuals ran 6.5 months median as IRA-funded programs compressed procurement",
          "Plan assumed 4 competitive displacements; we recorded 11, primarily versus legacy EMS vendor toolchains",
          "Plan assumed C&I churn of $1.2M spread across FY26; we concentrated $1.9M in Q1 deliberately and the segment stabilized by May",
          "Plan assumed hiring 38 quota-carrying reps by June; we landed 29 — enterprise AE hiring in Texas and the Southeast is the binding constraint",
          "Plan assumed hosting unit costs flat; GPU inference costs rose 18% and were offset by the forecasting re-platform savings",
          "Plan assumed no M&A activity; two inbound acqui-hire opportunities were evaluated and declined in H1"
        ]
      }
    },
    {
      "pattern": "chart-focus",
      "content": {
        "title": "Pipeline coverage supports the acceleration case",
        "subtitle": "Qualified pipeline as a multiple of forward two-quarter new-ARR target",
        "chart": {
          "type": "line",
          "title": "Pipeline coverage ratio by month",
          "series": [
            {
              "name": "Utilities",
              "dataPoints": [
                {
                  "category": "Jan",
                  "value": 3.1
                },
                {
                  "category": "Feb",
                  "value": 3.4
                },
                {
                  "category": "Mar",
                  "value": 3.9
                },
                {
                  "category": "Apr",
                  "value": 4.6
                },
                {
                  "category": "May",
                  "value": 5.2
                },
                {
                  "category": "Jun",
                  "value": 5.8
                }
              ]
            },
            {
              "name": "All segments",
              "dataPoints": [
                {
                  "category": "Jan",
                  "value": 2.8
                },
                {
                  "category": "Feb",
                  "value": 2.9
                },
                {
                  "category": "Mar",
                  "value": 3.2
                },
                {
                  "category": "Apr",
                  "value": 3.6
                },
                {
                  "category": "May",
                  "value": 3.9
                },
                {
                  "category": "Jun",
                  "value": 4.1
                }
              ]
            }
          ]
        }
      }
    },
    {
      "pattern": "bullets",
      "content": {
        "title": "H2 FY26 milestone runway",
        "subtitle": "Committed dates; items in the acceleration proposal marked with an asterisk",
        "bulletPoints": [
          "Aug 2026 — General availability of the outage-prediction module for distribution operators; 6 design partners in production beta today",
          "Sep 2026 — Ofgem data-residency ruling expected; EMEA go/no-go decision returns to the board in the October meeting",
          "Oct 2026 — * Southeast enterprise pod fully staffed (8 AEs, 4 SEs) if acceleration is approved; recruiting pipeline already built",
          "Nov 2026 — NERC CIP-015 certification audit window; platform work completed in H1, evidence collection underway",
          "Dec 2026 — * Second data center region (US-Central) live, removing the single-region concentration flagged in the Q1 risk review",
          "Jan 2027 — FY27 operating plan to the board, including the EMEA decision and the C&I channel scale-up case"
        ]
      }
    },
    {
      "pattern": "statement",
      "content": {
        "title": "Resolution requested: approve $6.8M of H2 acceleration spend, funded from cash, holding the -4% operating margin floor.",
        "subtitle": "For discussion and vote under agenda item 4",
        "prose": [
          "The spend splits $4.1M to go-to-market (two enterprise pods, partner engineering), $1.9M to the second data center region, and $0.8M to compliance and security headcount. Payback on the go-to-market portion models at 14 months on current segment unit economics.",
          "If pipeline coverage falls below 3.5x for two consecutive months, management will pause the uncommitted portion and report back at the next scheduled meeting."
        ]
      }
    }
  ]
}

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