Wholesale and enterprise

B2B performance

The Group runs two B2B motions. Wholesale roasting for Seven Miles and Padre, and enterprise beverage solutions at ABC. They are reported separately because they are grown differently.

Business

Period

B2B unit economics

Revenue to contribution to CAC on one model · 21 Jul 2026 to 18 Oct 2026

Motion	Accounts	Revenue	Gross margin	Cost to serve	Contribution	Contribution margin	CAC	Payback	LTV	LTV:CAC	Retention	Revenue at risk	Read
Wholesale roasting	870	$11,578,001	38%	$833,616	$2,965,417	25.6%	$10,908	7.9 mo	$115,985	10.6x	86.5%	$8,451,941	On track
Enterprise beverage solutions	180	$15,541,267	35%	$1,616,292	$2,510,040	16.2%	$126,649	17.9 mo	$595,619	4.7x	91.2%	$8,705,785	Watch
All B2B	1,050	$27,119,268	36%	$2,449,908	$5,475,457	20.2%	$28,992	12.3 mo	$198,208	6.8x	87.3%	$17,157,726	On track

Contribution is gross profit less freight, cost to serve and the sales and marketing carried by the motion. CAC is fully loaded on new partners and contracts won, not media alone, and payback runs on contribution before acquisition. The same definitions drive every B2B number in the console.

Wholesale roasting · Seven Miles and Padre

Active partners

870

54 onboarded · 29 lapsed in period

Green weight per week

24.4K kg

28.1 kg per partner per week

Revenue per partner

$53,972

Annualised on the current run rate

Order cadence

7.8 days

Retention 86% · top 20 partners 25%

Enquiry to ordering partner

Wholesale onboarding · 21 Jul 2026 to 18 Oct 2026

Wholesale enquiries540

Site forms, search and referral

Qualified partners329

61% step conversion · Volume, location and fit confirmed

Cupping and sample sent238

72% step conversion · Blend match and tasting

Equipment and training booked151

63% step conversion · Machine, grinder and barista training

First order placed103

68% step conversion · Opening order and account set up

Active at 90 days82

80% step conversion · Still ordering on cadence

Wholesale base

Where the roasting volume actually sits

Trade share of revenue

38%

Balance is ecommerce, subscription and retail

Trade revenue in period

$11,578,001

21 Jul 2026 to 18 Oct 2026

Owned cafés

Padre retail sites, reported inside trade

Net partner movement

+25

New partners less lapsed accounts

Top wholesale partners

Contribution after cost to serve and renewal risk on the shared 0-100 score · $8,451,941 annualised revenue at risk across the base

Partner	Type	State	Sites	Kg per week	Revenue	Orders	Days since order	Growth	Contribution	Renewal risk
Fitzroy Collective	Multi-site hospitality	VIC	8	335	$439,779	33	27	+23.8%	$113,46326%	57Medium 27 days since last order on a 8 day cadence
Harbour Lane Group	Multi-site hospitality	NSW	11	394	$438,177	38	20	+10.9%	$113,05026%	47Medium 20 days since last order on a 8 day cadence
Brunswick Roast Bar	Independent café	VIC	1	41	$400,437	12	25	+21.7%	$103,31326%	55Medium 25 days since last order on a 8 day cadence
Surry Hills Espresso	Independent café	NSW	2	87	$309,710	16	29	+27.7%	$79,90526%	51Medium 29 days since last order on a 8 day cadence
Northside Workplaces	Corporate workplace	QLD	14	366	$297,901	43	8	-9.9%	$76,85926%	16Low Volume -10% against prior period
Meridian Hotels	Hospitality group	NSW	6	163	$275,041	28	10	-7.6%	$70,96126%	18Low Volume -8% against prior period
Southbank Catering Co	Catering	VIC	4	118	$226,895	23	12	-2.7%	$58,53926%	17Low 12 days since last order on a 8 day cadence
Terrace Universities	Education	NSW	9	291	$206,285	35	16	+3.4%	$53,22226%	26Low 16 days since last order on a 8 day cadence
Peninsula Coffee Houses	Multi-site hospitality	WA	5	102	$146,203	26	2	-22.1%	$37,72026%	25Low Volume -22% against prior period
Cityworks Facilities	Corporate workplace	SA	7	216	$142,969	31	14	+0.2%	$36,88626%	21Low 14 days since last order on a 8 day cadence

Wholesale partner cohorts

Net revenue retention by acquisition half. Expansion is more sites, more lines and more kilos. Base NRR 87.9% · GRR 75.6%.

Cohort	Won	Still trading	Logo retention	Expansion	GRR	NRR	Read
Apr 202436 mo	84	57	68%	$973,227	58%	80%	Off track
Oct 202430 mo	83	59	71%	$692,961	64%	80%	Off track
Apr 202524 mo	100	78	78%	$886,619	71%	87%	Off track
Oct 202518 mo	98	79	81%	$557,657	76%	87%	Off track
Apr 202612 mo	116	103	89%	$584,580	85%	94%	Off track
Oct 20266 mo	113	105	93%	$247,479	91%	95%	Watch

Gross revenue retention counts churn and contraction only. Net revenue retention adds expansion, so anything above 100% means the existing base grows without new acquisition spend.

Trade revenue bridge

Prior period $10,557,730 to $11,578,001 · 21 Jul 2026 to 18 Oct 2026

New partners

Accounts placing a first order in the period

+$713,914

Volume per partner

Kilos per site and order frequency

+$347,696

Price and list uplift

Green cost pass-through and annual review

+$335,353

Product mix

Single origin, capsules and equipment attach

+$135,566

Contraction

Partners ordering less or dropping lines

−$192,831

Churn

Partners lapsed beyond three order cycles

−$319,426

Net movement on the prior comparable period+$1,020,272 (9.7%)

Share of wallet across the partner base

Unsold lines inside accounts already trading · $7,966,505 annualised opportunity at a one-in-three win rate

Line	Penetration	Accounts with	Accounts without	Revenue per account	Margin	Expansion opportunity
Equipment and grinders	35%	304	566	$11,334	27%	$2,116,968
Single origin and filter	40%	348	522	$8,635	44%	$1,487,542
Technical service plan	26%	230	640	$6,477	52%	$1,367,854
Retail bags for resale	19%	164	706	$4,857	46%	$1,131,686
Capsules and instant	12%	101	769	$3,778	49%	$958,745
Barista training program	22%	190	680	$2,699	61%	$605,561
Core espresso blend	96%	839	31	$29,145	38%	$298,150

Enterprise beverage solutions · ABC

Marketing qualified leads

146

335 enquiries · 44% qualify

Cost per SQL

$543

Cost per lead $100 · 62 sales qualified

Marketing sourced pipeline

$2,279,254

39% of $5,803,410 open pipeline

Average contract value

$165,812

85 day sales cycle · 29% win rate

Lead to contract

Enterprise funnel · 21 Jul 2026 to 18 Oct 2026

Enquiries335

Website, LinkedIn, events and trade media

Marketing qualified146

44% step conversion · Fit, site count and budget signal

Sales qualified62

42% step conversion · Accepted by the sales team

Opportunities35

56% step conversion · Site survey and proposal issued

Contracts won10

29% step conversion · Signed, installation scheduled

Revenue mix

Recurring supply and service against one-off equipment

Line	Revenue	Share	Margin	Type
Consumables and supply	$5,886,500	42%	41%	Recurring
Managed beverage programs	$3,363,714	24%	36%	Recurring
Technical service contracts	$2,662,940	19%	53%	Recurring
Equipment sales and leasing	$2,102,321	15%	27%	One off

Lead sources

Priced on pipeline created, not on lead volume

Source	Leads	MQL rate	SQLs	Cost per lead	Pipeline created	Win rate	Read
LinkedIn paid and organic	79	54%	17	$131	$3,107,552	32%	Watch
Industry events	45	64%	12	$165	$2,360,566	34%	On track
Referral and existing accounts	25	77%	8	$17	$1,805,832	36%	On track
Google Search (non brand)	66	42%	11	$111	$1,759,525	30%	Off track
Email nurture and CRM	34	58%	8	$29	$1,542,965	33%	On track
Trade media and partnerships	37	49%	7	$126	$1,249,275	31%	Watch
Content, SEO and GEO	42	39%	7	$41	$1,110,156	30%	Off track

Target verticals

Sized for account based marketing, ranked by revenue

Vertical	Sites	Revenue	Pipeline	Growth
Convenience retail	1.1K	$5,491,091	$1,167,461	+16.1%
National retail chains	675	$3,323,738	$778,494	-2.4%
Quick service restaurants	434	$2,101,494	$1,107,535	+16.3%
Hospitality groups	348	$1,703,531	$923,650	+4.3%
Healthcare	272	$1,313,348	$692,323	+20.8%
Education	180	$889,370	$486,090	-7.4%
Corporate workplaces	138	$664,959	$512,790	+24.4%
Franchise networks	65	$317,684	$299,775	+11.3%

Service delivery

The leading indicator for contract renewal

Measure	Current	Target	Status
Machine uptime across the fleet	98.2%	98.5%	Watch
First-time fix rate	87.4%	90%	Watch
Mean response time (metro)	4.2 hrs	4 hrs	Watch
Preventative maintenance on schedule	78.1%	85%	Off track
Contract renewal rate	91.2%	90%	On track
Open service tickets	148	Under 120	Watch

Pipeline health

$21,915,349 open · 2.6x coverage on a $8,303,838 quarter target · 21 Jul 2026 to 18 Oct 2026

Stage	Deals	Value	Probability	Weighted	Avg age
Discovery Requirement and site count confirmed	39	$5,380,570	10%	$538,057	19d
Site survey Fleet audit and install feasibility	29	$4,641,215	25%	$1,160,304	28d
Proposal issued Commercials and service levels priced	22	$4,134,184	45%	$1,860,383	33d
Procurement review Tender, legal and compliance	19	$4,269,595	65%	$2,775,237	46d
Contracting Final terms and signature	13	$3,489,786	85%	$2,966,318	61d

Weighted pipeline

$9,300,298

Commit (65%+)

$5,741,555

Velocity per day

$19,401

Slippage rate

24%

Renewal calendar

$66,350,271 of annualised contract value up for renewal over eight quarters · $6,203,530 unweighted exposure

Quarter	Contracts	Annual value	Retain probability	Forecast retained	At risk	Read
Q4 2026	27	$9,455,604	96%	$9,046,799	$408,805	On track
Q1 2027	22	$7,776,578	93%	$7,199,451	$577,127	On track
Q2 2027	19	$6,598,306	90%	$5,943,528	$654,778	Watch
Q3 2027	26	$9,265,860	92%	$8,538,565	$727,296	On track
Q4 2027	27	$9,435,907	91%	$8,610,562	$825,345	Watch
Q1 2028	22	$7,638,700	88%	$6,723,170	$915,530	Watch
Q2 2028	20	$6,814,972	86%	$5,856,405	$958,567	Off track
Q3 2028	26	$9,364,345	88%	$8,228,262	$1,136,083	Watch

National accounts

Installed fleet, contribution after service, and renewal risk on the same 0-100 score · $8,705,785 annualised revenue at risk

Account	Segment	Sites	Machines	Revenue	Consumables share	Service SLA	Contract ends	Contribution	Renewal risk
7-Eleven	Convenience	751	1.1K	$2,761,841	52%	93.3%	Mar 202817 mo	$503,92918%	8Low
Coles Express	Convenience	618	893	$2,266,617	49%	92.3%	Sep 202711 mo	$403,34518%	28Low Contract ends Sep 2027, inside the renewal window
Woolworths Metro	National retail	254	413	$1,851,094	55%	94.6%	Jun 20278 mo	$349,20819%	20Low Contract ends Jun 2027, inside the renewal window
IKEA Australia	National retail	12	15	$940,975	44%	90.3%	Nov 20261 mo	$158,52917%	58Medium Contract ends Nov 2026, inside the renewal window
Meridian Hotels	Hospitality group	34	40	$746,278	40%	88.9%	Feb 202816 mo	$120,91416%	54Medium Service at 88.9% against a 94% commitment
Ridgeway Health Network	Healthcare	46	60	$692,207	44%	90.5%	Aug 202710 mo	$117,29417%	48Medium Service at 90.5% against a 94% commitment
Northline QSR Group	Quick service	188	346	$593,036	62%	97.2%	Apr 20276 mo	$119,24620%	24Low Contract ends Apr 2027, inside the renewal window
Terrace Universities	Education	21	27	$544,640	44%	90.4%	Dec 20262 mo	$92,03717%	57Medium Contract ends Dec 2026, inside the renewal window
Cityworks Facilities	Corporate workplace	96	140	$429,538	50%	92.4%	Jul 20279 mo	$76,68918%	31Low Contract ends Jul 2027, inside the renewal window
Peninsula Franchise Co	Franchise network	143	213	$363,484	51%	92.9%	Oct 20260 mo	$65,64918%	33Medium Contract ends Oct 2026, inside the renewal window

Enterprise contract cohorts

Net revenue retention by cohort. Expansion is new sites, added lines and service upgrades. Base NRR 97.0% · GRR 80.7%.

Cohort	Won	Still trading	Logo retention	Expansion	GRR	NRR	Read
Apr 202436 mo	14	10	71%	$1,299,565	65%	92%	Off track
Oct 202430 mo	15	12	80%	$1,275,584	74%	99%	Watch
Apr 202524 mo	17	14	82%	$1,215,041	78%	98%	Watch
Oct 202518 mo	18	15	83%	$954,989	80%	95%	Off track
Apr 202612 mo	19	17	89%	$738,987	87%	98%	Watch
Oct 20266 mo	20	19	95%	$402,500	94%	99%	Watch

Gross revenue retention counts churn and contraction only. Net revenue retention adds expansion, so anything above 100% means the existing base grows without new acquisition spend.

Share of wallet across national accounts

$10,637,735 annualised expansion available inside contracted accounts

Line	Penetration	Accounts with	Accounts without	Revenue per account	Margin	Expansion opportunity
Managed beverage program	48%	86	94	$101,546	36%	$3,149,953
Equipment refresh and leasing	37%	67	113	$84,038	27%	$3,133,776
Technical service contract	56%	101	79	$66,530	53%	$1,734,438
Ancillary supply (cups, syrups)	33%	59	121	$38,517	44%	$1,538,000
Data and reporting portal	21%	38	142	$21,009	68%	$984,505
Consumables supply	99%	178	2	$147,066	41%	$97,064

Revenue quality and credit

Concentration risk

How much of the trade book depends on a small number of names

Measure	Value	Read
Largest single account 7-Eleven	19.6%	Watch
Top 5 accounts Share of named B2B revenue	60.9%	Off track
Top 10 accounts Share of named B2B revenue	80.1%	Off track
Herfindahl index Under 1,500 reads as unconcentrated	1011	On track
Days sales outstanding Standard trade terms are 30 days	38 days	On track
Bad debt rate Written off against trade revenue	0.55%	On track

Receivables ageing

$11,400,395 outstanding on 38 days sales outstanding

Current

$7,296,253

64.0%

1-30 days

$2,416,884

21.2%

31-60 days

$1,014,635

8.9%

61-90 days

$410,414

3.6%

90 days and over

$262,209

2.3%

Bad debt is running at 0.55% of trade revenue. Anything sitting beyond 60 days is pulled into the weekly credit review with the account owner.