Iraq Venture Partners holds four active early-stage positions across Iraqi and MENA technology. On $391,639 of invested capital the portfolio is marked at $1,326,141, a blended 3.39x MOIC. In Q2 2026 the four companies generated $2,113,118 of net revenue with a combined net result of -$292,050; 1 of 4 was profitable (Orderii), which alone accounts for 90% of carried value. Each company tab follows the same six-section structure as its Q2 report.
Companies
Orderii
Cross-border e-commerce & logistics
Up round
Q2 net revenue$1,641,709
Q2 net earnings+$397,610
IVP mark$1,200,000
MOIC8.00x
View company sheet →
Kudwa
B2B SaaS — AI Financial Intelligence
Held
Q2 net revenue$21,485
Q2 net earnings-$133,875
IVP mark$81,000
MOIC1.00x
View company sheet →
Orisdi
E-commerce marketplace / online retail
Up round
Q2 net revenue$323,010
Q2 net earnings-$11,814
IVP mark$17,949
MOIC2.56x
View company sheet →
Al Saree3
Food delivery platform
Write-down
Q2 net revenue$126,914
Q2 net earnings-$543,971
IVP mark$27,193
MOIC0.18x
View company sheet →
Capital & Marks
Value by Holding
Share of current portfolio mark
Capital Source
Catalyst LPs vs IVP GP cash vs in-kind
Invested vs Current Mark
Cost basis against latest IVP mark, per company
Orderii
Up round
Iraq's leading cross-border e-commerce & logistics infrastructure platform
Sector Cross-border e-commerce & logisticsHQ Baghdad, IraqFounders Shakir Ayad · Ahmad QaisTeam 45 FTEModel Global B2C · Jumla B2B · Now B2C · logistics
IVP Position
Invested (cost)$150,000
Current mark$1,200,000
MOIC8.00x
Ownership15% (IVP Catalyst)
Company valuation$8.00M
Q2 Net Revenue
$1,641,709
+72.5% Q-o-Q
Q2 Net Earnings
+$397,610
24.2% net margin
Gross Margin
33.9%
mix shift to B2B
Registered Users
750,000
+250K in quarter
1. Executive Summary
The largest quarter in the company’s history and its fourth consecutive profitable one: $1,641,709 net revenue and $397,610 net earnings, a 24.2% net margin — revenue up 72.5% on Q1 and 31.0% on Q2 2025.
The Q1 B2B pipeline converted. Jumla recognised $1,062,379 of revenue and $294,197 of gross profit at 27.7% margin, delivering 64.7% of quarterly revenue.
Global B2C net revenue reached $565,165 at a 45.9% gross margin, with monthly margin expanding from 41.4% in April to 53.2% in June.
Operating expenses held flat at $143,295 — 8.7% of net revenue and 1.9% below Q1 — while revenue grew 72.5%.
Crossed 750,000 registered users, adding 250,000 on $37,461 of marketing. Every marketing dollar returned $6.92 of Global B2C gross profit in the same quarter.
FY2025 audit completed, Iraqi and US (IRS) 2025 filings submitted on time, 45 employees on formal contracts, and the ADGM holding structure in execution.
Q2 Net Revenue
$1,641,709
Q2 Gross Profit
$555,947 · 33.9%
Q2 Operating Expenses
$143,295 · 8.7%
Q2 Net Earnings
$397,610 · 24.2%
H1 2026 Net Revenue
$2,593,207
H1 2026 Net Earnings
$687,407
Jumla B2B Revenue
$1,062,379 · 64.7%
Global B2C Net Revenue
$565,165 · 45.9%
Registered Users
750,000 (+250K)
Marketing Spend
$37,461 · 2.3%
Quarterly Payroll
$75,899 · 45 FTE
IVP Position
Portfolio Investment
2. Financial Performance – Q2 2026
2.1 Monthly P&L Summary
April–June 2026, accrual basis, USD
Metric
April
May
June
Q2 2026
Net Revenue
$1,194,721
$187,279
$259,709
$1,641,709
Cost of Sales
$(833,120)
$(116,009)
$(136,634)
$(1,085,762)
Gross Profit
$361,601
$71,270
$123,075
$555,947
Gross Margin %
30.3%
38.1%
47.4%
33.9%
Operating Expenses
$(43,657)
$(47,099)
$(52,539)
$(143,295)
Net Earnings
$331,689
$(4,644)
$70,566
$397,610
Monthly Revenue & Net Earnings
April to June 2026, USD
2.2 Quarterly Comparative
Q2 2026 against FY2025 and Q1 2026, USD
Metric
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Net Revenue
618,116
1,253,626
762,747
1,383,731
951,498
1,641,709
Gross Profit
101,798
260,423
200,449
447,912
440,599
555,947
Gross Margin %
16.5%
20.8%
26.3%
32.3%
46.3%
33.9%
Operating Expenses
133,703
121,804
131,946
182,332
146,135
143,295
Net Earnings
(41,716)
132,363
61,830
254,037
289,797
397,610
Net Margin %
-6.7%
10.6%
8.1%
18.3%
26.6%
24.2%
Quarterly Trend
FY2025 quarters through Q2 2026
2.3 Segment Economics
Three business lines, Q2 2026, USD
Business Line
Net Revenue
Direct Cost
Gross Profit
Margin
Orderii Jumla B2B
1,062,379
(768,182)
294,197
27.7%
Orderii Global B2C
565,165
(305,940)
259,225
45.9%
Orderii Now B2C
15,580
(11,640)
3,940
25.3%
Unallocated discounts
(1,415)
—
(1,415)
—
Total Q2 2026
1,641,709
(1,085,762)
555,947
33.9%
Blended margin fell, absolute profit rose. Gross margin moved 46.3% → 33.9% because B2B, at 27.7%, is now 64.7% of the mix. Gross profit still grew from $440,599 to $555,947.
3. Burn Rate & Cash Position
Cash Position & Working Capital
Q2 2026 Net Earnings
$397,610
H1 2026 Net Earnings
$687,407
Jumla B2B Gross Profit
$294,197
April Procurement (deposit-funded)
$726,128
FX & Inventory Revaluation
$(12,649)
Closing Cash Balance
Not disclosed for Q2
The business is self-funding: $397,610 of net earnings in the quarter and $687,407 across H1 mean growth is financed from operations, not new capital.
Jumla operates deposit-first — the $726,128 April purchase was funded against customer down payments already received, keeping the balance sheet protected as the line scales.
4. Business & Operational Update
Operating Expense Structure
Q2 2026, USD
Expense Line
Q2 2026
% of Revenue
Payroll (45 FTE)
75,899
4.6%
Marketing & Growth
37,461
2.3%
Bank & FX Fees
14,347
0.9%
Tech & Infrastructure
7,347
0.4%
Legal, Admin, Interest & Comms
8,241
0.5%
Total Operating Expenses
143,295
8.7%
Users: 750,000 registered, up 250,000 (+50%). Marketing rose from $7,245 in April to $17,027 in June, and June was the strongest Global B2C month at ~$229,000 net revenue and 53.2% gross margin.
Governance: FY2025 audit complete; Iraqi filings, tax and social security current; US (IRS) 2025 filings on time, preserving merchant accounts and card rails. No Iraqi branch registrations.
Team: 45 FTE on formal contracts, payroll $75,899 (~$562 per head per month).
Structure: ADGM holding company in execution — cap table, ESOP and group IP above the operating entities.
Cancellations: $65,257 of Global B2C orders reversed, 10.1% of gross B2C revenue, down from 12.7% in Q1 — roughly $30,000 of recoverable gross profit per quarter.
5. Strategic Milestones & Roadmap
Now (Q3 2026): close the postal project and open the Al-Talab local investor round against the licence; push Super Qi integration to signature; convert two enterprise clients to recurring quarterly supply agreements.
Gate 1 — postal live: own clearance and last-mile economics; freight, duty and delivery margin move from cost line to revenue line.
Gate 2 — B2C customs approval: the legal precondition for high-volume China import at consumer price points.
Then — Alaami live: 500K SKUs from JD, Temu and Taobao at ~45% target margin, to 750K Orderii users and 7M Super Qi users.
Parallel: marketplace, same-day delivery and digital cards ship independently of the customs gate.
6. Key Challenges & Outlook
B2B revenue lumpiness: Jumla booked $1.04M in April, $21.8K in May and nothing in June. Quarterly revenue will swing on contract timing until recurring agreements are in place.
Consumer cross-border headwind: IQD/USD movement and elevated customs and shipping cost $12,649 in revaluation charges this quarter.
Order cancellations: 10.1% of gross B2C revenue, roughly $30,000 of recoverable gross profit per quarter.
Now B2C is sub-scale: $15,580 revenue on $11,640 cost, June margin ~3%.
Execution dependency: Alaami and postal margin are both gated on government approvals outside the company’s control.
Outlook: Q1 showed Orderii could absorb a geopolitical shock; Q2 shows it compounds. Three engines run in parallel on an 8.7% cost base that did not grow with revenue. The principal risks are timing rather than viability.
Kudwa
Held
AI financial-intelligence platform for multi-entity finance teams
Sector B2B SaaS — AI Financial IntelligenceHQ MENA · GCC focusFounders Karl Nasr · Sam ArifTeam 13+ (2 founders, 7 engineers, 2 QA, design, sales, marketing)Model B2B SaaS · multi-entity consolidation · AI CFO
IVP Position
Invested (cost)$81,000
Current mark$81,000
MOIC1.00x
Ownership1.62% (pro forma)
Company valuation$5.00M
Q2 Net Revenue
$21,485
+15.8% Q-o-Q · +38.2% Y-o-Y
Q2 Net Earnings
-$133,875
-623% net margin
Cash (30 Jun 2026)
$331,977
-$139,845 in the quarter
Runway
~7 months
at the Q2 burn rate
1. Executive Summary
Q2 2026 revenue was $21,485, up 15.8% on Q1 and 38.2% on Q2 2025 — the strongest quarter since Q2 2025.
June was the best month on record at $11,378, more than double May, driven by the larger contracts signed during the quarter.
The net loss was $(133,875) against $(129,820) in Q1 — broadly flat, as operating expenses rose 4.7% to $155,360 while revenue grew off a small base.
Payroll dominates the cost base at $119,827, 77.1% of operating expenses.
Cash fell to $331,977 from $471,822 at 31 March — $139,845 consumed, leaving roughly 7 months of runway. A fundraising process is beginning.
Contracted ARR reached $250,000 against a $400,000 target, held back by post-war instability across the GCC and larger SMEs delaying spend to September.
Closed the largest contract to date at $12,000 per year and signed Lean Technologies (raised $100M+, 15+ entities), alongside Sarwa and PayTabs.
Q2 Revenue
$21,485
Q2 Operating Expenses
$155,360
Q2 Net Earnings
$(133,875)
Q2 Net Margin
-623.1%
Revenue Growth Q-o-Q
+15.8%
Strongest Month
June: $11,378
Cash (30 Jun 2026)
$331,977
Cash Consumed in Q2
$139,845
Runway
~7 months
Contracted ARR
$250,000
ARR Target
$400,000 · missed
Largest Contract
$12,000 / year
Active Users
195+
Headcount
13+ team members
IVP Position
Portfolio Investment
2. Financial Performance – Q2 2026
2.1 Monthly P&L Summary
April–June 2026, USD
Metric
April
May
June
Q2 2026
Revenue
$5,128
$4,978
$11,378
$21,485
Operating Expenses
$(58,230)
$(48,548)
$(48,582)
$(155,360)
Net Earnings
$(53,102)
$(43,569)
$(37,204)
$(133,875)
Net Margin %
-1,035%
-875%
-327%
-623%
Cash at Bank
$459,258
$380,595
$331,977
$331,977
Monthly Revenue & Net Earnings
April to June 2026, USD
2.2 Quarterly Comparative
Q2 2026 against FY2025 and Q1 2026, USD
Metric
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Revenue
15,153
15,550
6,700
9,487
18,550
21,485
Operating Expenses
(64,452)
(117,206)
(85,361)
(126,774)
(148,371)
(155,360)
Net Earnings
(49,299)
(101,656)
(78,661)
(117,287)
(129,820)
(133,875)
Net Margin %
-325%
-654%
-1,174%
-1,236%
-700%
-623%
Quarterly Trend
FY2025 quarters through Q2 2026
2.3 Cost Structure
Q2 2026 operating expenses, USD
Expense Category
Q2 2026
% of Total
Payroll — Tech
75,727
48.7%
Payroll — Management
24,000
15.4%
Payroll — Sales
20,100
12.9%
Dues & Subscriptions
18,239
11.7%
Travel
5,870
3.8%
Legal & Accounting
5,410
3.5%
Consulting, Rent, Fees & Other
6,014
3.9%
Total Operating Expenses
155,360
100.0%
Revenue has grown for three consecutive quarters, from a $6,700 trough in Q3 2025 to $21,485 — a 221% increase — while the loss stayed inside a $117K–$134K band. Net margin improved from -1,236% to -623%. Quarterly revenue still covers about 14% of the cost base.
3. Burn Rate & Cash Position
Burn Rate — Q2 2026
Cash at Bank (31 March 2026)
$471,822
Cash at Bank (30 June 2026)
$331,977
Cash Consumed in Q2
$139,845
Average Monthly Net Loss
~$(44,625)
Average Monthly Operating Expense
~$51,787
Runway at Q2 Burn Rate
~7 months
Burn Trend
Improving — June loss lowest since Q1 2025
Monthly Cash at Bank
January to June 2026, USD
4. Business & Operational Update
Commercial: 2026 focus is GCC clients. Multi-entity consolidation is confirmed as the strongest entry point. Lean Technologies runs Wafeq, opening a Kudwa × Wafeq partnership angle. Inbound interest from hospitality and larger, longer-cycle companies.
Pricing: accounting firms and fractional CFOs from $50/month/company; B2B startups (Series A+) from $250/month/entity plus implementation. Direct pricing was increased during the quarter.
Product: database and backend fully rebuilt with all accounts migrated — new integrations now take 1–2 weeks. Reporting runs to country, product, profit centre and department level. Infrastructure supports millions of transactions per month.
AI live in customers’ hands: forecasting, anomaly-detection, what-if analysis, query and report-building agents shipped.
Team: founders, 7 engineers, 2 QA, 1 designer, 2 sales, 1 marketing. Yulia Malova joined as Head of Growth; SDR output has been inconsistent and is under review.
5. Strategic Milestones & Roadmap
Sales: net new ARR of $250,000 by September 2026, targeting Series A/B names for brand credibility.
Product — AI: evolve into an AI-native CFO that explains, predicts and recommends; develop “Ask the AI CFO” and persistent financial memory.
Integrations: Microsoft Dynamics, NetSuite, Odoo, custom databases and datasets.
Investors: begin active conversations and prepare the round.
Asks of IVP: introductions to investors, and to two or three companies matching the target profile (tech-enabled, 35–350 employees, CFO on board, Series A/B, MENA).
6. Key Challenges & Outlook
Runway is the binding constraint: roughly seven months of cash at 30 June against a raise only now beginning.
ARR target missed: $250,000 against $400,000. Contracted ARR also sits well above recognised revenue — Q2 annualises to about $86,000 — so conversion into billed revenue is worth watching.
Repeatable sales structure: the constraint is qualified top-of-funnel volume. Cold-calling converts well; the gap is talent to run it at scale.
Cost base versus revenue: $155,360 of expenses against $21,485 of revenue — the business covers about 14% of its costs, with payroll at 77% the structural driver.
Outlook: Q2 was Kudwa’s best revenue quarter since Q2 2025, and June set a record with the smallest monthly loss in over a year. The backend rebuild removes an integration bottleneck and multi-entity consolidation is a defensible wedge. Against that, the cost base has not moved and cash is down to roughly seven months. The next two quarters turn on converting contracted ARR into recognised revenue and closing a round.
Orisdi
Up round
First-mover Iraqi e-commerce marketplace (fragrances & home appliances)
Sector E-commerce marketplace / online retailHQ Iraq · founded 2019Founders Ahmed Al Kiremli · Hala UsamaTeam 45+Model Marketplace · 1,500+ brands · 40K+ SKUs
IVP Position
Invested (cost)$7,000
Current mark$17,949
MOIC2.56x
Ownership1.79% (fully diluted)
Company valuation$1.00M
Q2 Net Revenue
$323,010
-10.6% Q-o-Q · -17.1% Y-o-Y
Q2 Net Earnings
-$11,814
loss narrowed 70.6%
Net Margin
-3.7%
from -11.1% in Q1
June Monthly Loss
-$1,922
close to breakeven
1. Executive Summary
Q2 2026 net revenue was $323,010, down 10.6% on Q1 and 17.1% on Q2 2025, as new tariffs in Iraq, regional conflict and weaker consumer purchasing power continued to weigh on demand.
The net loss narrowed sharply to $(11,814) from $(40,221) in Q1 — a 70.6% reduction — achieved through cost and marketing discipline rather than revenue growth.
Monthly losses fell every month: $(6,192) in April, $(3,700) in May and $(1,922) in June, leaving the business close to breakeven by quarter end.
Marketing spend was halved to $26,198. The sales-to-marketing ratio improved to 13.20x from 6.98x and CAC fell to $17.93 from $26.57.
Gross margin held at 30.3% (contribution margin $97,968 on COGS $225,042), broadly in line with Q1’s 31.5% despite tariff-driven cost pressure.
H1 2026 net revenue was $684,294 against $754,101 in H1 2025, a 9.3% decline, with the loss concentrated in the first quarter.
Q2 Net Revenue
$323,010
Q2 COGS
$225,042
Q2 Contribution Margin
$97,968
Q2 Gross Margin %
30.3%
Q2 Operating Expenses
$109,782
Q2 Marketing Spend
$26,198
Q2 Net Earnings
$(11,814) · -3.7%
Sales-to-Marketing Ratio
13.20x (Q1: 6.98x)
Customer Acquisition Cost
$17.93 (Q1: $26.57)
Avg Net Order Value
$91–$101
Headcount
45+ team members
IVP Position
Portfolio Investment
2. Financial Performance – Q2 2026
2.1 Monthly P&L Summary
April–June 2026, USD
Metric
April
May
June
Q2 2026
Net Revenue
$118,815
$103,775
$100,420
$323,010
COGS
$81,887
$72,891
$70,264
$225,042
Contribution Margin
$36,928
$30,883
$30,156
$97,968
Gross Margin %
31.08%
29.76%
30.03%
30.3%
Operating Expenses
$43,120
$34,583
$32,078
$109,782
Net Earnings
$(6,192)
$(3,700)
$(1,922)
$(11,814)
Monthly Revenue & Net Earnings
April to June 2026, USD
2.2 Quarterly Comparative
Q2 2026 against FY2025 and Q1 2026, USD
Metric
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Net Revenue
364,507
389,594
451,361
542,013
361,284
323,010
COGS
248,074
266,640
302,096
383,038
247,517
225,042
Contribution Margin
116,433
122,954
149,265
158,975
113,767
97,968
Operating Expenses
105,804
113,086
131,015
157,328
153,988
109,782
Net Earnings
10,629
9,868
18,250
1,647
(40,221)
(11,814)
Net Margin %
2.92%
2.53%
4.04%
0.30%
-11.1%
-3.7%
Quarterly Trend
FY2025 quarters through Q2 2026
2.3 Unit Economics & Marketing Efficiency
Q1 2026 against Q2 2026, monthly detail
Metric
Q1 2026
April
May
June
Q2 2026
Marketing Spend
$51,692
$12,685
$6,742
$6,771
$26,198
Sales-to-Marketing Ratio
6.98x
9.37x
15.39x
14.83x
13.20x
Customer Acquisition Cost
$26.57
$24.60
$12.40
$16.80
$17.93
Average Net Order Value
—
$100.99
$90.93
$97.92
—
Marketing was cut 49.3% while revenue fell only 10.6%, producing an 89.1% improvement in the sales-to-marketing ratio and a 32.5% reduction in CAC. CAC remains 13.3% above the $15.83 of Q2 2025, reflecting weaker consumer demand.
3. Burn Rate & Cash Position
Burn Rate — Q2 2026
Q2 2026 Net Earnings
$(11,814)
Average Monthly Net Earnings
~$(3,938)
Closing Monthly Loss (June 2026)
$(1,922)
Q2 2026 Operating Expenses
$109,782
Average Monthly Operating Expense
~$36,594
Marketing Spend (Q2 2026)
$26,198
Burn Trend
Declining every month through the quarter
Closing Cash Balance
Not disclosed for Q2
4. Business & Operational Update
Trading pattern: revenue declined for a second consecutive quarter, but the rate of decline flattened within the quarter — $118,815 in April, $103,775 in May, $100,420 in June — suggesting demand is stabilising at a lower level.
Cost base resized: operating expenses fell 28.7% to $109,782, now below the Q2 2025 level of $113,086 on 17.1% less revenue.
Cost of sales: remained high at 69.7% of revenue. Gross margin of 30.3% is 1.2 points below Q1 and 1.1 points below Q2 2025.
Net loss reduced 70.6% quarter on quarter, from $(40,221) to $(11,814).
Monthly loss brought down to $(1,922) by June — within reach of breakeven.
Operating expenses cut 28.7%, below the Q2 2025 level.
Sales-to-marketing ratio improved 89.1%; CAC reduced 32.5%.
Priority for H2 2026: hold the reduced cost base while revenue stabilises, and restore profitability.
6. Key Challenges & Outlook
External market conditions: tariffs, regional conflict and geopolitical instability continue to affect purchasing power and import costs. Revenue has declined for two consecutive quarters.
High cost of sales: at 69.7% of revenue, the model remains heavy on direct costs.
Return to profitability: June’s $(1,922) loss leaves the business close to breakeven, but closing the gap depends on holding the reduced cost base.
Acquisition cost: CAC of $17.93 remains above Q2 2025’s $15.83.
Scalability and exit: as an e-commerce drop-shipping business, the model remains operationally heavy and less protected than businesses with owned infrastructure.
Al Saree3
Write-down
Iraqi food-delivery platform in active relaunch & rebrand
Order volume grew 18.1% to 58,492 and GMV rose 4.1% to $659,952, while net sales revenue fell 16.6% to $126,914 — the platform delivered more orders for less revenue.
Gross profit turned negative for the first time at $(37,544), against $44,953 in Q1. Cost of sale rose 53.3% to $164,458 on 18.1% more orders.
EBITDA widened to $(542,002) from $(284,597), and net earnings to $(543,971). Operating expenses rose 55.9% to $521,817 on relaunch marketing of $123,423 and a 45% increase in salaries.
Cash burn was $496,159 against $287,305 in Q1, funded by $304,546 of new transfers received in May.
The take rate fell from 24.0% to 19.2% while driver cost per order rose from $2.17 to $2.81, leaving contribution per order negative in all three months. This is the central issue of the quarter.
June showed the cost base responding: marketing cut to $3,303, gross margin recovered from (46.5%) to (9.5%), burn down to $124,064.
The company requires $655,991 of additional funding to reach December 2026 on the current plan.
Q2 GMV
$659,952
Q2 Net Sales Revenue
$126,914
Q2 Gross Profit
$(37,544) · -29.6%
Q2 Net Operating Expenses
$521,817
Q2 EBITDA
$(542,002)
Q2 Net Earnings
$(543,971)
Q2 Cash Burn
$496,159
Total Orders
58,492
Average Order GMV
~$11.28
Driver Cost per Order
~$2.81
Contribution per Order
~$(0.64)
Take Rate
19.2% (Q1: 24.0%)
New Funding (May 2026)
$304,546
Additional Funding Required
$655,991
2. Financial Performance – Q2 2026
2.1 Monthly P&L Summary
April–June 2026, USD
Particulars
April
May
June
Q2 2026
Total GMV
209,485
280,758
169,709
659,952
Net Sales Revenue
38,279
48,138
40,497
126,914
Net Cost of Sale
(49,573)
(70,537)
(44,348)
(164,458)
Gross Profit
(11,294)
(22,399)
(3,851)
(37,544)
Gross Margin %
-29.5%
-46.5%
-9.5%
-29.6%
Net OpEx
(192,795)
(190,176)
(138,846)
(521,817)
EBITDA
(198,291)
(204,366)
(139,345)
(542,002)
Total Orders
17,215
26,449
14,828
58,492
Monthly Revenue & EBITDA
April to June 2026, USD
2.2 Quarterly Comparative
Q2 2026 against FY2025 and Q1 2026, USD
Metric
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Total GMV
1,829,630
1,499,564
1,103,228
880,518
633,949
659,952
Net Sales Revenue
665,874
537,363
446,944
291,786
152,250
126,914
Gross Profit
273,763
232,674
187,082
106,181
44,953
(37,544)
Gross Margin %
41.1%
43.3%
41.9%
36.4%
29.5%
-29.6%
EBITDA
(384,313)
(192,659)
(105,259)
(205,026)
(284,597)
(542,002)
Total Orders
185,360
149,906
128,284
92,068
49,519
58,492
Quarterly Trend
FY2025 quarters through Q2 2026
Basis of comparison: FY2025 includes the Zajel vertical ($450,805 of revenue and 142,055 orders across FY2025), discontinued in Q4 2025, and the Dubai office closed during the 2025 restructuring. Neither appears in 2026, so year-on-year comparisons are not like-for-like.
2.3 Unit Economics
Per-order view — price and delivery cost, not volume
Per-Order Metric
Q1 2026
April
May
June
Q2 2026
Average Order GMV
$12.80
$12.17
$10.62
$11.44
$11.28
Revenue per Order
$3.07
$2.22
$1.82
$2.73
$2.17
Driver Cost per Order
$(2.17)
$(2.88)
$(2.67)
$(2.99)
$(2.81)
Contribution per Order
$0.91
$(0.66)
$(0.85)
$(0.26)
$(0.64)
Take Rate
24.0%
18.3%
17.1%
23.9%
19.2%
Take rate collapsed in April and May — from a stable 23–25% across Q1 to 18.3% and 17.1% — before recovering to 23.9% in June as discounting ended. Driver cost per order rose across the whole quarter and did not revert when volume fell, pointing to an expanded fleet cost base rather than a temporary mix effect.
3. Burn Rate & Cash Position
Monthly Cash Burn
Net of revenue and non-operational items, USD
Month
Revenue incl. NCR
Net Cash Burn
Q1 2026
152,250
(287,305)
Apr 2026
38,279
(183,010)
May 2026
48,138
(189,085)
Jun 2026
40,497
(124,064)
Q2 2026
126,914
(496,159)
Monthly Net Cash Burn
January to June 2026, USD
Funding received to date totals $954,545 across seven transfers, of which $304,546 was received in May 2026. A further $140,000 came from Supercell for technology.
The company carried $244,515 entering June. After June burn of $124,064 this leaves approximately $120,000 at quarter end — under one month of cover at the Q2 average burn of $165,386.
4. Business & Operational Update
Marketing: spend of $123,423 was more than three times Q1, concentrated in April ($68,017) and May ($52,103). May was the strongest order month of the year at 26,449, up 54% on April, but revenue per order fell to $1.82. When spend was cut to $3,303 in June, volume fell to 14,828 while revenue per order recovered to $2.73 — the campaign bought orders rather than customers.
Relaunch costs: the one-off items that inflated March — delivery bags, helmets, uniforms — fell away to $4,893 from $22,636.
Payroll: employee salary and bonus rose 45% to $227,259. At 1.8x net sales revenue, payroll is the largest cost in the business.
Markets: Baghdad remains dominant at $580,165 of GMV (87.9%), with Basrah at $79,787.
5. Strategic Milestones & Roadmap
FY2026 Plan Benchmarks vs Q2 Actuals
Management plan for the rest of 2026
Plan Benchmark
Assumed
Q2 2026 Actual
Average Order Value (GMV)
$11.00
$11.28
Take Rate
33.0%
19.2%
Net Revenue per Order
$3.13
$2.17
Driver Cost per Order
$(2.12)
$(2.81)
Contribution per Order
$0.30
$(0.64)
Funding Requirement — to December 2026
Projected Cash Burn to December 2026
$900,506
Opening Cash Balance
$244,515
Additional Funding Required
$655,991
6. Key Challenges & Outlook
Negative unit economics: contribution per order was negative in every month of Q2. Growth compounds losses until this reverses.
Cash: Q2 burned $496,159 and required $304,546 of new funding mid-quarter. The company closed June with under one month of cover. This is the binding constraint.
Funding requirement: $655,991 to reach December 2026, against a business generating ~$42,305 of monthly revenue.
Payroll base: at 1.8x net sales revenue, salaries are the largest structural cost and do not fall away when campaigns end.
Plan credibility: the 2026 plan assumes a 33% take rate; two consecutive quarters delivered 24.0% and 19.2%.
Outlook: Q2 was the most expensive quarter in the company’s recent history and did not deliver the volume step-change the spending was meant to buy. The relaunch investments are now largely behind it, and June shows the cost base responding — marketing withdrawn, burn down a third, take rate back to 23.9%. The question for the rest of 2026 is whether that take rate can be held while bringing driver cost per order back toward the $2.17 achieved in Q1.
IVP Portfolio Economics
Company
Invested
Current mark
Unrealized P/L
MOIC
% of value
Co. valuation
Orderii
$150,000
$1,200,000
+$1,050,000
8.00x
90.5%
$8.00M
Kudwa
$81,000
$81,000
+$0
1.00x
6.1%
$5.00M
Orisdi
$7,000
$17,949
+$10,949
2.56x
1.4%
$1.00M
Al Saree3
$153,639
$27,193
-$126,446
0.18x
2.1%
$7.50M
Total
$391,639
$1,326,141
+$934,502
3.39x
100.0%
$21.50M
Q2 2026 Operating Performance
Company
Q2 net revenue
Q2 net earnings
Net margin
Cash on hand
Orderii
$1,641,709
+$397,610
24.2%
n/d
Kudwa
$21,485
-$133,875
-623.1%
$331,977
Orisdi
$323,010
-$11,814
-3.7%
n/d
Al Saree3
$126,914
-$543,971
-428.6%
~$120,000
Portfolio total
$2,113,118
-$292,050
-13.8%
~$451,977*
*Disclosed cash only — Orderii and Orisdi did not disclose a quarter-end cash balance for Q2 2026.
Comparison
Q2 Net Revenue by Company
Three months to 30 June 2026
Q2 Net Earnings by Company
Profit / loss for the quarter
MOIC by Company
Current mark / invested cost
Current Mark by Holding
IVP carried value
Executive Insights
Mark of $1,326,141 on $391,639 invested — a blended 3.39x and +$934,502 unrealized. Orderii alone accounts for 90% of carried value. Marks are unchanged from Q1.
Orderii is the engine: the largest quarter in its history and a fourth consecutive profitable one — $1,641,709 revenue (+72.5% Q-o-Q) and $397,610 net earnings at 24.2% margin, with the Q1 B2B pipeline converting $1,062,379 of contracted revenue.
Orisdi has turned the corner: revenue fell 10.6% but the loss narrowed 70.6% to $(11,814), with June at $(1,922) — roughly $2,000 a month from breakeven on a cost base cut 28.7%.
Kudwa: best revenue quarter since Q2 2025 at $21,485 (+15.8% Q-o-Q), with June a record $11,378. But the cost base has not moved, cash is down to $331,977 and runway is roughly seven months with a raise only now beginning.
Al Saree3 is the problem position: gross profit turned negative for the first time at $(37,544), EBITDA widened to $(542,002), and contribution per order was negative in all three months. It closed June with under one month of cash cover and needs $655,991 to reach December 2026.
Capital base: 40% Catalyst LP capital, 48% IVP GP cash and 13% in-kind — $391,639 deployed in total across four positions valued at $21.50M combined.
