Portfolio Summary — Q1 2026
Iraq Venture Partners holds four active early-stage positions across Iraqi and MENA technology. This report focuses on the current term — Q1 2026 — with prior-year figures shown only as trend context. On $391,639 of invested capital the portfolio is marked at $1,326,141, a blended 3.39x MOIC. Operationally, the four companies generated $1,482,882 of Q1 net revenue with a combined net result of -$163,428; 1 of 4 was profitable in the quarter (Orderii).
Q1 2026 at a Glance
Portfolio Q1 Revenue
$1,482,882
four companies combined
Q1 Net Result
-$163,428
build & relaunch spend
Disclosed Cash
$1.18M
3 of 4 disclosed
Profitable in Q1
1 / 4
Orderii
Companies
Orderii
Cross-border e-commerce & logistics
Q1 net revenue$951,498
Q1 net earnings+$289,797
IVP mark$1,200,000
MOIC8.00x
View company sheet →
Kudwa
B2B SaaS — AI Financial Intelligence
Q1 net revenue$17,850
Q1 net earnings-$127,044
IVP mark$81,000
MOIC1.00x
View company sheet →
Orisdi
E-commerce marketplace / online retail
Q1 net revenue$361,284
Q1 net earnings-$40,221
IVP mark$17,949
MOIC2.56x
View company sheet →
Al Saree3
Food delivery platform
Q1 net revenue$152,250
Q1 net earnings-$285,960
IVP mark$27,193
MOIC0.18x
View company sheet →
Capital & Marks
Q1 Net Revenue
$951,498
three months to 31 Mar 2026
Q1 Net Earnings
+$289,797
26.6% net margin
Net Margin
26.6%
net earnings / revenue
Cash on Hand
$479,581
+$122K Q-o-Q
FY2025 Comparatives
FY2025 Gross Revenue
$4.6M
FY2025 Net Earnings
$406,513 · 10.1%
Q4 2025 Gross Margin
32.3%
Executive Summary
- A profitable quarter despite the headwinds: Q1 2026 closed with $951K net revenue, $290K net earnings (26.6% net margin) and a $122K net increase in cash — delivered through the toughest geopolitical environment Iraq has faced in years.
- Crossed the 500,000 active-user milestone in March, with 1,000+ orders per day sustained through the regional disruption.
- Signed $1M+ in B2B contracts (down payments received in Q1; full revenue recognised in Q2/Q3), launched partnerships with Iraq's largest telecoms and payment platforms, and ranked #1 startup in Iraq by Riyada — shield presented by the Prime Minister.
- Maintained uninterrupted operations through the Iran–USA regional conflict that began February 2026: 100% on-time payroll, smooth delivery via backup logistics routes, and continued user growth.
- Funding round and Iraqi Postal Office national-logistics partnership both progressing in active diligence.
Key Investment Highlights
Q1 2026 Net Revenue
$951,498
Q1 2026 Gross Profit
$440,599 · 46.3%
Q1 2026 Operating Expenses
$146,135
Q1 2026 Net Earnings
$289,797 · 26.6%
Cash on Hand (End Q1)
$479,581 · +$122K Q-o-Q
Active Users
500,000 (milestone)
B2B Pipeline (Q1 signed)
$1M+ (Q2/Q3)
Recognition
#1 startup in Iraq (Riyada)
IVP Position
Portfolio Investment
Cap Table
Post pre-seed; $750K Seed round in process ($500K secured)
| Shareholder | Ownership |
|---|
| Shakir Ayad | 85% |
| IVP Catalyst | 15% |
Orderii previously raised a $750,000 Seed round ($500K secured), following IVP's earlier $150,000 pre-seed investment. The round is actively in process; management notes it is not pressed for cash given the profitable quarter and incoming B2B collections.
Q1 2026 Monthly Income Statement
January–March 2026, all figures USD
| Metric | January | February | March | Q1 2026 |
|---|
| Net Revenue | $362,000 | $266,000 | $324,000 | $951,498 |
| COGS | $194,300 | $142,800 | $174,000 | $510,899 |
| Gross Profit | $167,700 | $123,200 | $150,000 | $440,599 |
| Gross Margin % | 46.3% | 46.3% | 46.3% | 46.3% |
| Operating Expenses | $48,700 | $62,200 | $40,000 | $146,135 |
| Net Earnings | $119,000 | $61,000 | $110,000 | $289,797 |
| Net Margin % | 32.9% | 22.9% | 34.0% | 26.6% |
February reflects the initial impact of the Iran–USA regional conflict.
Q1 2026 Monthly Revenue & Net Earnings
Month by month, USD
Q1 2026 vs FY2025 Quarters
Income statement against the FY2025 quarters, USD
| Metric | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|
| Net Revenue | $618,116 | $1,253,626 | $762,747 | $1,383,731 | $951,498 |
| COGS | $516,317 | $993,204 | $562,298 | $935,818 | $510,899 |
| Gross Profit | $101,798 | $260,423 | $200,449 | $447,912 | $440,599 |
| Gross Margin % | 16.5% | 20.8% | 26.3% | 32.3% | 46.3% |
| Operating Expenses | $133,703 | $121,804 | $131,946 | $182,332 | $146,135 |
| Net Earnings | $(41,716) | $132,363 | $61,830 | $254,037 | $289,797 |
| Net Margin % | -6.7% | 10.6% | 8.1% | 18.3% | 26.6% |
Quarterly Trend — Net Revenue & Net Earnings
FY2025 quarters vs Q1 2026
Gross margin stepped up sharply to 46.3% (from 32.3% in Q4 2025) while net margin reached 26.6% — the highest in the company's history — driven by improved cross-border unit economics and disciplined opex.
Revenue Mix & Cost Structure
- Orderii Global B2C: $983K (90.2%) — the cross-border core, doing the heavy lifting and confirming the cross-border thesis.
- Orderii Delivery: $90.5K (8.3%) — last-mile services.
- Orderii Local B2C: $15.5K (1.4%) — early-stage.
- Returns & discounts: $(138K) (12.7% of gross).
- COGS of $511K (direct goods + shipping + customs) dominates the cost base (~77% of total cost), with a tight $146K opex base: payroll $84K, marketing $23K, rent & admin $47K.
Cash Flow & Runway
Q1 2026 cash bridge, USD
| Cash Flow Component | Q1 2026 | Notes |
|---|
| Net profit (P&L) | +$289,797 | Accrual-basis profit |
| Non-cash adjustments | $(525,238) | Working-capital build (inventory + AR) |
| Net cash from operations | $(235,441) | WC deployment funded by financing |
| Net cash from financing | +$454,958 | Bridge / shareholder funding in Q1 |
| Net cash increase (Q1) | +$119,517 | Cash growing despite WC investment |
Cash on hand rose to $479,581 at the end of Q1, up from $357,137 (+$122K). True economic burn is near zero — the Q1 operating outflow reflects working-capital investment in cross-border inventory and B2B receivables, not operating losses. Conservative runway estimate: 9–12 months without new financing, longer once Q2 B2B collections clear.
Operational Update
- Crossed the 500,000 active-user milestone in March, up from ~310K in July 2025 — sustained growth through the conflict period; 1,000+ orders per day maintained throughout Q1.
- Backup logistics routes activated (via Jordan and Kurdistan) to handle border and airspace disruptions; order fulfilment uninterrupted with no SLA degradation.
- Customer support up-time maintained at 99%+; zero major tech outages during the conflict period.
- 100% on-time payroll with no salary cuts; prudent hiring pause to protect cash without firing.
- Tech build complete for the new cross-border product (Alaami).
Partnerships & Strategic Wins
Zain Cash · Live
Mobile wallet / payments — joint campaigns & payment integration; top wallet in Iraq.
Zain Iraq · Live
Telecom — co-branded campaigns to Zain's subscriber base.
AsiaCell · Live
Telecom — reach across Iraq's #1 mobile network.
Super Qi App · In talks
Super app (4M+ users) — serious negotiation to go live via Qi Card.
SuperCell · Soon
Gaming — late-stage discussions for a partnership campaign.
Trendyol · Resuming
Logistics solution agreement signed; resumption discussions live post-conflict.
Iraqi Postal Office · Gov
Active diligence to close a national logistics partnership — potential game-changer.
Recognition: Orderii was officially ranked the #1 startup in Iraq by Riyada (the government's flagship entrepreneurship initiative), with the shield presented directly by the Prime Minister.
New Product & Pipeline
- Alaami — new cross-border product integrated directly into the Orderii app; tech build complete. 500,000+ SKU access via Temu and AliExpress — a GMV multiplier on the existing cross-border engine.
- B2B pipeline of $1M+ signed in Q1 across hardware procurement, logistics and cross-border supply; down payments received, full revenue recognised Q2/Q3.
- Active engagements: Aqari (hardware procurement, ~$1.35M potential), Toters & Baly (custom canopy manufacturing), Havana Agency ($450K marketing collectibles), Ard Al Banafsaj (industrial procurement).
- Production timelines of 30–105 days mean the bulk of Q1-signed B2B revenue materialises in May–August 2026 — positioning Q2 as a step-change quarter for top-line.
Strategic Milestones & Roadmap
| Timeline | Priority |
|---|
| Now (Q2 2026) | Close Super Qi integration — go live in front of 4M+ users via Qi Card's super app. |
| Q2 2026 | Launch Alaami — open the cross-border catalogue (500K+ SKU from Temu & AliExpress) to all users. |
| Q2/Q3 2026 | Convert the $1M+ B2B pipeline into recognised revenue as production milestones complete (May–August). |
| Q2–Q3 2026 | Push the Iraqi Postal Office national logistics partnership through final government cycles; resume Trendyol. |
Key Challenges & Outlook
- Macro: the Iran–USA regional conflict (from February 2026) continues to ripple across Iraq's logistics, FX and consumer markets; consumer spending fell ~15–20% in February.
- Working-capital intensity: the cross-border model ties up cash in inventory and receivables; managing this while growing is the central operational discipline.
- B2B timing: a meaningful share of Q1-signed revenue lands in Q2/Q3 on production timelines — execution on delivery milestones is key to the top-line step-change.
- Funding round actively in process; management is prioritising the right terms over speed given the profitable quarter and incoming collections.
- Outlook: Orderii enters Q2 with a stronger cash position than it started the year, a 500K-user base, $1M+ of signed B2B revenue converting through the year, and a new cross-border product ready to launch. Crisis-tested operations are proving to be a competitive moat.
Q1 Net Revenue
$17,850
three months to 31 Mar 2026
Q1 Net Earnings
-$127,044
-712.0% net margin
Net Margin
-712.0%
net earnings / revenue
Cash on Hand
$471,822
quarter-end balance
FY2025 Comparatives
FY2025 Gross Revenue
~$54,000
FY2025 Net Earnings
~$(340,000)
Executive Summary
- Strong Q1 2026 despite war and Ramadan, with solid progress across product and sales.
- Moved upmarket, closing higher-value deals including its largest contract so far at $10,000 annually, while strengthening product-market fit in multi-entity finance teams.
- Refined the target customer profile to Series A/B startups in MENA, while improving the product through SAP integration and backend upgrades.
- Handled a regional AWS disruption successfully, keeping the platform running without affecting clients.
- Focus on scaling sales ($400K ARR target), expanding integrations and building an AI CFO platform. Main challenge: creating a repeatable, scalable sales engine.
Key Investment Highlights
Q1 2026 Gross Revenue
~$17,850 · +78.5% vs Q4
Q1 2026 Net Earnings
$(127,044)
Headcount
13+ team members
Active Users / Downloads
195+
Monthly Operating Expense
~$48,298
Cash Position (Mar 2026)
$471,822
Monthly Burn Rate
$(43,458)
Avg Contract Value (ACV)
$10,000 / year
Core Markets
USA, UK, UAE, KSA, India
IVP Position
Portfolio Investment
Revenue rose strongly (+78.5%), but net earnings remain negative at $(127,044), with losses up 7.6% vs Q4 on higher operating expenses — the company is still in an investment phase where costs are growing faster than profitability.
Q1 2026 vs FY2025 Quarters
Quarterly income statement FY2025 to date, USD
| Metric | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|
| Net Revenue | $12,581 | $21,000 | $11,000 | $10,000 | $17,850 |
| Operating Expenses | $64,104 | $118,000 | $86,000 | $127,423 | $144,894 |
| Net Earnings | $(51,523) | $(97,000) | $(75,000) | $(117,423) | $(127,044) |
| Net Margin % | -410% | -462% | -682% | -1174% | -712% |
Quarterly Trend — Net Revenue & Net Earnings
FY2025 quarters vs Q1 2026
Q1 2026 Monthly Income Statement
January–March 2026, USD
| Metric | January | February | March | Q1 2026 |
|---|
| Net Revenue | $4,914 | $5,908 | $7,028 | $17,850 |
| Operating Expenses | $46,584 | $55,094 | $43,216 | $144,894 |
| Net Earnings | $(41,670) | $(49,186) | $(36,188) | $(127,044) |
| Net Margin % | -848% | -832% | -515% | -712% |
Gross profit is shown equal to revenue due to the absence of disclosed direct COGS separation.
Q1 2026 Monthly Revenue & Net Earnings
Month by month, USD
Q1 Monthly Operating Expense Breakdown
Representative month, USD
| Category | Amount (USD) |
|---|
| Payroll Expenses | $34,500 |
| Subscription | $3,654 |
| Infrastructure expenses | $756 |
| Advertising Expenses | $2,465 |
| Rent / Lease | $504 |
| Commissions & Fees | $492 |
| Bank Charges | $492 |
| Amortization expenses | $90 |
| Total | $42,958 |
Payroll represents ~80% of disclosed expenses — a strong investment in engineering and AI development, typical for a SaaS company in its product-building phase.
Growth Commentary
- Kudwa is in a heavy investment phase, with a large gap between revenue ($17.9K) and operating expenses ($144.9K), leading to a -712% net margin.
- Costs are controlled and focused, with payroll as the main driver ($34.5K); low infrastructure and tool costs indicate an efficient, disciplined cost structure.
- Not yet revenue-scaled, but building a strong foundation for growth.
- Strategic moves (higher contract values, clearer ICP, SAP integration) are expected to drive stronger revenue in upcoming periods.
Burn Rate & Runway Analysis 2026
| Metric | Value |
|---|
| Average Monthly Operating Expense | ~$48,298 |
| Total Average Monthly Burn (Gross) | $(43,458) |
| Average Monthly Net Revenue | ~$5,950 |
| Average Monthly Net Earnings | $(42,348) |
| Cash Position (March 2026) | $471,822 |
| Runway | 11 Months |
Strategic Milestones (Now)
- Closed biggest deal ($10K/year) and increased contract values → moving upmarket.
- Successfully integrated SAP, unlocking larger and more complex clients.
- Achieved strong product-market fit in multi-entity consolidation.
- Launched new website, boosting credibility and inbound awareness.
- Maintained platform stability during the AWS disruption, proving technical strength.
Roadmap (What's Next)
- Finalize the new data system and reporting layer — improving how information is collected, cleaned and turned into accurate financial reports.
- Expand multi-entity consolidation capabilities.
- Build the AI CFO (explain, predict, recommend).
- Increase integrations (Microsoft Dynamics, NetSuite, Odoo, etc.).
- Launch advanced tools: cash-flow forecasting, cohort analysis, driver-based models.
Key Challenges
- Main challenge: building a repeatable and scalable sales structure.
- Difficulty finding the right talent and compensation model to drive consistent growth.
- Needs stronger SDR support to scale cold calling, which is working but execution-dependent.
- Core issue is sales execution at scale, not the product.
Ask & Demand
- Introductions to potential clients that fit Kudwa's ICP (Series A/B, MENA, 35–350 employees, with a CFO).
- Access to finance leaders — the most valuable support is direct connections to decision-makers (CFOs).
- Referrals from investor networks — investors are asked to share 2–3 relevant companies matching the criteria.
Q1 Net Revenue
$361,284
three months to 31 Mar 2026
Q1 Net Earnings
-$40,221
-11.1% net margin
Net Margin
-11.1%
net earnings / revenue
Cash on Hand
Not disclosed
not disclosed in report
FY2025 Comparatives
FY2025 Net Revenue
$1,747,475
FY2025 Net Earnings
$40,395 · 2.31%
Avg Monthly Burn (2025)
~$3.1K
Executive Summary
- Orisdi is Iraq's leading e-commerce platform — founded in 2019, a first mover in the country's emerging market, focused on fragrances and home appliances.
- Q1 2026 net revenue was $361,284, broadly in line with a typical 2025 quarter (~$364K in Q1 2025) but softer than the Q4 2025 peak of $542K.
- The quarter returned a net loss of $(40,221) — a reversal from the small quarterly profits posted through 2025 — driven mainly by the impact of the war on the final months of the period.
- Gross margin held around 31.5% (contribution margin $113,767 on COGS $247,517), consistent with the high cost-of-sales nature of the model.
- Operating expenses of $153,988 (including $51,692 marketing spend) outpaced contribution margin, producing the net loss.
- The platform retains strong scale: 97K+ gross orders, 1,500+ brands, 40K+ SKUs, 410K+ app downloads, 1.5M+ followers.
Key Investment Highlights
Q1 2026 Net Revenue
$361,284
Q1 2026 Contribution Margin
$113,767
Q1 2026 Operating Expenses
$153,988
Q1 2026 Marketing Spend
$51,692
Q1 2026 Net Earnings
$(40,221) · -11.1%
Headcount
45+ team members
Active Users / Downloads
152K+ accounts · 410K+ app
Orders / Brands / SKUs
97K+ / 1,500+ / 40K+
Avg Net Order Value
$75–$80
Social Media
1.5M+ followers · 20M+ monthly reach
IVP Position
Portfolio Investment
Q1 2026 Monthly Income Statement
January–March 2026, USD
| Metric | January | February | March | Q1 2026 |
|---|
| Net Revenue | $142,588 | $134,314 | $84,382 | $361,284 |
| COGS | $97,688 | $92,019 | $57,810 | $247,517 |
| Contribution Margin | $44,900 | $42,295 | $26,572 | $113,767 |
| Operating Expenses | $60,774 | $57,248 | $35,966 | $153,988 |
| Net Earnings | $(15,874) | $(14,953) | $(9,394) | $(40,221) |
Q1 2026 Monthly Revenue & Net Earnings
Month by month, USD
Q1 2026 vs FY2025 Quarters
Income statement against the FY2025 quarters, USD
| Metric | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|
| Net Revenue | $364,507 | $389,594 | $451,361 | $542,013 | $361,284 |
| COGS | $248,074 | $266,640 | $302,096 | $383,038 | $247,517 |
| Contribution Margin | $116,433 | $122,954 | $149,265 | $158,975 | $113,767 |
| Operating Expenses | $105,804 | $113,086 | $131,015 | $157,328 | $153,988 |
| Net Earnings | $10,629 | $9,868 | $18,250 | $1,647 | $(40,221) |
| Net Margin % | 2.92% | 2.53% | 4.04% | 0.30% | -11.1% |
Quarterly Trend — Net Revenue & Net Earnings
FY2025 quarters vs Q1 2026
Commentary
- Q1 2026 revenue of $361K held at roughly the level of a typical 2025 quarter, but fell sharply versus the Q4 2025 peak ($542K), with March the weakest month ($84K).
- The quarter swung to a net loss of $(40,221) — a reversal from the modest quarterly profits seen across 2025 — mainly due to the impact of the war on the final months.
- Cost of sales remained high (~68.5% of revenue), keeping contribution margin thin; operating expenses rose to $154K, exceeding contribution margin for the quarter.
- The model continues to show strong revenue scale but weak profitability; better cost control and stronger margins are needed to convert growth into earnings.
Burn Rate & Cash Position
| Metric | Details |
|---|
| Q1 2026 Net Earnings | $(40,221) |
| Average Monthly Net Earnings | ~$(13,407) |
| Q1 2026 Operating Expenses | $153,988 |
| Average Monthly Operating Expense | ~$51,329 |
| Marketing Spend (Q1 2026) | $51,692 |
| Burn Trend | Reversed to losses late in the quarter (war) |
| Runway | Cannot be calculated — cash balance not disclosed |
After a profitable 2025 overall, Q1 2026 turned negative, with the loss concentrated in the war-affected months. As the report does not include a quarter-end cash balance, runway cannot be calculated accurately.
Strategic Scale (Built Through 2025)
Followers & Subscribers
1.5M+
Monthly Social Impressions
65M+
Key Challenges
- High cost of sales: the model is heavy on direct costs, limiting how much growth turns into earnings.
- Scalability & exit: as an e-commerce drop-shipping business, the model raises questions around long-term scalability and exit potential.
- Cash-flow pressure: Q1 2026 confirmed the expected pressure on cash flow, making tighter cost control and operating efficiency increasingly important.
Q1 Net Revenue
$152,250
three months to 31 Mar 2026
Q1 Net Earnings
-$285,960
-187.8% net margin
Net Margin
-187.8%
net earnings / revenue
Cash on Hand
$223,654
quarter-end balance
FY2025 Comparatives
FY2025 Net Sales Revenue
$1.94M
FY2025 Gross Profit
$799.7K · ~41%
Executive Summary
- Q1 2026 marks the beginning of a new chapter: the company moved from the cost-discipline focus of 2025 into an active relaunch and rebranding phase, completing a full transformation of the application during the quarter.
- Generated $633.9K GMV and $152.3K net sales revenue, producing $45.0K gross profit at ~29.5% margin; recorded a Q1 EBITDA loss of $(284.6K), reflecting deliberate, time-bound relaunch investment rather than a deterioration in operations.
- EBITDA losses widened from $(71.1K) in January to $(137.9K) in March, driven by the March marketing push (social spend rose to $30.3K from $2.4K in January) and one-time relaunch prep (delivery bags, helmets, uniforms).
- Activated electronic payments via bank cards — a feature over four years in development; integrated Adjust and Braze for analytics and engagement; initiated ERP automation through Odoo.
- Held $223.7K in remaining bridge-round cash at 31 March 2026; with relaunch investments largely complete, focus turns to converting them into restaurant-network growth and order volume.
Key Investment Highlights
Q1 2026 Net Sales Revenue
$152,250
Q1 2026 Gross Profit
$44,953 · 29.5%
Q1 2026 Net Earnings
$(285,960)
Avg Revenue per Order
~$2.96
Highest GMV Month
Jan 2026 · $250K
Core Markets
Baghdad & Basrah
Business & Operational Progress
- Rebranding: advanced stage with a comprehensive app transformation completed — modern identity, updated colour schemes and a more dynamic logo, while retaining the brand name to preserve market recognition.
- Product & technology: complete UI/UX redesign, faster navigation, smoother food selection and checkout, and improved order completion and real-time tracking.
- ERP (Odoo): automating driver-salary processing; by mid-May 2026 the sales team transitions to Odoo for centralised restaurant/client data; automated restaurant invoicing being implemented.
- Advanced integrations: Adjust (mobile attribution & analytics) and Braze (customer-engagement / lifecycle marketing) both integrated.
Marketing & Brand Launch
- High-quality TV commercial produced featuring prominent Iraqi actors (incl. Alaa Hussein), timed to the rebranded app rollout.
- Outdoor advertising: 20 static billboards, 10 digital screens, 12-month campaign duration.
- Strategic partnerships (with Supercell support): a social-media advertising agency for campaign management and a content-production company for high-quality creatives.
Q1 2026 Monthly P&L
Quarter ending 31 March 2026, USD
| Particulars | Jan 2026 | Feb 2026 | Mar 2026 | Q1 2026 |
|---|
| Total GMV | 250,286 | 205,315 | 178,348 | 633,949 |
| Baghdad | 220,114 | 182,968 | 158,903 | 561,985 |
| Basrah | 30,172 | 22,347 | 19,445 | 71,964 |
| Net Sales Revenue | 61,568 | 48,130 | 42,552 | 152,250 |
| Net Cost of Sale | (42,444) | (34,060) | (30,793) | (107,297) |
| Gross Profit | 19,124 | 14,070 | 11,759 | 44,953 |
| Gross Margin % | 31.1% | 29.2% | 27.6% | 29.5% |
| Other Income | 2,126 | 1,723 | 1,282 | 5,131 |
| Net OpEx | (92,315) | (91,400) | (150,965) | (334,681) |
| EBITDA | (71,065) | (75,607) | (137,924) | (284,597) |
| Total Orders | 19,895 | 15,785 | 15,785 | 51,465 |
| Net Earnings | (71,444) | (75,935) | (138,580) | (285,960) |
Elevated March OpEx is primarily one-time relaunch preparation: March social spend $30,338 vs $2,414 in January. Gross margins remained broadly stable at ~29.5%.
Q1 2026 Monthly Net Sales & EBITDA
Month by month, USD
Q1 2026 vs FY2025 Quarters
Quarterly performance, USD
| Metric | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|
| Total GMV | 1,829,630 | 1,499,564 | 1,103,228 | 880,518 | 633,949 |
| Net Sales Revenue | 665,874 | 537,363 | 446,944 | 291,786 | 152,250 |
| Gross Profit | 273,763 | 232,674 | 187,082 | 106,181 | 44,953 |
| EBITDA | (384,313) | (192,659) | (105,259) | (205,026) | (284,597) |
FY2025 GMV $5.31M, net sales revenue $1.94M, gross profit $799.7K (~41% margin), EBITDA $(887,257) on 555,618 orders. Q1 2026 gross margin of ~29.5% is below the FY2025 average of ~41%, reflecting the current revenue mix.
Quarterly Trend — Net Sales & EBITDA
FY2025 quarters vs Q1 2026
Bridge Round Cash Position
As of 31 March 2026, USD
| Description | USD |
|---|
| Paid Bridge Round Amount | 8,715,171 |
| Euphrates Ventures LP | 6,332,826 |
| Euphrates Iraq Fund | 682,236 |
| Snoonu Trading and Services | 250,000 |
| Supercell | 650,000 |
| Other Investors | 800,109 |
| Net Cash Burn — March 2026 | (157,088) |
| Accumulated Cash Burn (Apr 2021 – Mar 2026) | (8,334,429) |
| Remaining Bridge Round Cash | 223,654 |
Of the $8.72M total bridge funding received, $8.33M has been deployed over Apr 2021–Mar 2026. March 2026 net cash burn was elevated at $(157K) due to $96,591 of outsourced payments (app development and marketing) made outside Iraq.
Monthly Net Cash Burn — 2025 to Q1 2026
Burn fell ~87% through 2025, then rose on one-time relaunch spend
Key Observations
- Monthly cash burn declined from $123.8K (Jan 2025) to $15.6K (Aug 2025) — an 87% reduction — reflecting operational streamlining through H1 2025.
- Cash burn increased from Q4 2025 through Q1 2026, driven by planned relaunch investments: TVC production, outdoor advertising, Adjust/Braze integration and fleet expansion.
- March 2026 burn of $157K includes $96.6K outsourced payments (development and marketing) and $30.3K advertising spend — both largely one-time relaunch costs.
Future Roadmap
17 technical enhancements & 10+ marketing initiatives planned for the year
| Timeline | Milestone |
|---|
| Now (Q1 2026) | Completed app rebranding & UI/UX transformation; activated electronic payments; integrated Adjust & Braze; started Odoo ERP automation. |
| +2 Months | Full rollout of the rebranded app with TVC and outdoor campaigns; sales team transitions to Odoo ERP. |
| +6 Months | Expand the partner-restaurant network and driver fleet (backed by the 3PL agreement) to drive order-volume growth. |
| +12 Months | Improve unit economics and operational efficiency, narrowing losses toward a sustainable operating model. |
Key Challenges & Outlook
- Limited runway: $223.7K remaining bridge cash places the company in a critical phase requiring careful cash management.
- Elevated burn: Q1 net cash burn rose sharply in March on relaunch spending, reversing the efficiency gains of 2025.
- Revenue base: net sales revenue remained low and must grow materially post-relaunch to improve unit economics.
- Margin pressure: gross margin of ~29.5% remains below the FY2025 average of ~41%.
- Execution risk: the relaunch depends on converting marketing and product investment into sustained order-volume growth. The 2025 efficiency track record (burn cut from $124K to $16K) shows the team can manage costs; the current elevated burn is a deliberate, time-bound investment.
All amounts in USD. Exchange rate 1 USD = 1,320 IQD (since Feb 2023). Revenue includes cart price, delivery fee, service fee and non-commission revenue. Zajel GMV is excluded.
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% | $5.00M |
| Total | $391,639 | $1,326,141 | +$934,502 | 3.39x | 100.0% | $19.00M |
Q1 2026 Operating Performance
| Company | Q1 net revenue | Q1 net earnings | Net margin | Cash on hand |
|---|
| Orderii | $951,498 | +$289,797 | 26.6% | $479,581 |
| Kudwa | $17,850 | -$127,044 | -712.0% | $471,822 |
| Orisdi | $361,284 | -$40,221 | -11.1% | n/d |
| Al Saree3 | $152,250 | -$285,960 | -187.8% | $223,654 |
| Portfolio total | $1,482,882 | -$163,428 | -11.0% | $1,175,057* |
*Disclosed cash only — Orisdi did not disclose a quarter-end cash balance.
Comparison
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.
Orderii is the engine: the only profitable holding this quarter ($289,797 net earnings, 26.6% margin) and an 8.0x mark on cost ($150,000→$1,200,000).
Q1 operating result of -$163,428 across the book is driven by deliberate build/relaunch spend at Kudwa (-$127,044) and Al Saree3 (-$285,960), partly offset by Orderii.
Watch cash at Al Saree3: $223,654 of bridge cash remained at quarter-end against a relaunch-driven burn — the tightest runway in the book. Orisdi did not disclose cash.
Capital base: 40% Catalyst LP capital, 48% IVP GP cash and 13% in-kind — $391,639 deployed in total.
