GLEMO - Investor Readiness and Audit
Status: pre-diligence, thesis preserved
The model is arithmetically sound and the base case is attractive, but it is not yet underwritten. The goal is to turn management assumptions into evidence before asking an investor to rely on them.
Quantitative Conclusions
| Topic | Current reading | Implication |
|---|---|---|
| Model integrity | Zero formula errors; 24m revenue USD 10.53M; 24m EBITDA USD 4.34M | The arithmetic and unit economics are visible, but assumptions still require evidence. |
| Sales productivity | 3 to 490 units/month; 2 to 32 RMs; M24 reaches 15.3 units/RM and 76.6% mature capacity utilization | The 20-unit minimum target and four-month ramp were confirmed; cohort performance still requires evidence. |
| MCMV unit economics | BRL 8.75K base commission less BRL 4.08K modeled cost = BRL 4.67K contribution per unit (~53.3%) | BRL 1K media and BRL 1.5K variable RM compensation are management inputs; the taxes-and-repasses residual requires advanced-diligence validation. |
| Base-case liquidity | Minimum cash USD 667K after 30-day receivables, capex, and round costs | Above the BRL 150K reported buffer; the formal cash policy still requires approval. |
| Protected stress | Revenue USD 2.87M; EBITDA USD 0.11M; breakeven M13; minimum cash USD 172K | The overhead contingency action preserves positive liquidity and should be pre-approved. |
| Upside | 900 M24 units at a 3% cross-border commission with 50 RMs | At 20 units/RM, the plan preserves a 10% buffer; hiring and productivity still require validation. |
Recalculated Scenarios
| Scenario | 24m Revenue | 24m EBITDA | Margin | Minimum Cash | Breakeven |
|---|---|---|---|---|---|
| Protected stress | USD 2.87M | USD 0.11M | 3.9% | USD 0.17M | M13 |
| Downside | USD 6.46M | USD 1.96M | 30.4% | USD 0.41M | M9 |
| MCMV base | USD 10.53M | USD 4.34M | 41.2% | USD 0.67M | M7 |
| Cross-border upside | USD 22.4M | USD 12.6M | 56.2% | USD 0.85M | M3 |
Conditions Before Circulation
- Prove the reported 20-40 founder-led sales cadence and define its period using CRM, contracts, invoices, and cash receipts.
- Validate total cost per sale, 30-day collection, productivity, and ramp with anonymized samples; sensitive documents remain gated to advanced NDA diligence.
- Execute the USD 6M post-money SAFE with counsel and complete the anonymized fully diluted cap table.
- Reconcile the USD 1M raise to monthly hiring, media, product, and the BRL 150K minimum-cash buffer.
- Validate the 50-RM upside hiring plan and the 20-unit minimum productivity by cohort.
- Update actual vs budget monthly and maintain locked model versions.
Founder-Investor Balance
The post-money SAFE has been selected. USD 1M at a USD 6M cap represents an illustrative 16.7% before the Series A. Actual ownership depends on the executed instrument, cap table, option pool, other SAFEs, and the next round.
The model includes anonymized templates for the cap table, monthly actuals, and RM cohorts. These three checks remain open until real aggregated data is entered.
Verified Market Source
The claim that MCMV represented 49% of national residential sales in Q1 2026, or 54,510 units, was confirmed by the CBIC. Internal metrics remain management-reported until supporting evidence is attached.