Financial Projection Center
The full FXM operating model — line by line.
Every monthly value is read directly from the FXM Institutional Financial Model (Revenue Engine + Financial Statements). Scenario controls multiply the source rows using the workbook's own ratios (marketing pinned to 10% of challenge revenue, payment gateway 2.5%, refunds 0%) — no new formulas are introduced.
Model constants — verified header inputs
VAT / Processing
0%
Marketing % of Chal. Rev
10%
Funded Attrition / mo
24.8%
One-Time Setup (M1)
$282.5K
Payment Gateway
2.5%
Refunds
0%
Interactive scenario controls
Multipliers applied to the source rows. Marketing recalculates from the model's 15%-of-revenue rule.
Baseline view — values match the source workbook exactly.
Revenue (M1–24)
$233.81M
EBITDA (M1–24)
$129.14M
Margin: 55.2%
Marketing (M1–24)
($12.94M)
Month 24 Run Rate
$19.88M
Revenue · EBITDA · Marketing trajectory
Full P&L — line by line
Scrollable. Every cell traces to the FM workbook (baseline) or to the scenario multipliers above.
| Line item | M1 | M2 | M3 | M4 | M5 | M6 | M7 | M8 | M9 | M10 | M11 | M12 | M13 | M14 | M15 | M16 | M17 | M18 | M19 | M20 | M21 | M22 | M23 | M24 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | $196.5K | $549.0K | $904.8K | $1.26M | $1.62M | $3.93M | $4.83M | $5.77M | $6.76M | $7.80M | $8.90M | $10.04M | $10.74M | $11.46M | $12.20M | $12.96M | $13.75M | $14.55M | $15.39M | $16.24M | $17.12M | $18.02M | $18.94M | $19.88M |
| Challenge Subscriptions | $113.7K | $310.0K | $506.3K | $703.0K | $899.4K | $2.19M | $2.68M | $3.20M | $3.74M | $4.32M | $4.92M | $5.56M | $5.94M | $6.34M | $6.75M | $7.17M | $7.60M | $8.05M | $8.51M | $8.98M | $9.46M | $9.96M | $10.47M | $10.99M |
| Reverse Copy Net (in Revenue) | $82.8K | $239.0K | $398.4K | $557.5K | $717.5K | $1.74M | $2.15M | $2.57M | $3.02M | $3.48M | $3.97M | $4.48M | $4.80M | $5.12M | $5.45M | $5.79M | $6.15M | $6.51M | $6.88M | $7.26M | $7.66M | $8.06M | $8.47M | $8.89M |
| Payment Gateway | ($2.8K) | ($7.8K) | ($12.7K) | ($17.6K) | ($22.5K) | ($54.8K) | ($67.0K) | ($79.9K) | ($93.6K) | ($108.0K) | ($123.1K) | ($139.0K) | ($148.5K) | ($158.4K) | ($168.7K) | ($179.2K) | ($190.0K) | ($201.2K) | ($212.7K) | ($224.5K) | ($236.6K) | ($249.0K) | ($261.7K) | ($274.8K) |
| Marketing Expenses | ($11.4K) | ($31.0K) | ($50.6K) | ($70.3K) | ($89.9K) | ($219.1K) | ($268.0K) | ($319.7K) | ($374.4K) | ($432.0K) | ($492.5K) | ($555.9K) | ($594.2K) | ($633.8K) | ($674.6K) | ($716.7K) | ($760.1K) | ($804.7K) | ($850.6K) | ($897.8K) | ($946.2K) | ($995.9K) | ($1.05M) | ($1.10M) |
| Salaries & Benefits | ($24.0K) | ($26.0K) | ($28.0K) | ($30.0K) | ($32.0K) | ($34.0K) | ($36.0K) | ($38.0K) | ($40.0K) | ($42.0K) | ($44.0K) | ($46.0K) | ($48.0K) | ($50.0K) | ($52.0K) | ($54.0K) | ($56.0K) | ($58.0K) | ($60.0K) | ($62.0K) | ($64.0K) | ($66.0K) | ($68.0K) | ($70.0K) |
| Loser Mirror Cost (A-Book) | ($16.3K) | ($51.8K) | ($93.7K) | ($137.7K) | ($181.8K) | ($384.1K) | ($533.9K) | ($666.7K) | ($786.0K) | ($913.1K) | ($1.05M) | ($1.19M) | ($1.29M) | ($1.39M) | ($1.48M) | ($1.57M) | ($1.67M) | ($1.77M) | ($1.87M) | ($1.97M) | ($2.08M) | ($2.19M) | ($2.30M) | ($2.42M) |
| Winner Payout (80% Split, gross) | ($34.5K) | ($107.2K) | ($196.3K) | ($289.0K) | ($381.7K) | ($805.2K) | ($1.12M) | ($1.40M) | ($1.65M) | ($1.91M) | ($2.19M) | ($2.48M) | ($2.70M) | ($2.90M) | ($3.09M) | ($3.29M) | ($3.49M) | ($3.70M) | ($3.91M) | ($4.13M) | ($4.35M) | ($4.59M) | ($4.82M) | ($5.07M) |
| Tech Platforms + Admin/G&A | ($303.5K) | ($21.0K) | ($21.0K) | ($21.0K) | ($21.0K) | ($21.0K) | ($21.0K) | ($21.0K) | ($21.0K) | ($21.0K) | ($21.0K) | ($21.0K) | ($21.0K) | ($21.0K) | ($21.0K) | ($21.0K) | ($21.0K) | ($21.0K) | ($21.0K) | ($21.0K) | ($21.0K) | ($21.0K) | ($21.0K) | ($21.0K) |
| EBITDA | ($196.0K) | $304.2K | $502.5K | $695.0K | $887.9K | $2.42M | $2.78M | $3.25M | $3.80M | $4.37M | $4.98M | $5.61M | $5.93M | $6.31M | $6.72M | $7.13M | $7.56M | $8.01M | $8.47M | $8.93M | $9.42M | $9.91M | $10.41M | $10.93M |
| EBITDA % | -99.8% | 55.4% | 55.5% | 55.1% | 54.9% | 61.4% | 57.7% | 56.3% | 56.2% | 56.0% | 56.0% | 55.9% | 55.2% | 55.1% | 55.0% | 55.0% | 55.0% | 55.0% | 55.0% | 55.0% | 55.0% | 55.0% | 55.0% | 55.0% |
| Net Profit (after D&A + tax) | ($204.5K) | $289.8K | $484.1K | $672.7K | $861.9K | $2.36M | $2.72M | $3.18M | $3.71M | $4.28M | $4.87M | $5.49M | $5.81M | $6.18M | $6.57M | $6.98M | $7.41M | $7.84M | $8.29M | $8.75M | $9.22M | $9.70M | $10.20M | $10.71M |
| Closing Cash | $2.30M | $2.60M | $3.09M | $3.78M | $4.65M | $7.01M | $9.74M | $12.93M | $16.65M | $20.93M | $25.81M | $31.31M | $37.13M | $43.32M | $49.90M | $56.89M | $64.30M | $72.15M | $80.45M | $89.20M | $98.43M | $108.14M | $118.35M | $129.06M |
| Funded Trader Stock (count) | 42 | 132 | 240 | 353 | 466 | 984 | 1,367 | 1,707 | 2,013 | 2,338 | 2,678 | 3,036 | 3,307 | 3,547 | 3,779 | 4,019 | 4,266 | 4,520 | 4,780 | 5,049 | 5,324 | 5,607 | 5,898 | 6,196 |
Mature-state growth scenarios
Steady-state target scenarios from the Growth Forecast document (post-ramp).
Baseline
Conservative (M6 ramp)
Monthly Traffic
192,727
Blended CVR
3.00%
Customers / mo
~5,782
Monthly Revenue
~$3.93M
Primary Target
Base Case (M12 target)
Monthly Traffic
400,000
Blended CVR
3.67%
Customers / mo
~14,667
Monthly Revenue
~$10.04M
Scale Target
Expansion (M24 target)
Monthly Traffic
580,000
Blended CVR
5.00%
Customers / mo
~29,000
Monthly Revenue
~$19.88M