Where the revenue goes
Starting from $120K in monthly recurring revenue, organic growth of 4.0% outruns 2.8% monthly churn by 1.2% a month before any paid acquisition. Re-investing 30% of operating profit at a $3.6K acquisition cost adds a compounding second engine on top. After 60 months the model lands at $3M of annual recurring revenue — 2.0x today's $1.5M.

