Confidential

Summit Air Mechanical

Financial Statements

Fiscal Year 2025 · Through October 2025

Residential & commercial HVAC · install, service & maintenance

Prepared by Kruse & Crawford · Illustrative sample — figures are for demonstration only

The Package
Performance Dashboard3
Income Statement
Income Statement Analysis4
Monthly Income Statement — Trailing 125
Monthly Income Statement — Full-Year Outlook6
Balance Sheet & Cash
Monthly Balance Sheet7
Monthly Cash Flow Statement8
Budget
Budget Variance Analysis9
Budget Income Statement10
Forecast
3-Statement Forecast — IS & BS11
3-Statement Forecast — Cash Flow12
Margin Deep Dive
Job Cost — Estimate vs. Actual13
Tech Productivity & Flat-Rate Pricing14
Vendor Variance, Agreements & WIP15

Performance Dashboard

Through Oct 25

Revenue (YTD)

$5.3M

+11.0% vs PY

Gross Profit %

42.2%

2,233K gross

EBITDA (YTD)

$657K

12.4% margin

Net Income (YTD)

$400K

7.6% margin

Cash on Hand

$431K

Oct 25

Revenue — Actual vs Budget

Last 6 months

Revenue & Gross Profit Margin

Last 6 months

Operating Expense Composition

Last 6 months

EBITDA & Net Income

Trailing 12 months

Current Ratio

1.98x

Current assets ÷ current liab.

Quick Ratio

1.69x

Liquid assets coverage

Debt-to-Equity

0.90x

Total liabilities ÷ equity

Days Sales Outstanding

32 days

Avg. collection period

Income Statement Analysis

FY 2025

Year-to-date performance against the prior year, the three most recent months, and the full-year outlook (actuals through the reporting month, budget thereafter).

($)	YTD Actual	PY YTD	Var $	Var %	Aug 25	Sep 25	Oct 25	FY Outlook
Total Revenue	5,288,980	4,764,846	+524,133	11.0%	607,347	506,122	455,510	6,170,612
Total Cost of Goods Sold	3,056,211	2,772,403	+283,808	10.2%	351,312	293,551	264,908	3,576,375
Gross Profit	2,232,768	1,992,444	+240,325	12.1%	256,034	212,571	190,603	2,594,238
Gross Profit %	42.2%	41.8%	0.4%	—	42.2%	42.0%	41.8%	42.0%
Total Operating Expenses	1,575,833	1,419,670	+156,164	11.0%	157,583	157,583	157,583	1,880,833
EBITDA	656,935	572,774	+84,161	14.7%	98,451	54,988	33,019	713,404
EBITDA Margin %	12.4%	12.0%	0.4%	—	16.2%	10.9%	7.2%	11.6%
Operating Income	473,602	389,441	+84,161	21.6%	80,118	36,655	14,686	493,404
Net Income	400,268	316,107	+84,161	26.6%	72,784	29,321	7,353	405,404
Net Margin %	7.6%	6.6%	0.9%	—	12.0%	5.8%	1.6%	6.6%

Monthly Income Statement

Trailing Twelve Months

Trailing twelve months of income-statement performance, month by month.

	Nov 24	Dec 24	Jan 25	Feb 25	Mar 25	Apr 25	May 25	Jun 25	Jul 25	Aug 25	Sep 25	Oct 25	T12 Total
Revenue
Install & Replacement	213,164	238,242	292,286	264,449	250,531	264,449	292,286	334,041	347,959	334,041	278,367	250,531	3,360,345
Service & Repair	116,271	129,950	159,429	144,245	136,653	144,245	159,429	182,204	189,796	182,204	151,837	136,653	1,832,916
Maintenance Agreements	58,136	64,975	79,714	72,122	68,327	72,122	79,714	91,102	94,898	91,102	75,918	68,327	916,458
Total Revenue	387,571	433,168	531,429	480,816	455,510	480,816	531,429	607,347	632,653	607,347	506,122	455,510	6,109,719
Cost of Goods Sold
Equipment	102,900	116,200	142,290	127,778	118,888	123,208	135,116	155,204	163,414	158,091	132,098	119,208	1,594,395
Materials	57,167	64,555	79,050	70,988	66,049	68,449	75,064	86,224	90,786	87,828	73,388	66,227	885,775
Install & Field Labor	50,307	56,809	69,564	62,469	58,123	60,235	66,057	75,877	79,891	77,289	64,581	58,280	779,482
Subcontractors	18,293	20,658	25,296	22,716	21,136	21,904	24,021	27,592	29,051	28,105	23,484	21,193	283,448
Total Cost of Goods Sold	228,667	258,222	316,200	283,952	264,196	273,795	300,257	344,898	363,143	351,312	293,551	264,908	3,543,100
Gross Profit	158,904	174,946	215,229	196,864	191,314	207,021	231,171	262,449	269,510	256,034	212,571	190,603	2,566,618
Gross Profit %	41.0%	40.4%	40.5%	40.9%	42.0%	43.1%	43.5%	43.2%	42.6%	42.2%	42.0%	41.8%	42.0%
Operating Expenses
Sales & Office Salaries	60,511	60,511	67,167	67,167	67,167	67,167	67,167	67,167	67,167	67,167	67,167	67,167	792,688
Vehicles & Fuel	20,946	20,946	23,250	23,250	23,250	23,250	23,250	23,250	23,250	23,250	23,250	23,250	274,392
Advertising & Marketing	18,619	18,619	20,667	20,667	20,667	20,667	20,667	20,667	20,667	20,667	20,667	20,667	243,904
Occupancy	11,637	11,637	12,917	12,917	12,917	12,917	12,917	12,917	12,917	12,917	12,917	12,917	152,440
Insurance & Bonds	13,964	13,964	15,500	15,500	15,500	15,500	15,500	15,500	15,500	15,500	15,500	15,500	182,928
General & Administrative	16,291	16,291	18,083	18,083	18,083	18,083	18,083	18,083	18,083	18,083	18,083	18,083	213,416
Total Operating Expenses	141,967	141,967	157,583	157,583	157,583	157,583	157,583	157,583	157,583	157,583	157,583	157,583	1,859,767
EBITDA	16,937	32,979	57,645	39,281	33,731	49,438	73,588	104,866	111,927	98,451	54,988	33,019	706,851
EBITDA Margin %	4.4%	7.6%	10.8%	8.2%	7.4%	10.3%	13.8%	17.3%	17.7%	16.2%	10.9%	7.2%	11.6%
Depreciation & Amortization	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	220,000
Operating Income	(1,396)	14,646	39,312	20,948	15,398	31,105	55,255	86,533	93,594	80,118	36,655	14,686	486,851
Interest Expense	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(88,000)
Pre-Tax Income	(8,729)	7,312	31,979	13,614	8,064	23,771	47,921	79,199	86,260	72,784	29,321	7,353	398,851
Net Income	(8,729)	7,312	31,979	13,614	8,064	23,771	47,921	79,199	86,260	72,784	29,321	7,353	398,851
Net Margin %	(2.3%)	1.7%	6.0%	2.8%	1.8%	4.9%	9.0%	13.0%	13.6%	12.0%	5.8%	1.6%	6.5%

Monthly Income Statement

Full-Year Outlook

Full calendar year: actual results through the reporting month (blue) blended with approved budget for the remaining months (orange). The final column is the full-year outlook.

	Actual										Budget
	Jan 25	Feb 25	Mar 25	Apr 25	May 25	Jun 25	Jul 25	Aug 25	Sep 25	Oct 25	Nov 25	Dec 25	FY Outlook
Revenue
Install & Replacement	292,286	264,449	250,531	264,449	292,286	334,041	347,959	334,041	278,367	250,531	228,980	255,918	3,393,837
Service & Repair	159,429	144,245	136,653	144,245	159,429	182,204	189,796	182,204	151,837	136,653	124,898	139,592	1,851,184
Maintenance Agreements	79,714	72,122	68,327	72,122	79,714	91,102	94,898	91,102	75,918	68,327	62,449	69,796	925,592
Total Revenue	531,429	480,816	455,510	480,816	531,429	607,347	632,653	607,347	506,122	455,510	416,327	465,306	6,170,612
Cost of Goods Sold
Equipment	142,290	127,778	118,888	123,208	135,116	155,204	163,414	158,091	132,098	119,208	110,535	123,539	1,609,369
Materials	79,050	70,988	66,049	68,449	75,064	86,224	90,786	87,828	73,388	66,227	61,408	68,633	894,094
Install & Field Labor	69,564	62,469	58,123	60,235	66,057	75,877	79,891	77,289	64,581	58,280	54,039	60,397	786,802
Subcontractors	25,296	22,716	21,136	21,904	24,021	27,592	29,051	28,105	23,484	21,193	19,651	21,962	286,110
Total Cost of Goods Sold	316,200	283,952	264,196	273,795	300,257	344,898	363,143	351,312	293,551	264,908	245,633	274,531	3,576,375
Gross Profit	215,229	196,864	191,314	207,021	231,171	262,449	269,510	256,034	212,571	190,603	170,694	190,776	2,594,238
Gross Profit %	40.5%	40.9%	42.0%	43.1%	43.5%	43.2%	42.6%	42.2%	42.0%	41.8%	41.0%	41.0%	42.0%
Operating Expenses
Sales & Office Salaries	67,167	67,167	67,167	67,167	67,167	67,167	67,167	67,167	67,167	67,167	65,000	65,000	801,667
Vehicles & Fuel	23,250	23,250	23,250	23,250	23,250	23,250	23,250	23,250	23,250	23,250	22,500	22,500	277,500
Advertising & Marketing	20,667	20,667	20,667	20,667	20,667	20,667	20,667	20,667	20,667	20,667	20,000	20,000	246,667
Occupancy	12,917	12,917	12,917	12,917	12,917	12,917	12,917	12,917	12,917	12,917	12,500	12,500	154,167
Insurance & Bonds	15,500	15,500	15,500	15,500	15,500	15,500	15,500	15,500	15,500	15,500	15,000	15,000	185,000
General & Administrative	18,083	18,083	18,083	18,083	18,083	18,083	18,083	18,083	18,083	18,083	17,500	17,500	215,833
Total Operating Expenses	157,583	157,583	157,583	157,583	157,583	157,583	157,583	157,583	157,583	157,583	152,500	152,500	1,880,833
EBITDA	57,645	39,281	33,731	49,438	73,588	104,866	111,927	98,451	54,988	33,019	18,194	38,276	713,404
EBITDA Margin %	10.8%	8.2%	7.4%	10.3%	13.8%	17.3%	17.7%	16.2%	10.9%	7.2%	4.4%	8.2%	11.6%
Depreciation & Amortization	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	220,000
Operating Income	39,312	20,948	15,398	31,105	55,255	86,533	93,594	80,118	36,655	14,686	(139)	19,942	493,404
Interest Expense	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(88,000)
Pre-Tax Income	31,979	13,614	8,064	23,771	47,921	79,199	86,260	72,784	29,321	7,353	(7,473)	12,609	405,404
Net Income	31,979	13,614	8,064	23,771	47,921	79,199	86,260	72,784	29,321	7,353	(7,473)	12,609	405,404
Net Margin %	6.0%	2.8%	1.8%	4.9%	9.0%	13.0%	13.6%	12.0%	5.8%	1.6%	(1.8%)	2.7%	6.6%

Monthly Balance Sheet

Trailing Twelve Months

Balance sheet by month. Total assets equal total liabilities and equity every month.

	Nov 24	Dec 24	Jan 25	Feb 25	Mar 25	Apr 25	May 25	Jun 25	Jul 25	Aug 25	Sep 25	Oct 25
Assets
Current Assets
Cash & Cash Equivalents	512,732	438,367	336,701	360,280	352,949	312,063	271,424	238,599	263,084	323,115	412,945	431,464
Accounts Receivable	452,166	505,363	620,000	560,952	531,429	560,952	620,000	708,571	738,095	708,571	590,476	531,429
Inventory	152,445	172,148	210,800	189,301	176,131	182,530	200,171	229,932	242,095	234,208	195,701	176,605
Other Current Assets	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000
Total Current Assets	1,187,343	1,185,877	1,237,501	1,180,534	1,130,508	1,125,546	1,161,596	1,247,102	1,313,274	1,335,895	1,269,122	1,209,498
Property, Plant & Equipment, net	1,468,333	1,470,000	1,471,667	1,473,333	1,475,000	1,476,667	1,478,333	1,480,000	1,481,667	1,483,333	1,485,000	1,486,667
Intangible Assets	0	0	0	0	0	0	0	0	0	0	0	0
Other Long-Term Assets	55,000	55,000	55,000	55,000	55,000	55,000	55,000	55,000	55,000	55,000	55,000	55,000
Total Assets	2,710,677	2,710,877	2,764,167	2,708,867	2,660,508	2,657,212	2,694,929	2,782,102	2,849,941	2,874,229	2,809,122	2,751,164
Liabilities & Equity
Current Liabilities
Accounts Payable	228,667	258,222	316,200	283,952	264,196	273,795	300,257	344,898	363,143	351,312	293,551	264,908
Accrued Liabilities	140,000	140,000	140,000	140,000	140,000	140,000	140,000	140,000	140,000	140,000	140,000	140,000
Credit Cards Payable	45,000	45,000	45,000	45,000	45,000	45,000	45,000	45,000	45,000	45,000	45,000	45,000
Current Portion of Debt	160,000	160,000	160,000	160,000	160,000	160,000	160,000	160,000	160,000	160,000	160,000	160,000
Total Current Liabilities	573,667	603,222	661,200	628,952	609,196	618,795	645,257	689,898	708,143	696,312	638,551	609,908
Long-Term Debt	843,333	830,000	816,667	803,333	790,000	776,667	763,333	750,000	736,667	723,333	710,000	696,667
Total Liabilities	1,417,000	1,433,222	1,477,867	1,432,285	1,399,196	1,395,462	1,408,590	1,439,898	1,444,810	1,419,646	1,348,551	1,306,574
Equity
Common Stock	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000
Paid-In Capital	300,000	300,000	300,000	300,000	300,000	300,000	300,000	300,000	300,000	300,000	300,000	300,000
Retained Earnings	1,240,343	1,247,655	1,279,634	1,293,248	1,301,313	1,325,084	1,373,005	1,452,205	1,538,465	1,611,249	1,640,571	1,647,924
Owner Distributions	(256,667)	(280,000)	(303,333)	(326,667)	(350,000)	(373,333)	(396,667)	(420,000)	(443,333)	(466,667)	(490,000)	(513,333)
Total Equity	1,293,676	1,277,655	1,286,301	1,276,582	1,261,313	1,261,751	1,286,339	1,342,205	1,405,132	1,454,583	1,460,571	1,444,590
Total Liabilities & Equity	2,710,677	2,710,877	2,764,167	2,708,867	2,660,508	2,657,212	2,694,929	2,782,102	2,849,941	2,874,229	2,809,122	2,751,164

Monthly Cash Flow Statement

Trailing Twelve Months

Indirect-method cash flow by month. Ending cash ties to the balance-sheet cash line each month.

	Nov 24	Dec 24	Jan 25	Feb 25	Mar 25	Apr 25	May 25	Jun 25	Jul 25	Aug 25	Sep 25	Oct 25
Operating Activities
Net Income	(8,729)	7,312	31,979	13,614	8,064	23,771	47,921	79,199	86,260	72,784	29,321	7,353
Depreciation & Amortization	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333
Change in Accounts Receivable	26,598	(53,196)	(114,637)	59,048	29,524	(29,524)	(59,048)	(88,571)	(29,524)	29,524	118,095	59,048
Change in Inventory	7,753	(19,703)	(38,652)	21,499	13,171	(6,399)	(17,641)	(29,760)	(12,164)	7,887	38,508	19,096
Change in Accounts Payable	(11,630)	29,555	57,978	(32,248)	(19,756)	9,599	26,462	44,640	18,245	(11,830)	(57,761)	(28,644)
Change in Accrued Liabilities	0	0	0	0	0	0	0	0	0	0	0	0
Cash from Operations	32,325	(17,699)	(45,000)	80,246	49,336	15,781	16,028	23,841	81,152	116,698	146,496	75,186
Investing Activities
Capital Expenditures	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)
Cash from Investing	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)
Financing Activities
Debt Principal Payments	(13,333)	(13,333)	(13,333)	(13,333)	(13,333)	(13,333)	(13,333)	(13,333)	(13,333)	(13,333)	(13,333)	(13,333)
Owner Distributions	(23,333)	(23,333)	(23,333)	(23,333)	(23,333)	(23,333)	(23,333)	(23,333)	(23,333)	(23,333)	(23,333)	(23,333)
Cash from Financing	(36,667)	(36,667)	(36,667)	(36,667)	(36,667)	(36,667)	(36,667)	(36,667)	(36,667)	(36,667)	(36,667)	(36,667)
Net Change in Cash	(24,341)	(74,365)	(101,666)	23,579	(7,331)	(40,886)	(40,639)	(32,825)	24,485	60,032	89,830	18,519
Beginning Cash	537,074	512,732	438,367	336,701	360,280	352,949	312,063	271,424	238,599	263,084	323,115	412,945
Ending Cash	512,732	438,367	336,701	360,280	352,949	312,063	271,424	238,599	263,084	323,115	412,945	431,464

Budget Variance Analysis

FY 2025

Actual results versus the approved budget for the current month, year-to-date, and full-year outlook.

Current Month — Oct 25

	Actual	Budget	Var $	Var %
Total Revenue	455,510	440,816	+14,694	3.3%	FAV
Total Cost of Goods Sold	264,908	260,082	+4,826	1.9%
Gross Profit	190,603	180,735	+9,868	5.5%	FAV
Operating Expenses	157,583	152,500	+5,083	3.3%
EBITDA	33,019	28,235	+4,785	16.9%	FAV
Operating Income	14,686	9,901	+4,785	48.3%	FAV
Net Income	7,353	2,568	+4,785	186.3%	FAV

Year to Date

	Actual	Budget	Var $	Var %
Total Revenue	5,288,980	5,118,367	+170,612	3.3%	FAV
Total Cost of Goods Sold	3,056,211	3,019,837	+36,375	1.2%
Gross Profit	2,232,768	2,098,531	+134,238	6.4%	FAV
Operating Expenses	1,575,833	1,525,000	+50,833	3.3%
EBITDA	656,935	573,531	+83,404	14.5%	FAV
Operating Income	473,602	390,197	+83,404	21.4%	FAV
Net Income	400,268	316,864	+83,404	26.3%	FAV

Full Year (Outlook vs Budget)

	Actual	Budget	Var $	Var %
Total Revenue	6,170,612	6,000,000	+170,612	2.8%	FAV
Total Cost of Goods Sold	3,576,375	3,540,000	+36,375	1.0%
Gross Profit	2,594,238	2,460,000	+134,238	5.5%	FAV
Operating Expenses	1,880,833	1,830,000	+50,833	2.8%
EBITDA	713,404	630,000	+83,404	13.2%	FAV
Operating Income	493,404	410,000	+83,404	20.3%	FAV
Net Income	405,404	322,000	+83,404	25.9%	FAV

Budget Income Statement

FY 2025

Approved operating budget for fiscal year 2025, by month.

	Jan 25	Feb 25	Mar 25	Apr 25	May 25	Jun 25	Jul 25	Aug 25	Sep 25	Oct 25	Nov 25	Dec 25	FY Budget
Revenue
Install & Replacement	282,857	255,918	242,449	255,918	282,857	323,265	336,735	323,265	269,388	242,449	228,980	255,918	3,300,000
Service & Repair	154,286	139,592	132,245	139,592	154,286	176,327	183,673	176,327	146,939	132,245	124,898	139,592	1,800,000
Maintenance Agreements	77,143	69,796	66,122	69,796	77,143	88,163	91,837	88,163	73,469	66,122	62,449	69,796	900,000
Total Revenue	514,286	465,306	440,816	465,306	514,286	587,755	612,245	587,755	489,796	440,816	416,327	465,306	6,000,000
Cost of Goods Sold
Equipment	136,543	123,539	117,037	123,539	136,543	156,049	162,551	156,049	130,041	117,037	110,535	123,539	1,593,000
Materials	75,857	68,633	65,020	68,633	75,857	86,694	90,306	86,694	72,245	65,020	61,408	68,633	885,000
Install & Field Labor	66,754	60,397	57,218	60,397	66,754	76,291	79,469	76,291	63,576	57,218	54,039	60,397	778,800
Subcontractors	24,274	21,962	20,807	21,962	24,274	27,742	28,898	27,742	23,118	20,807	19,651	21,962	283,200
Total Cost of Goods Sold	303,429	274,531	260,082	274,531	303,429	346,776	361,224	346,776	288,980	260,082	245,633	274,531	3,540,000
Gross Profit	210,857	190,776	180,735	190,776	210,857	240,980	251,020	240,980	200,816	180,735	170,694	190,776	2,460,000
Gross Profit %	41.0%	41.0%	41.0%	41.0%	41.0%	41.0%	41.0%	41.0%	41.0%	41.0%	41.0%	41.0%	41.0%
Operating Expenses
Sales & Office Salaries	65,000	65,000	65,000	65,000	65,000	65,000	65,000	65,000	65,000	65,000	65,000	65,000	780,000
Vehicles & Fuel	22,500	22,500	22,500	22,500	22,500	22,500	22,500	22,500	22,500	22,500	22,500	22,500	270,000
Advertising & Marketing	20,000	20,000	20,000	20,000	20,000	20,000	20,000	20,000	20,000	20,000	20,000	20,000	240,000
Occupancy	12,500	12,500	12,500	12,500	12,500	12,500	12,500	12,500	12,500	12,500	12,500	12,500	150,000
Insurance & Bonds	15,000	15,000	15,000	15,000	15,000	15,000	15,000	15,000	15,000	15,000	15,000	15,000	180,000
General & Administrative	17,500	17,500	17,500	17,500	17,500	17,500	17,500	17,500	17,500	17,500	17,500	17,500	210,000
Total Operating Expenses	152,500	152,500	152,500	152,500	152,500	152,500	152,500	152,500	152,500	152,500	152,500	152,500	1,830,000
EBITDA	58,357	38,276	28,235	38,276	58,357	88,480	98,520	88,480	48,316	28,235	18,194	38,276	630,000
EBITDA Margin %	11.3%	8.2%	6.4%	8.2%	11.3%	15.1%	16.1%	15.1%	9.9%	6.4%	4.4%	8.2%	10.5%
Depreciation & Amortization	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	220,000
Operating Income	40,024	19,942	9,901	19,942	40,024	70,146	80,187	70,146	29,983	9,901	(139)	19,942	410,000
Interest Expense	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(88,000)
Pre-Tax Income	32,690	12,609	2,568	12,609	32,690	62,813	72,854	62,813	22,650	2,568	(7,473)	12,609	322,000
Net Income	32,690	12,609	2,568	12,609	32,690	62,813	72,854	62,813	22,650	2,568	(7,473)	12,609	322,000
Net Margin %	6.4%	2.7%	0.6%	2.7%	6.4%	10.7%	11.9%	10.7%	4.6%	0.6%	(1.8%)	2.7%	5.4%

3-Statement ForecastIncome Statement & Balance Sheet

Next Twelve Months

Forward twelve months, driven by revenue growth, gross-margin and operating-expense assumptions, and working-capital turns (DSO / DPO / DIO).

Forecast Income Statement

	Nov 25	Dec 25	Jan 26	Feb 26	Mar 26	Apr 26	May 26	Jun 26	Jul 26	Aug 26	Sep 26	Oct 26	NTM Total
Total Revenue	430,204	480,816	589,886	533,706	505,616	533,706	589,886	674,155	702,245	674,155	561,796	505,616	6,781,788
Total Cost of Goods Sold	252,100	284,703	348,622	313,052	291,235	301,778	330,926	380,140	400,280	387,260	323,594	292,025	3,905,714
Gross Profit	178,104	196,113	241,263	220,654	214,381	231,928	258,960	294,015	301,965	286,895	238,201	213,591	2,876,074
Gross Profit %	41.4%	40.8%	40.9%	41.3%	42.4%	43.5%	43.9%	43.6%	43.0%	42.6%	42.4%	42.2%	42.4%
Total Operating Expenses	157,583	157,583	174,918	174,918	174,918	174,918	174,918	174,918	174,918	174,918	174,918	174,918	2,064,342
EBITDA	20,521	38,530	66,346	45,737	39,464	57,011	84,042	119,098	127,048	111,977	63,284	38,674	811,732
EBITDA Margin %	4.8%	8.0%	11.2%	8.6%	7.8%	10.7%	14.2%	17.7%	18.1%	16.6%	11.3%	7.6%	12.0%
Depreciation & Amortization	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	220,000
Operating Income	2,188	20,197	48,012	27,403	21,130	38,678	65,709	100,765	108,714	93,644	44,951	20,341	591,732
Interest Expense	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(7,333)	(88,000)
Pre-Tax Income	(5,146)	12,863	40,679	20,070	13,797	31,344	58,376	93,431	101,381	86,311	37,617	13,007	503,732
Net Income	(5,146)	12,863	40,679	20,070	13,797	31,344	58,376	93,431	101,381	86,311	37,617	13,007	503,732
Net Margin %	(1.2%)	2.7%	6.9%	3.8%	2.7%	5.9%	9.9%	13.9%	14.4%	12.8%	6.7%	2.6%	7.4%

Forecast Balance Sheet (condensed)

	Nov 25	Dec 25	Jan 26	Feb 26	Mar 26	Apr 26	May 26	Jun 26	Jul 26	Aug 26	Sep 26	Oct 26
Cash & Equivalents	413,240	339,590	235,995	271,417	272,380	236,134	200,350	173,538	210,528	286,937	396,084	425,778
Accounts Receivable	501,905	560,952	688,200	622,657	589,886	622,657	688,200	786,514	819,286	786,514	655,429	589,886
Inventory	168,066	189,802	232,415	208,701	194,157	201,185	220,617	253,426	266,853	258,173	215,730	194,683
Total Current Assets	1,153,211	1,160,344	1,226,610	1,172,776	1,126,423	1,129,976	1,179,167	1,283,479	1,366,666	1,401,624	1,337,243	1,280,347
PP&E, net	1,488,333	1,490,000	1,491,667	1,493,333	1,495,000	1,496,667	1,498,333	1,500,000	1,501,667	1,503,333	1,505,000	1,506,667
Total Assets	2,696,544	2,705,344	2,773,276	2,721,109	2,676,423	2,681,643	2,732,500	2,838,479	2,923,333	2,959,958	2,897,243	2,842,014
Accounts Payable	252,100	284,703	348,622	313,052	291,235	301,778	330,926	380,140	400,280	387,260	323,594	292,025
Total Current Liabilities	597,100	629,703	693,622	658,052	636,235	646,778	675,926	725,140	745,280	732,260	668,594	637,025
Long-Term Debt	683,333	670,000	656,667	643,333	630,000	616,667	603,333	590,000	576,667	563,333	550,000	536,667
Total Liabilities	1,280,433	1,299,703	1,350,289	1,301,385	1,266,235	1,263,444	1,279,259	1,315,140	1,321,946	1,295,594	1,218,594	1,173,692
Retained Earnings	1,642,778	1,655,641	1,696,320	1,716,391	1,730,188	1,761,532	1,819,908	1,913,339	2,014,720	2,101,031	2,138,648	2,151,655
Total Equity	1,416,111	1,405,641	1,422,987	1,419,724	1,410,188	1,418,199	1,453,241	1,523,339	1,601,387	1,664,364	1,678,648	1,668,322
Total Liabilities & Equity	2,696,544	2,705,344	2,773,276	2,721,109	2,676,423	2,681,643	2,732,500	2,838,479	2,923,333	2,959,958	2,897,243	2,842,014

3-Statement ForecastCash Flow

Next Twelve Months

Forecast cash flow. The model self-funds operations, capital spending, debt service, and distributions.

	Nov 25	Dec 25	Jan 26	Feb 26	Mar 26	Apr 26	May 26	Jun 26	Jul 26	Aug 26	Sep 26	Oct 26
Operating Activities
Net Income	(5,146)	12,863	40,679	20,070	13,797	31,344	58,376	93,431	101,381	86,311	37,617	13,007
Depreciation & Amortization	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333	18,333
Change in Accounts Receivable	29,524	(59,048)	(127,248)	65,543	32,771	(32,771)	(65,543)	(98,314)	(32,771)	32,771	131,086	65,543
Change in Inventory	8,539	(21,736)	(42,613)	23,714	14,545	(7,028)	(19,432)	(32,809)	(13,427)	8,680	42,444	21,046
Change in Accounts Payable	(12,808)	32,603	63,919	(35,571)	(21,817)	10,543	29,148	49,214	20,140	(13,019)	(63,666)	(31,570)
Change in Accrued Liabilities	0	0	0	0	0	0	0	0	0	0	0	0
Cash from Operations	38,442	(16,983)	(46,929)	92,089	57,630	20,420	20,882	29,855	93,656	133,076	165,814	86,360
Investing Activities
Capital Expenditures	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)
Cash from Investing	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)	(20,000)
Financing Activities
Debt Principal Payments	(13,333)	(13,333)	(13,333)	(13,333)	(13,333)	(13,333)	(13,333)	(13,333)	(13,333)	(13,333)	(13,333)	(13,333)
Owner Distributions	(23,333)	(23,333)	(23,333)	(23,333)	(23,333)	(23,333)	(23,333)	(23,333)	(23,333)	(23,333)	(23,333)	(23,333)
Cash from Financing	(36,667)	(36,667)	(36,667)	(36,667)	(36,667)	(36,667)	(36,667)	(36,667)	(36,667)	(36,667)	(36,667)	(36,667)
Net Change in Cash	(18,224)	(73,650)	(103,595)	35,423	963	(36,246)	(35,784)	(26,812)	36,990	76,409	109,148	29,694
Beginning Cash	431,464	413,240	339,590	235,995	271,417	272,380	236,134	200,350	173,538	210,528	286,937	396,084
Ending Cash	413,240	339,590	235,995	271,417	272,380	236,134	200,350	173,538	210,528	286,937	396,084	425,778

Margin Deep Dive · HVAC

Job Cost, Job Fade & Margin by Revenue Stream

Job fade — the gap between the gross margin you bid and the margin you actually delivered — is where contractor profit quietly disappears. We cost every install job estimate-vs-actual and split margin across install, service, and maintenance, because each stream behaves very differently.

Avg Job Fade

-3.0 pts

estimate → actual

Install GM

32.0%

project-based

Service GM

46.0%

truck-based

Maintenance GM

51.0%

recurring

Worst Fade

-7.5 pts

VRF install #1080

Margin by Revenue Stream

Install, service, and maintenance carry very different margins.

Revenue Stream	Revenue	Direct Cost	Gross Margin $	GM %
Install & Replacement	3,410,000	2,318,800	1,091,200	32.0%
Service & Repair	1,860,000	1,004,400	855,600	46.0%
Maintenance Agreements	930,000	455,700	474,300	51.0%
Total	6,200,000	3,778,900	2,421,100	39.1%

Job Cost — Estimate vs. Actual

Per install job, bid margin vs. delivered margin and the fade between them.

Install Job	Contract	Est. Cost	Actual Cost	Est GM%	Act GM%	Fade
#1042 Rooftop RTU Replace	48,500	33,950	36,200	30.0%	25.4%	-4.6
#1051 Residential Swap	12,800	8,320	8,150	35.0%	36.3%	+1.3
#1058 New-Construction Multi-Zone	86,000	61,920	67,400	28.0%	21.6%	-6.4
#1063 Light Commercial Split	31,200	21,840	22,500	30.0%	27.9%	-2.1
#1071 Heat-Pump Retrofit	18,400	11,960	11,500	35.0%	37.5%	+2.5
#1080 VRF Install	124,000	89,280	98,600	28.0%	20.5%	-7.5
#1086 Boiler Replacement	27,500	18,150	19,300	34.0%	29.8%	-4.2

Margin Deep Dive · HVAC

Technician Productivity & Flat-Rate Margin

Labor is the swing factor in contractor margin — utilization (billable vs. paid hours) is the direct-labor efficiency metric. The flat-rate book only protects margin if its prices keep pace with parts and labor cost; we re-test it whenever input costs move.

Avg Utilization

80.8%

billable ÷ paid hours

Revenue / Tech

$260.6K

trailing 12 months

Below Target

2

Park, Tran

Tasks to Reprice

2

compressor, blower

Technician Productivity & Labor Efficiency

Billable vs. paid hours, utilization, and revenue per tech.

Technician	Billable Hrs	Paid Hrs	Utilization	Revenue	Flag
Reyes	1,520	1,840	82.6%	268,000	ON
Olsen	1,610	1,840	87.5%	295,000	ON
Tran	1,390	1,840	75.5%	232,000	LOW
Boyd	1,455	1,840	79.1%	248,000	LOW
Nash	1,680	1,840	91.3%	312,000	ON
Park	1,210	1,840	65.8%	198,000	LOW
Ibarra	1,540	1,840	83.7%	271,000	ON

Flat-Rate Pricing Margin

Actual cost (parts + tech time) vs. flat-rate book price by task.

Flat-Rate Task	Book Price	Actual Cost	Margin %	Signal
Capacitor Replacement	$189	$78	58.7%	OK
Compressor Replacement	$1,850	$1,240	33.0%	REPRICE
Refrigerant Recharge (2 lb)	$320	$165	48.4%	REPRICE
Blower Motor	$640	$395	38.3%	REPRICE
Thermostat Install	$285	$95	66.7%	OK
Condenser Fan Motor	$410	$240	41.5%	REPRICE

Compressor margin has fallen to 33% as parts costs rose — the flat-rate book needs a refresh.

Margin Deep Dive · HVAC

Vendor Variance, Maintenance Agreements & WIP

Equipment and material price variance tells you when to reprice the flat-rate book. Maintenance agreements are recurring-revenue margin — only valuable when priced above cost to fulfill. And WIP on open jobs catches over/under-billing before it becomes a cash or revenue leak.

Commodities on Alert

3

condenser, copper, R-410A

Agreement Margin

44.5%

blended PM book

Under-Billed WIP

$82K

2 open jobs

Callback / Warranty

$11.4K

1.4% of install revenue

Equipment & Material Vendor Price Variance

Cost trend on key equipment and materials, with repricing alerts.

Equipment / Material	Unit	Prior $	Current $	Δ %	Signal
3-Ton Condenser	ea	$1,180	$1,310	11.0%	WATCH
80k BTU Furnace	ea	$920	$985	7.1%	WATCH
Copper Line Set	ea	$142	$168	18.3%	ALERT
R-410A Refrigerant (25 lb)	ea	$210	$264	25.7%	ALERT
Sheet Metal	lb	$2	$2	(3.8%)	FAVORABLE

Maintenance Agreement Profitability

Recurring agreement revenue vs. cost to fulfill (PM labor + parts).

Agreement Type	Count	Revenue	Cost to Fulfill	Margin %
Residential PM Plans	1,240	372,000	198,400	46.7%
Commercial PM Contracts	85	558,000	318,000	43.0%
Total	1,325	930,000	516,400	44.5%

WIP / Unbilled Job Tracking

Costs incurred vs. billed on open jobs — catches over/under-billing.

Open Job	Costs Incurred	Billed to Date	Over/(Under)	Status
#1080 VRF Install	71,400	58,000	(13,400)	UNDER
#1058 Multi-Zone	52,100	60,000	7,900	OVER
#1091 Chiller Retrofit	38,900	22,000	(16,900)	UNDER
#1095 Rooftop Units (3)	44,200	30,000	(14,200)	UNDER

Two jobs are under-billed by $82K combined — bill completed phases to recover cash. Callback/warranty cost ran $11.4K (1.4% of install revenue).

Contents

Performance Dashboard

Income Statement Analysis

Monthly Income Statement

Monthly Income Statement

Monthly Balance Sheet

Monthly Cash Flow Statement

Budget Variance Analysis

Budget Income Statement

3-Statement ForecastIncome Statement & Balance Sheet

3-Statement ForecastCash Flow