Q3 2026 · One Page Report

A quarter of
deliberate progress.

Three months of focused execution across client delivery, platform expansion and talent. The full story of the quarter — condensed into a single page.

Reporting periodJul 1 — Sep 30, 2026
Prepared forBoard & Partners
ClassificationInternal — Confidential
Read the summary View performance
Executive summary

The quarter in one view

What mattered, what moved, and what we are carrying forward into Q4.

The third quarter was defined by compounding rather than chasing. Revenue grew 12.4% quarter over quarter to $48.2M, driven by deeper adoption across existing accounts and a measured expansion of our advisory practice. Operating income of $9.4M reflects a margin of 19.5% — the strongest in the firm's recent history.

Client health remained the central discipline. Net promoter score settled at 68, retention held at 96.2%, and two of our largest engagements expanded into multi-year programmes. We deliberately slowed new logo acquisition in August to protect delivery quality, a decision that paid for itself in referenceable outcomes.

Operationally, we completed the migration of client reporting to a unified analytics layer, opened our Manchester studio, and closed the quarter with a 84% utilisation rate — leaving headroom without overstaffing.

"The quarter's results are not a surprise — they are the output of a team that chose focus over breadth."
— Managing Partner, Quarterly Review
$0.0M
Net revenue

+12.4% QoQ, ahead of plan by 2.1pts

0
Client NPS

Up 4 points since Q2

0%
Retention

92 of 96 clients renewed or expanded

0%
Utilisation

Healthy margin for Q4 intake

Performance

Revenue momentum, month by month

A steady upward curve across the quarter — September was our strongest month on record.

Monthly revenue — 2026 ($M)

Jan3.1
Feb3.4
Mar3.3
Apr3.9
May4.1
Jun4.3
Jul4.6
Aug4.9
Sep5.7
Monthly net revenueQ3 total: $15.2M

Growth trajectory — revenue index (Q1 2025 = 100)

Q1 25Q3 25Q1 26Q3 26
Highlights

Four moves that shaped the quarter

Every number above traces back to a decision. These are the ones that mattered most.

Clients

Two flagship programmes expanded

Our two largest engagements converted to three-year partnership terms, adding $11M in committed recurring revenue and deepening executive sponsorship on both accounts.

Platform

Unified client reporting launched

Migrated 92 clients onto a single reporting layer — one consistent view of programme performance, cutting monthly reporting effort by roughly 40%.

Finance

Operating margin crossed 19%

Disciplined hiring gates and a renegotiated supplier portfolio lifted operating margin to 19.5% — the highest in firm history — without touching client delivery budgets.

People

18 hires, 9 promotions

Grew the team to 184 with a 94% offer-acceptance rate, and promoted nine people internally — six of them into client-facing leadership roles.

Milestones

How the quarter unfolded

A chronological look at the moments that defined July through September.

July 8

Manchester studio opens

A second delivery hub opened with an initial team of 22, giving us regional depth and a stronger talent pipeline in the north of England.

July 24

Flagship account signs three-year term

The largest engagement in firm history converted from annual to multi-year, adding $6.8M in committed revenue and a joint innovation roadmap.

August 14

Reporting platform migration completes

All 92 active clients moved to the unified reporting layer on schedule, with zero material incidents during cutover.

September 3

Second flagship expansion signed

A second major account expanded into a multi-year programme worth $4.2M, anchored in our new analytics practice.

September 22

Strongest month on record

September closed at $5.7M in monthly revenue — a firm record — with a 92% on-time delivery rate across all engagements.

Outlook

What Q4 is set up for

The quarter ahead, in four commitments — and a word from the Managing Partner.

01

Land two new strategic accounts

A qualified pipeline of $9M sits in late-stage discussion; the goal is two flagship-class wins before year-end.

02

Scale the analytics practice

Hire six analysts and two practice leads to meet demand from the expanded reporting platform.

03

Hold the margin line above 19%

Extend the discipline of Q3: gate hiring to signed work, and renegotiate the two largest supplier contracts.

04

Deliver the annual client forum

Host our largest client gathering in November — 120 attendees across 40 accounts — with a full product preview.