Scaling From Pilot to Platform
(Illustrative growth model – network driven)
Growth Assumptions
- Scaling distributed micro-farm network
- Shift from hardware → recurring platform revenue
- Increasing operating leverage with scale
- Platform & service margins dominate over time
5-Year Projection
| Year | Active Systems | Revenue (€) | Recurring Share | EBITDA | Valuation Logic |
| Y1 | 50 | 0.25 M | 15% | negative | Pilot / validation |
| Y2 | 250 | 1.2 M | 28% | -0.2 M | Early growth |
| Y3 | 1,000 | 4.8 M | 45% | 0.6 M | Scaling phase |
| Y4 | 3,000 | 13.5 M | 60% | 3.8 M | Platform economics begin |
| Y5 | 8,000 | 32 M | 70% | 11.5 M | Infrastructure / platform valuation |
Economic Dynamics
As the network grows:
- Hardware cost per unit ↓
- Platform revenue ↑
- Margins ↑
- Customer lock-in ↑
- Data advantage ↑
Operating leverage emerges strongly after ~1,000 systems
Target Financial Structure (Scale Phase)
- Gross margin: 55–70%
- Recurring revenue: >60%
- Platform-driven EBITDA growth
- Capex intensity declining over time
Valuation Logic
| Stage | Typical Logic |
| Early | Technology / system value |
| Growth | Revenue multiple |
| Scale | Platform / infrastructure multiple |
Platform-stage companies with recurring revenue and network effects typically command significantly higher valuation multiples than hardware-driven businesses.
Investor Outcome Logic
Return driven by:
- Recurring revenue scaling
- Network expansion
- Platform valuation shift
- Strategic exit or long-term yield