Nathan Latka

You have a lot of different options, but try and simplify this for my audience.

On average, what is a power operator paying you per month or per year to use your technology across all their substations?

Are we talking $20,000 a year or $2 million a year, $20 million a year?

$300,000 per year?

Okay, got it.

And if someone's paying you $300,000 per year, likely how many substations do they have?

Okay.

And if someone's only paying you $50,000 per year, how many substations do they likely have?

And then to keep building that out, so let's say I have 500 substations, I'm paying you a SaaS fee of $50,000 per year.

You're also then going to charge me an implementation fee of about what?

We don't know what percent you're taking.

So 30% of the ACV you just gave me.

Okay, got it.

So the setup just to go live is $150,000 and the recurring fee on the back end is $50,000 per year.

You should have really, really high net dollar retention then because after someone pays a big setup fee, they never should cancel, right?

When did you launch the company?

First customer was in what year?

Okay, so call it 2012, 2013.

Cool.

And since then, no one has started using you and then stopped using you or started you with a thousand substations and then churned down to a hundred substations.