Investment memo

Acme Corporation sells a yard operating system and, when a site is ready, driver-out moves on electric tractors that we do not manufacture. The buyer is the VP of transportation and the DC general manager. The job is docks-per-hour on the night shift.

Problem

Inside the building a WMS knows every tote. Outside, a lead spotter works a radio and a whiteboard. Trailers wait. Outbound waves slip. The night shift turns over. The analog yard is now the constraint on an otherwise automated DC.

Product

We sell the operating system first. Vehicles are optional. A site that already owns spotter trucks can run Acme software on the existing fleet.

Three pieces ship today: a live yard graph, dispatch that assigns a tractor to a door that will actually be free, and on-vehicle perception for gate-to-dock moves that stay inside the fence. Public-road hops stay human. Snow, standing water, and unmarked construction still fall back to a driver.

Traction

14 paying customers, 31 live yards, 41 people. FY 2025 recognized $4.18M. H1 2026 $4.06M. TTM $6.72M. June 2026 annualized run-rate $9.72M. First profitable month May 2026 at $42K net income. Q2 recognized grew +166.7% year over year.

The two largest accounts were 38% of H1 2026 recognized. That is disclosed on the company page and funded as a second delivery pod in the use-of-funds memo. Pipeline is $19.4M unweighted / $6.41M weighted. Pipeline is management-qualified and contingent. It is not recognized revenue, not invoiced, and not part of the run-rate.

Unit

A site license is annual, recognized ratably, plus optional tractor hours billed by the manufacturing partner. We do not take vehicle inventory and we do not quote a vehicle gross margin as if it were ours. June gross margin was 64% because the mix is software.

Why Jordan Hale

Jordan spent eight years on off-highway autonomy at Caterpillar, then four years at Amazon Robotics building the software that sequences work inside fulfillment centers. The bottleneck was never the robot arm. It was the yard outside the building — unmanaged, analog, and the reason outbound trailers sat for hours.

Risks

• Customer concentration. The two largest accounts were 38% of H1 2026 recognized revenue. The plan funds a second delivery pod so a single delayed go-live cannot flatten a quarter.
• Union and safety sign-off. Every live site required a joint safety review. We do not deploy a driver-out tractor until the local committee has ridden along. That is a feature. It is also a calendar risk.
• Hardware optionality. Customers ask us to sell the tractor. We will, through a partner. We will not take inventory risk or a vehicle gross-margin story into the next board meeting.
• Weather and edge cases. Snow, standing water, and unmarked construction zones still fall back to a human. The product is measured on docks-per-hour, not on a claim of full autonomy.

The round

General surfaces say Series A and stop. The use-of-funds memo is the only page that models a plan size, because every allocation needs a denominator.