Runway

Assessment
Net burn today
Gross burn
Break-even reached in
Cash left at break-even

How it works

Gross burn is everything going out; net burn is what is left after revenue. Runway is cash divided by net burn — but only if revenue stays flat, which for a growing company it does not.

Modelling revenue growth changes the answer substantially. A company burning heavily today but growing 10% a month may reach break-even well before the cash runs out, while a flat-revenue company with the same burn simply hits zero on schedule.

Net burn = costs − revenue · Runway = cash ÷ net burn, with revenue compounding monthly

  • Gross burn — total monthly operating costs
  • Net burn — gross burn less monthly revenue
  • Runway — months until cash reaches zero

Worked example

24,000,000 in the bank, 4,200,000 monthly costs, 1,800,000 revenue growing 4% a month against costs growing 2%

Inputs

Cash24,000,000
Monthly costs4,200,000
Revenue1,800,000
Revenue growth4%
Cost growth2%

Results

Runway10 months
Net burn today2,400,000
AssessmentCash runs out in month 10

Revenue is growing twice as fast as costs and it still is not enough — the gap starts too wide. Raising revenue growth to 8% closes it before the money runs out, which is the entire fundraising conversation.

Frequently asked questions

When should I start raising?

Conventional advice is to begin with nine to twelve months of runway left, because a raise routinely takes three to six months and negotiating from a position of scarcity costs you terms. Below six months, your leverage is largely gone.

Should I use gross or net burn for runway?

Net, since revenue genuinely offsets costs. Watch gross burn too, though — it shows what happens if revenue stalls, which is exactly when runway matters most.

Why does the growth rate change the answer so much?

Because it compounds. At 8% a month revenue nearly doubles in nine months, which shrinks net burn every single month. Flat revenue produces a straight-line drawdown; growing revenue produces a curve that may never reach zero.

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