*Sample context. Ask Nessie "Draft my investor update from this month's conversations" to generate one of your own.*

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## The Numbers

- Revenue: $47K MRR (up from $39K in March, +21%)
- Paying customers: 412 (+48 net new, 2.1% churn)
- Runway: 14 months at current burn

Raw numbers look good. The story underneath is messier.

## What Actually Happened This Month

**The win I didn't see coming.** Two customers on the power-user tier brought in 11 paying referrals between them. Back-channel through their companies, unprompted. Might be the start of real word-of-mouth, might be a fluke — will know by May.

**The loss I saw coming.** Enterprise pilot with Acme stalled after their procurement froze all software spend under $100K. Not about us. Their CFO told Mark the freeze runs through end of Q2. I'm not counting on them re-engaging before September.

**The one I keep not wanting to say out loud.** Our activation rate on new signups is still 38%. I've said we'd fix this "next month" in three separate updates now. Still working on it.

## Asks

1. **Intros to mid-market B2B buyers in regulated verticals** — financial services, healthcare, legal. Our product fits; our ICP is too broad. Narrowing via intros, not outbound.
2. **Feedback on the pricing experiment I described on Slack last week.** Two of you have opinions, two haven't responded. Need to decide by April 30.

## What I'm Worried About

Not going to bury the lede: the next 60 days are going to be the hardest of the year. If word-of-mouth doesn't hold, if the activation fix keeps slipping, and if Acme stays frozen, we'll feel it in May's numbers. I'd rather you hear the shape of this now than in a scrambled June email.

If you have time for a call this month, I'll take it.
