The forecast holds revenue, EBITDA and cash on one screen. Octane is profitable on the way in, so the raise funds growth, not survival.

Platform and demand take just over half the raise. The inventory line is a revolving float that seeds marketplace supply, not spent capital. Team at 7 percent and G&A at 3 percent round it out.

Revenue moves from S$118M to S$520M, over four times the base. Margin expands as the asset-light fee line grows faster than the trade book.

Marketplace closes carry the growth because Octane never takes title. The 2025 cohort closed 15 cars with zero liability claims, the proof the fee model holds before it scales.

The marketplace take-rate walks from 2.6 to 3.7 percent and clears above 80 percent contribution. Trade, consignment and services compound across a 30-month ownership window per buyer.

Gross profit per car is nearly seven times blended acquisition cost, so payback lands inside one transaction. The channel supplies demand at zero marginal cost.

Gross margin walks from 16 to 28 percent as the 80 percent contribution fee line outgrows the trade book. The lift is structural, not a pricing bet.

Because the marketplace never holds the car, cost of sales falls as a share of revenue every year. The trade book stays disciplined at 85 cars so COE swings do not rewrite the model.

The founder-led channel feeds qualified demand at zero marginal cost. Paid search is capture-only, catching high-intent viewers months after the first watch.

Channel mix leans on owned and earned reach. Paid is the smallest slice and runs as capture, not the primary engine.

PwC-trained operating discipline keeps overhead flat as a share of revenue. G&A takes just 3 percent of the raise because the founders and advisors already carry the load.

Platform v1 ships in Q2 2026 with paid inspections, verified condition reports and buyer checkout. The Q3 take-rate test defends the next round.

Revenue per head runs high because the founder-led channel does the acquisition. The team budget funds the regional GMs and platform leads the founding trio cannot cover alone.