The forecast, in plain English — P&L, cash flow and balance sheet.

Built bottoms-up from confirmed unit economics — not reverse-engineered from a target. Every number here traces to the live model, and the three statements tie: the balance sheet balances in every quarter.

Headline

$2.7M → $134.7M

Q4 2026 (partial year, first quarter of revenue) to FY2031 revenue; FY2027 first full year $16.0M

Q2 2027

EBITDA-positive, sustained

81–83%

Gross margin every year

+$1.2M

Minimum cash (never negative); $67.2M at end-2031 after tax

Annual P&L ($000)

Forecast model v2.6 · fiscal = calendar · FY2026 is the Q4 2026 partial year (Sep–Dec; first quarter of revenue)
Segment	FY26	FY27	FY28	FY29	FY30	FY31
Consumer subscriptions (app)	47	710	2,290	5,250	10,353	16,882
GEM hardware	444	2,435	7,404	14,752	26,816	36,473
Consumer infoceuticals	98	1,351	4,126	9,247	18,121	30,234
miHealth devices	338	2,453	3,585	4,626	5,905	7,488
BWS purchases & rent-to-own*	618	4,600	9,378	12,859	16,953	22,105
Practitioner wholesale consumables	1,172	4,494	7,480	11,204	15,812	21,544
Total revenue	2,715	16,042	34,264	57,937	93,960	134,726
COGS	484	2,793	5,980	10,451	17,425	25,148
Gross profit	2,231	13,249	28,284	47,486	76,535	109,579
Total OpEx	2,692	11,570	20,609	32,537	50,625	70,457
EBITDA	(461)	1,679	7,675	14,948	25,910	39,122
Depreciation & amortization	(114)	(258)	(311)	(396)	(496)	(588)
Income tax (~25% blended*)	0	(212)	(1,841)	(3,638)	(6,354)	(9,633)
Net income	(575)	1,209	5,523	10,914	19,061	28,900

*BWS line combines upfront purchases ($20,000), rent-to-own down payments ($3,997), $397/mo streams and early-buyout payments. Gross margin: 82.2% (FY26) to 81.3% (FY31). EBITDA margin reaches 29% by FY31 (after a disciplined, cash-funded R&D reinvestment from 2027). This is a modeled blended gross margin: COGS already reflects payment processing (~2%), fulfillment and certification/onboarding costs — not bill-of-materials only. *Tax is a blended ~25% (federal + state) on EBIT after the Company's own loss carryforwards, treated as paid in the quarter accrued; the acquired ~$3M subsidiary tax loss is excluded from the base case (usability under review) — upside if usable.

Cash flow ($000)

Annual cash-flow statement · model v2.6 · quarterly detail in the workbook
	FY26	FY27	FY28	FY29	FY30	FY31
Operating (EBITDA − cash taxes − working capital − inventory build)	(1,068)	814	5,589	10,975	19,059	28,952
Investing (capex)	(100)	(200)	(300)	(500)	(500)	(500)
Financing (the $5M SAFE, Sep–Nov 2026)	5,000	0	0	0	0	0
Cash at year end	3,832	4,446	9,734	20,209	38,768	67,220

Cash is never negative: the low point is $1.21M in Q3 2026, between the two closes of the single $5M round. The founder bridge (Harry finances pre-close working capital, peak ≈$0.82M) is repaid at first close from the round’s proceeds. No further financing is assumed anywhere in the plan.

Balance sheet ($000, year end)

Derived directly from the model — no new assumptions; assets equal SAFE + equity in every quarter
	FY26	FY27	FY28	FY29	FY30	FY31
Cash	3,832	4,446	9,734	20,209	38,768	67,220
Net trade working capital	107	261	506	842	1,340	1,877
Inventory (GEM safety stock)	500	1,000	1,000	1,000	1,000	1,000
PP&E, net	92	248	450	768	985	1,110
Acquired intangibles, net ($3.2M cost, 15-yr amortization)	3,093	2,880	2,667	2,453	2,240	2,027
Total assets	7,625	8,835	14,358	25,272	44,333	73,233
SAFE (converts to equity; no interest, no maturity)	5,000	5,000	5,000	5,000	5,000	5,000
Class B Preferred (founder asset contribution, at cost)	3,200	3,200	3,200	3,200	3,200	3,200
Retained earnings / (accumulated deficit)	(575)	635	6,158	17,072	36,133	65,033
Total SAFE + equity — the company carries no debt	7,625	8,835	14,358	25,272	44,333	73,233

How to read it. The opening balance sheet is deliberately simple, because the company is new: the acquired intangibles come in at the $3.2M cost the founder's holding company actually paid (booked with no uplift — the $15–20M founder-contribution figure is narrative context, never booked), matched by the $3.2M Class B Preferred issued for them. There is no debt: no seller note, no royalty, no deferred purchase price; legacy liabilities stayed with the old companies. The Stoneburner put is a disclosed contingency, not a liability (base case: not exercised). The legacy NES Health entity balance sheet will be added to the data room on receipt and is available on request.

The base the company starts from (2026)

E4L is a new company, but it does not start at zero. At close, the acquired base was generating — as a current run-rate, not a projection: ~650 active practitioners buying infoceutical consumables wholesale at ≈$450/month each — ≈$292K/month, or ≈$3.5M a year — plus ~100 active BWS system payment streams at $397/month. That run-rate is exactly the forecast's opening input (Q3 2026 wholesale = $292.5K for September, the first revenue month). Everything above that line — the GEM, the app, the new miHealth, FIELD, the film funnel — is new, with zero revenue history, and is presented as stated assumptions. No historical results of the legacy group are presented as the Company's own.

What drives it

Practitioner engine (the anchor)

System sales ramp: ~10/month in Sep 2026 → ~20/month by Dec 2026 → ~30/month by Mar 2027, then compounding with a decaying growth rate. Each salesperson closes ~4 sales/month, so the sales team scales from ~3 to ~32 reps by 2031.
BWS pricing (confirmed): rent-to-own at $3,997 down + $397/month for 60 months, or $20,000 upfront. About 60% of rent-to-own practitioners convert to ownership early.
Wholesale consumables: ~$450/month per active practitioner today, rebuilding to $600/month — the single largest practitioner line, consistent with the acquired base’s current run-rate.
Acquired base: ~650 practitioners transfer with the customer purchase; ~100 have active BWS payment streams. Churn is modeled at 8%/year.

Consumer engine

Film-led funnel: Beyond Medicine (streaming Aug 2026) → GEM app → GEM wearable ($397) → recurring infoceutical funnels (Cell Driver+ at $38, singles $33, Guided $90/mo, a re-scan every 30 days refreshing the three).
Conservative conversion (assumptions, not results): paid traffic at $2.00 CPC held flat; ~1–2% purchase conversion (starts at 1.0%, with the old model's 2.0% treated as an unreached ceiling); ~60% app-subscription attach after trial; and ~8-month initial subscription retention, improving over the plan.

Profitability & cash

Cumulative EBITDA burn to breakeven is only about $0.46M — the acquired base's wholesale plus rent-to-own purchase events fund the ramp. First EBITDA-positive quarter is Q2 2027, sustained thereafter (Q4 2026 and Q1 2027 are roughly breakeven as the R&D reinvestment layer turns on). Cash low point is $1.21M in Q3 2026, between the ordinary rolling closings of the single $5M round (not tranched or milestone-gated), then grows every quarter to $67.2M at end-2031 — stated after tax (v2.6). Harry personally finances working capital before the raise completes.

Downside note. Every stress scenario keeps cash positive with zero spend cuts. With both practitioner sales and consumer conversion down 30% simultaneously, FY2031 revenue is still ~$95.5M, FY2029 EBITDA still +$3.1M, and minimum cash still ~$1.2M. The exposure is growth, not solvency. Paid media is the designated cut-first line if actuals disappoint.

Exit framing

At 8–10× FY2031 revenue of $134.7M, that implies roughly $1.08–1.35 billion enterprise value — consistent with a business at 81% gross margin, 29% EBITDA margin and ~56% recurring-style revenue mix.

Confidential. For accredited investors only. Securities offered under Rule 506(c) of Regulation D; accredited status is verified before any subscription is accepted. Forward-looking projections based on management assumptions; actual results will differ materially. E4L, Inc. is a new company that acquired assets; no historical operating-company revenue is presented as its own track record.