HeronTrack’s revenue increased by 30% between 2024 and 2025. The 2026-2030 financial plan assumes continued strong growth, with revenue expected to increase by approximately 40% in 2026 and by approximately 60% in both 2027 and 2028.

This acceleration is expected to be driven by the commercial expansion of the recurring Tracking-as-a-Service model.

Projected revenue evolves as follows:

Gross margin remains high throughout the period, increasing from approximately €547,000 in 2026 to €3.26 million in 2030.

Projected EBITDA evolves from -€34,647 in 2026 to €44,913 in 2027, before reaching approximately €423,000 in 2028, €1.11 million in 2029 and €2.16 million in 2030.

The plan therefore provides for a move to positive EBITDA from 2027 onwards, followed by a significant improvement in profitability thanks to the scaling effect of the SaaS/TaaS model.

Contract duration and loan repayment

HeronTrack’s customer contracts are mainly concluded for a period of 36 months, while the loan is repaid over 60 months. The company’s ability to meet the full repayment schedule will therefore depend in part on its capacity to renew existing contracts, maintain a controlled churn rate and continue generating new business.

This should be considered alongside the company’s current commercial indicators: more than 90% recurring revenue, an announced churn rate below 1% and strong historical and projected growth. In addition, as principal and interest are repaid monthly, more than half of the initial capital is scheduled to have already been repaid by the end of the first 36 months.

HeronTrack's strategy now consists of allocating new capital primarily to commercial growth rather than to a significant increase in the technical structure.

Artificial intelligence is integrated into software development, lead generation and qualification as well as several internal processes. In parallel, the company uses an integrated environment for its CRM, sales, marketing, finance, subscriptions, support and human resources.

The objective is to enable recurring revenue to increase faster than fixed costs and headcount.

The plan notably provides for the gradual strengthening of the commercial team: a first additional commercial profile in 2026, followed by new resources as international expansion progresses.

The financial plan provides for revenue growth from approximately €596k in 2026 to €3.69m in 2030, accompanied by a strong increase in profitability.

In the longer term, management targets approximately €20m in ARR. Under this assumption, it estimates that a strategic acquisition by an industrial or technology player could constitute the most likely exit scenario.

The identified potential acquirers notably include groups active in telematics, industrial IoT, construction software, solutions for equipment rental companies and, more broadly, industrial technologies.

The scorecard is a tool designed to help investors make more informed decisions when considering investments in start-up companies. It provides an overview of a company's current situation. Developed by Spreds, it offers an objective score based on a defined set of key factors, often identified by academic research as indicators of a start-up's potential for success. The documents provided by the project owner were received by Spreds and made available to (potential) investors. The content of these documents was not analyzed by Spreds nor Spreds Finance.