Module 02 · The investor update~20s dwell · weight 12
Key metrics table
Give the five numbers that let an investor track the business without a call: ARR, growth rate, burn, runway, headcount.
YC's investor update guide treats the metrics table as the section investors scan first and reread most.
Include
- ARR or MRR with month-over-month change
- Cash burn per month
- Runway in months
- Headcount
- Same metrics every month, same order, so trends are visible
Cut
- Metrics that change definition month to month
- Metrics that make the company look good this month but weren't reported last month
Red flags a reader notices
- Runway calculated on projected revenue instead of cash in the bank
- A metric dropped from the table the same month it turned negative
Pitfalls behind them
- Reporting bookings instead of ARR without saying so
- Rounding burn down to make runway look longer
60-second self-test
- · Would this table read the same if I compared it to the one I sent three months ago?
- · Does runway match burn divided into cash on hand, or did I round it?
Template
ARR: $X (+Y% MoM) | Burn: $X/mo | Runway: X months | Headcount: X | [one more metric specific to the business]
Weak
"Things are looking pretty strong on the metrics side, revenue keeps growing and we're being careful with cash."
Strong
"ARR: $196K (+38% MoM) | Burn: $312K/mo | Runway: 11 months | Headcount: 14 | Countries active via Slack: 96"
Nimbus Payroll's table is five numbers, no adjectives, and the same five numbers every month.
Quick quiz
Pick an answer. Nothing is graded, and correct answers stay hidden until you choose.
1. Why keep the same metrics in the same order every month?
2. What's a red flag in a metrics table?