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
1. Why keep the same metrics in the same order every month?
- ○ It looks more formal
- ✓ It lets investors see trends without extra work
- ○ Investors require it legally
- ○ It shortens the email
A consistent table turns a single update into a time series an investor can track at a glance.
2. What's a red flag in a metrics table?
- ○ Listing headcount
- ○ Runway calculated from cash on hand and burn
- ✓ Runway calculated from projected future revenue
- ○ Showing MoM growth
Runway should reflect cash reality, not hoped-for revenue.