# Northwind Logistics Software, Inc.

## Board of Directors — Quarterly Business Review

### Q1 2026 Board Deck (Excerpt)

**CONFIDENTIAL — PREPARED FOR THE BOARD OF DIRECTORS**

*Excerpt prepared for management discussion. This document is internal company analysis (DD-output reference material) and is not a customer or third-party agreement.*

| | |
|---|---|
| **Company** | Northwind Logistics Software, Inc. (Delaware C-corp) |
| **Headquarters** | Columbus, Ohio |
| **Reporting Period** | Q1 2026 (quarter ended March 31, 2026) |
| **Meeting Date** | February 2026 |
| **Presenter** | Signatory A, Chief Executive Officer |
| **Distribution** | Board of Directors; Executive Leadership (internal only) |
| **Classification** | Internal — DD Output / Reference Material |

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## Slide 4 — Business Highlights (Q1 2026)

> **"Strong momentum. Record bookings. Durable, blue-chip customer base."**

- **Annual Recurring Revenue (ARR): $41.2M** as of March 31, 2026, up from prior-year ARR on the strength of multi-year enterprise expansions.
- **Record bookings quarter** anchored by the **Cobalt Retail Group** multi-year prepaid commitment — a **$28.8M total contract value** (36-month term) **invoiced and cash-collected in full in January 2025**. Management views this as a landmark validation of the platform and a meaningful boost to in-period revenue.
- **Net revenue retention** remains healthy across the enterprise segment; gross logo churn negligible among contracts above $1M ARR.
- **Cash position strengthened** materially by the Cobalt prepayment, extending runway and reducing reliance on the Series B facility.

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## Slide 5 — ARR Composition & Top Accounts

ARR by customer as of March 31, 2026 (figures in USD):

| # | Customer | ARR | % of Total ARR |
|---|----------|-----|----------------|
| 1 | Meridian Freight Corporation | $12,400,000 | 30.1% |
| 2 | Cobalt Retail Group | $9,600,000 | 23.3% |
| 3 | Harbor Foods Distribution, LLC | $6,800,000 | 16.5% |
| 4 | Granite Manufacturing Co. | $4,500,000 | 10.9% |
| 5 | Tidewater Distribution N.V. | $3,100,000 | 7.5% |
| — | Long-tail (47 SMB accounts) | $4,800,000 | 11.7% |
| | **Total ARR** | **$41,200,000** | **100.0%** |

- **Top customer (Meridian Freight): 30.1% of ARR.**
- **Top three customers: 69.9% of ARR.**

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## Slide 6 — Customer Concentration: Management View

**Management Assessment: Concentration is manageable and stable.**

1. **Meridian Freight (30.1% of ARR)** is our flagship reference account, in production across its national freight network on a **three-year agreement running through December 31, 2027**, billed annually in advance. Management characterizes this as a **multi-year, contracted, high-switching-cost relationship** and considers the concentration **manageable** given the contract tenor and deep operational integration.

2. **Cobalt Retail (23.3%)** is **prepaid through December 31, 2027**, removing near-term collection and renewal risk and reinforcing revenue visibility.

3. **Harbor Foods (16.5%)** and **Granite Manufacturing (10.9%)** round out a diversified enterprise tier; the long-tail (11.7%) provides additional balance.

> Management's position: with the two largest accounts (Meridian and Cobalt, together 53.4% of ARR) under multi-year terms extending into 2027, **the concentration profile is well-mitigated by contract duration** and presents no material near-term revenue risk.

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## Slide 7 — Revenue Quality & Recognition

- **Cobalt Retail prepaid ($28.8M / 36 months):** cash collected up front in January 2025; the engagement was treated as a transformative bookings event for the quarter recognized. Management notes the prepayment's positive impact on both reported revenue trajectory and ARR quality.
- **Billing mix:** Meridian (annual in advance), Cobalt (prepaid), Harbor Foods (annual), Granite (quarterly in arrears), Tidewater (annual) — a predominantly advance-billed enterprise book.
- **Outlook:** Management expects continued ARR expansion from upsell within the installed enterprise base and a healthy new-logo pipeline in the mid-market shipper and 3PL segments.

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## Slide 8 — Key Risks & Watch Items (Management View)

| Risk | Management Assessment |
|------|-----------------------|
| Customer concentration | **Manageable** — top accounts under multi-year contracts through 2027 |
| Competitive pressure (mid-market TMS) | Monitored; differentiated by route-optimization capabilities |
| Hiring / R&D capacity | On plan; engineering headcount tracking to budget |
| Macro freight-volume softness | Limited exposure given subscription (not usage) pricing |

*No customer-termination, change-of-control, or contract-portability items are flagged in this excerpt.*

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## Slide 9 — Summary & Recommendation

- **$41.2M ARR**, record bookings quarter, strengthened balance sheet.
- Enterprise base anchored by multi-year contracts; **concentration deemed manageable**.
- Recommendation: continue current go-to-market investment and pursue further multi-year enterprise expansions.

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**Presented by:**

Signatory A
Chief Executive Officer
Northwind Logistics Software, Inc.
February 2026

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*Exhibit reference: Detailed ARR by customer and recognition schedules are maintained in the internal finance workbook (ARR schedule, as of March 31, 2026). This excerpt is internal management analysis prepared for the Board and is classified as DD-output reference material.*