Monthly CFO report · September 2026

Revenue recovered, margin still below where it was in the spring.

What changed

• Margin recovered 0.6 points as the Delmar Packaging price reset took effect mid-month. The full benefit shows in October.
• Freight rose again for Brightwater and Corbin. Together they absorbed about $9,000 of freight in September that other customers pay for.
• Collections slowed. Days to collect rose from 54 to 58, driven almost entirely by Corbin Builders.

What I'd do in October

• Call Corbin Builders about the $141,800 balance before shipping new orders on credit.
• Add a freight line to Brightwater's Q1 renewal.
• Move the three largest discount suppliers to a weekly payment run to capture the 2% early-pay discount.

Figures come from your QuickBooks books as of October 5. Nori Cap provides analysis, not tax, legal or investment advice.

Lender pack · Q3 2026 · prepared for your credit line renewal

Profitable, collecting well overall, with one slow account being worked.

What the bank will ask, and the answer

• Why did days to collect rise to 58? One customer: Corbin Builders' July batch of $141,800. Collection is in progress and new Corbin orders are being paid.
• Why did margin dip in August? Supplier increases and absorbed freight. The largest supplier reset took effect September 15 and margin is already recovering.
• Is the business concentrated? No customer is above 10% of revenue.

Debt balances and covenants come from your loan documents, which aren't in this sample. Nori Cap adds them once you upload the credit agreement.

Sale-readiness · FY2025

Adjusted EBITDA of about $2.21M, if two bookkeeping issues are fixed first.

What a buyer's diligence team will question

• Fix: three balance sheet accounts unreconciled since Q2, with $41,700 unexplained.
• Fix: personal expenses mixed into operating costs.
• Watch: the largest customer is 7.7% of revenue at a 6.2% margin.
• Strength: no customer above 10% of revenue, and every monthly close finished within 15 days.

At a 6.0× multiple, the actioned savings alone add about $1.27M of enterprise value. Multiples vary widely by buyer and market; this is an illustration, not a valuation.