Three-year model
Where we should be vs. feel free.
CFO Case from the shared financial model. Launch October 15, 2026; fiscal year runs October–September.
Headline
The numbers that set the raise.
55.4% gross margin
Assumption — finalizing34.5% of net revenue
Assumption — finalizingPeak burn ($6.31M) in FY2 Q3, plus $500K cushion
Assumption — finalizingFirst positive EBITDA month 24
Assumption — finalizingSide by side
Easy Days against the category leader.
| Metric | FY1 (Oct-26–Sep-27) | FY2 | FY3 | feel free (est.) |
|---|---|---|---|---|
| Net revenue | $2.22M | $9.69M | $29.10M | $200.00M |
| Gross margin | 51.4% | 53.8% | 55.4% | 63.6% |
| EBITDA | ($4.40M) | ($632K) | $10.04M | n/a |
| Sales & marketing, % of net revenue | 129.7% | 31.9% | 10.6% | 15.0% |
feel free figures are outside estimates at roughly 30,000 doors — not audited results.
Levers
The three moves that shift FY1 EBITDA most.
Rank 1
DTC paid media — daily rate
−$2,000/day after the launch months
+$394K
FY1 EBITDA impact
Rank 2
Velocity
+1.0 unit/store/week (c-store; smoke shop scales with it)
+$389K
FY1 EBITDA impact
Rank 3
Doors added per month
+100 doors/month
+$213K
FY1 EBITDA impact
Drivers
What the model is built on.
Compliance
Where we can legally sell.
Easy Days sells only where legal. Excluded from the addressable-door count: CA and UT, the full-ban states AL, AR, IN, VT, WI, LA, CT, KS, TN, ND, and KY from Jan 1, 2027. Addressable universe ≈ 115–120K legal c-stores + ~30K smoke shops + ~450 FL kava bars.
Addressable legal doors: 147,950
Full detail
Every line of the model, live.
This reads straight from the shared workbook — assumptions, revenue build, COGS, sales and marketing, G&A, P&L, cash, benchmark, trade shows, scenarios, KPIs and checks. Edit the sheet and refresh here; the page follows.