www.sapgoodenergy.com

Building the UK's
natural endurance fuel brand.

A focused, profitable DTC engine. ~£115k / month April run-rate, 50%+ repeat revenue, Hackney Half as fuel partner. 8.6× revenue growth since December. H2 2026: the fall marathon season. 2027+: the category re-definition.

SAP GOOD ENERGY — APRIL 2026 — CONFIDENTIAL

01 — THE TEAM

Two athletes who built the brand they couldn't find on the shelf.
One operator who has scaled this playbook before.

Conor

CO-FOUNDER & CEO

Runner first, founder second. Built SAP out of his own frustration at the start line — every gel on the shelf was maltodextrin, citric acid, and synthetic flavour. None of it was food.

Owns brand, product formulation, and the SAP category narrative
Landed the Hoka Hackney Half fuel partnership (25k runners, May '26)
Voice of the brand on race days, ambassador content, and PR
Lives the product: fuels his own training on SAP25 and SAP40

James

CO-FOUNDER

Endurance athlete. Operator's operator. Built the paid engine from zero, designed the testing framework, and owns the day-to-day commercial machine.

Owns growth, performance marketing, and creative strategy
Scaled Meta + Google from £0 → £500/day at £5–£7 CAC
Architect of the creative-testing cadence and full-funnel measurement
Negotiated the supplier stack: maple, co-mfg, 3PL, cartons

Julien Callède

NON-EXECUTIVE

Co-founder of Made.com — 0 → £450M revenue, IPO 2021. 7 years as COO: operations, supply chain, European expansion. HEC Paris.

Daily & weekly check-ins on ops / strategy / growth
Non-exec / first shareholder at Healf.com
Non-exec / first shareholder at Welleasy.co.uk
Previously Board Decathlon Performance Sports

WHY THIS TEAM

Conor and James are the customer. They built a £1.4M+ ARR DTC in 7 months on their own cash, at £5–£7 CAC, with a repeat engine already compounding — before institutional capital. Julien has scaled this exact playbook from a kitchen table to a listed company. Daily and weekly operating cadence. No gaps. No dead weight.

02 — THE OPPORTUNITY

Endurance nutrition is crowded.
Natural endurance nutrition is empty.

Runners, cyclists and triathletes fuel with maltodextrin, citric acid, and synthetic flavourings — because that's all the shelf offers. We make the only gel built from a single natural carb source: pure maple syrup. No gums. No lab sugars. Clean whole-food fuel that actually tastes like food.

Two SKUs live.
80%+ of revenue from one hero product.

SAP25

THE FLAGSHIP · LIVE

25g carb / 100mg sodium. One organic maple gel in an aluminium pouch. Zero VAT. £27 / case of 10.

HERO — 80% of revenue

SAP40

THE BIGGER HIT · LIVE Q1

40g carb, same clean deck. Built for the 42.2km distance. Launched Q1 '26, 660 units in 90 days, 8% attach to SAP25 basket.

100% LAUNCH SUCCESS

Bottle · Apparel

BRAND SURFACE

Branded soft-flask, race tees, performance socks. Community merch sold around race moments. 1,438 bottles sold to date.

BRAND · NOT CORE P&L

INGREDIENTS IN SAP25 · ORGANIC MAPLE SYRUP · SEA SALT. THAT'S IT.

04 — WHY MAPLE IS THE KILLER INGREDIENT

One ingredient. Unlimited SKU permutations.
A moat no competitor can replicate.

Brands in this category fight for 1% of margin and 2% of brand differentiation. We don't, because we picked the right ingredient. Maple isn't a flavour — it's the foundation of an entire product range that no one else can credibly build.

1

Perfect carb ratio, naturally

Maple is naturally ~2:1 glucose-to-fructose — the exact ratio endurance science engineers into products like Maurten. Maurten pays six figures to lab-engineer this. Maple delivers it for free.

2

Fuel and micronutrients

Manganese, zinc, calcium, potassium, riboflavin. Gels from Maurten / SiS / Gu deliver pure carb. Maple delivers carb plus minerals that athletes already supplement for separately.

3

54+ polyphenols

Maple contains 54 identified antioxidants — compounds with anti-inflammatory and recovery support. The only endurance gel where the carb is also functional.

4

Zero VAT in the UK

Classified as pure food, not processed sports nutrition. 20% instant margin uplift vs. every synthetic competitor. On each new SKU.

5

Brand-defensible

"SAP" owns the word. Any copycat becomes "the other maple one". The ingredient is the IP — and the brand name is the ingredient.

6

Infinitely extendable

Pairs with coffee, matcha, tart cherry, protein, electrolytes. Each extension is a new SKU, same ingredient story, same factory, same supplier. Operational complexity stays flat.

THE UNFAIR ADVANTAGE

Most brands in endurance nutrition spend millions on R&D and marketing to justify a synthetic ingredient the customer already distrusts. We spend thousands on R&D because maple justifies itself. Direct relationship with a Canadian supplier on net-60 terms. No Amazon-exposed middlemen. The ingredient is the product, the brand, and the moat — simultaneously.

05 — SAP TODAY

The brand is already built.
The engine needs capital, not validation.

What's already true

✓ ~7,100 paying customers acquired Sep '25 → Apr 23 '26
✓ ~£115k projected April '26 run-rate · 8.6× since Dec '25
✓ 51% of any given month's revenue is prior-cohort repeat
✓ Official fuel partner, Hoka Hackney Half 2026 (25k runners)
✓ Ships to 40+ countries from a UK 3PL with US warehouse access
✓ 60%+ blended gross margin on DTC
✓ Paid engine profitable at current scale — £5–7 blended CAC, 2×+ ROAS

What we have not done yet

× Scaled daily ad spend past £500/day
× Built a subscription product (currently <10% penetration)
× Lifted AOV to 2-case default (stuck at £28 vs £42 target)
× Activated trail, ultra, cycling, or Ironman audiences
× Run a fall marathon season with full inventory cover
× Launched a single new SKU since January

The next £300k / month is an execution problem. The next £10M / year is a range problem.

06 — IN NUMBERS

April tracking to ~£115k.
8.6× since December — and climbing.

~£115k

Projected April 2026 revenue
vs £13.5k Dec '25 · 8.6× in 4 months

~7,100

Unique paying customers
Sep '25 → Apr 23 '26

£28.20

Blended AOV
Target £42 by end of fall season

+72%

Average M/M since Dec '25
Compound · 4 consecutive months

MONTHLY GROSS REVENUE — GBP

£19k

Sep

£16k

Oct

£4k

Nov

£13k

Dec

£45k

Jan

£56k

Feb

£92k

Mar

~£115k*

Apr*

* April: ~£77k through Apr 23 (today). Full-month projection at current daily run-rate.

ECONOMICS TODAY

· Gross margin: ~60% blended

· Blended CAC: £5–£7

· M+3 LTV (Dec/Jan): £51–£55

· Payback: < 1 month

· Fixed monthly opex: £16.4k

· Current cash: ~£101–106k

· Ad spend: ~£500/day (3–4× headroom)

07 — THE INVENTORY STORY

Every dip in this chart is a supply dip.
The demand curve is a straight line up.

Three months (Oct → Dec) and three weeks of March look soft on the surface. They're not. They're the shape of a brand that kept selling out and couldn't fulfill the demand it was generating.

REVENUE vs INVENTORY STATE

£19k

Sep

£16k

Oct

£4k

Nov

£13k

Dec

£45k

Jan

£56k

Feb

£92k

Mar *

£115k

Apr

In stock · selling

Out of stock / pre-sell only

1

Oct → Dec '25 — Out of stockSep sold out in weeks. We held remaining inventory for subscribers only and stopped active acquisition. Cohort sizes collapse to 37 in Nov — because we stopped selling, not because demand died.

2

Jan '26 — Inventory lands. Engine restarts.1,296 new customers in the first full month back in stock. Same creatives — a 35× jump from Nov just by having product.

3

Mar '26 — 3 weeks of pre-sell onlyOut of stock for 21 days. Pre-sale only. Back in stock the final week — still printed £92k, 1,783 new customers. Real full-stock March = £130k+.

4

Apr '26 — First full-stocked monthFirst month with continuous stock since September. Result: £115k run-rate on the same £500/day ad budget.

THE TAKEAWAY

The only months with continuous inventory and active ads (Jan, Feb, Apr) grew sequentially: £45k → £56k → £115k. Stop being the reason our own growth curve has dips.

08 — COHORT RETENTION

Repeat revenue is not a promise. It's already in the data.

Every cohort since Sep '25 has generated material M+1, M+2, M+3 revenue. Dec and Jan cohorts now sit at £47–£55 LTV by month 3 — roughly 10× payback on a £5 CAC.

Cohort	Size	M0 rev	M+1	M+2	M+3	M+4	M+5	Repeat £	M+3 LTV
● Sep '25 · 658	658	£18,908	£4,131	£1,814	£3,223	£3,676	£3,686	£22,044	£42.7
● Oct '25 · 390	390	£11,942	£1,487	£1,857	£1,876	£1,752	£2,207	£11,378	£41.6
● Nov '25 · 37	37	£573	£22	£44	£93	£72	£44	£314	£19.2
● Dec '25 · 276	276	£8,347	£1,669	£1,709	£2,473	£937	—	£6,788	£51.1
● Jan '26 · 1,296	1,296	£37,430	£12,518	£16,710	£5,032	—	—	£34,260	£51.6
● Feb '26 · 1,326	1,326	£36,008	£15,470	£6,493	—	—	—	£21,962	£43.4
● Mar '26 · 1,783	1,783	£50,425	£5,800	—	—	—	—	£5,800	— tracking
● Apr '26 · ~1,500*	~1,500	~£40k	—	—	—	—	—	—	— through Apr 23

KEY READ

Once we found a working creative in January — and inventory stayed on — the engine didn't just repeat, it compounded. Jan + Feb cohorts alone will return £56k+ in repeat revenue by end of Q2.

NOV '25 — WHY IT LOOKS BAD

Nov saw only 37 new customers at £15 AOV — the small trickle that leaked through while we held inventory for subscribers. See slide 07.

09 — LTV & CPA HEADROOM

At 60% GM, we can afford a £30 CAC
and break even inside 3 months.

DEC '25 COHORT

£51.1

M+3 revenue per new customer

M0 £30 · M+1 £36 · M+2 £42 · M+3 £51

JAN '26 COHORT

£51.6

M+3 revenue per new customer

M0 £29 · M+1 £39 · M+2 £51 · M+3 £56

FEB '26 COHORT

£43.4

M+2 so far, tracking to >£50 by M+3

M0 £27 · M+1 £39 · M+2 £43

TARGET M+6 LTV

£80

With 2-case default + 30% sub + range expansion

Implies CAC room up to £48 at 60% GM

CPA GUIDANCE

At our strongest cohorts (Dec + Jan) we hit £51–£55 LTV at month 3. With a 60% gross margin, we can pay up to £30–£33 blended CPA and break even in the first 90 days. Our current CPA is £5–£7 — 4–6× of CPA headroom. Range expansion is additive: every new SKU lifts LTV without lifting CAC.

10 — THE FULL RANGE

9 SKUs by FY '28.
One ingredient. One factory. Every endurance moment.

Nine products built from the same ingredient story, on the same co-mfg line, shipped by the same 3PL. Pre, during, post. Gel, drink, bar. Caffeine, no caffeine, recovery. Together they cover every moment in an athlete's week.

SKU

Use case / moment

Launch

Target price · 10-pack

SAP25 · maple gel · 25g carb

The flagship · live since Sep '25

During · all endurance

LIVE

£27

SAP40 · double-dose gel · 40g carb

Marathon + Ironman fuelling rate

During · long distance

LIVE Q1 '26

£32

SAP Coffee · natural caffeine gel · 75mg caff

First maple + coffee-extract gel, ever

Before · race-day surge

Q3 '26

£30–33

SAP90 · resealable trail gel · 90g carb

The only natural big-pack gel on market

During · trail / ultra / bike

Q3 '26

£50–70

SAP MIX · natural drink mix · 45g carb + electrolytesThe cycling / Ironman unlock · dehydrated SAP
During · bottle / flask
Q3 '26
£30–40

SAP Matcha · matcha + maple gel · 50mg clean caff + L-theanine

Gen Z / clean-caffeine · first matcha endurance gel

Snack · before · morning

Q4 '26 drop · Q1 '27 full launch

£30–35

SAP MIX Coffee · caffeinated drink mix

Liquid coffee for during-effort fuelling · the cyclist's secret weapon

During · bottle · long ride

Q2 '27

£32–42

SAP Recovery · maple + tart cherry · post-session

Moves us into recovery · extends LTV

After · recovery

Q3 '27

£30–37

SAP Bar · natural maple-krispie bar · 40–50g carb

First all-natural endurance bar · solid fuel for cyclists + trail

Before · during · on-bike

Q4 '27

£35–45

SAP HOME · refillable maple system

Changing the form factor of syrup + gels · early R&D

Home · daily · all athletes

2028 ambition

TBD

SAME MAPLE · SAME FACTORY · SAME 3PL · SAME BRAND · OPERATIONAL COMPLEXITY STAYS FLAT

11 — THE 2026 LAUNCHES · DEEP-DIVE

Three SKUs in one quarter.
Each one fills a distinct whitespace.

CAFFEINE · PRE + DURING

SAP Coffee

SAP25 base + natural coffee extract + salt · 75mg caffeine · zero VAT · 1 sachet

The first maple-based caffeine gel ever made. Caffeine gels are already ~30% of the total gel category — but every single existing one uses synthetic caffeine anhydrous and a maltodextrin / citric acid base. Athletes pinch their noses to get them down. We taste like maple syrup with a coffee finish.

Target retail£30–33 / 10-pack

Unit cost£0.70 / sachet

Gross margin~58%

Closest compMaurten Caf-100 (synthetic)

Attach-rate target25%+ of new carts

LaunchQ3 '26 · fall marathon

VOLUME · DURING LONG

SAP90

90g carb · 500mg sodium · resealable aluminium pouch · recyclable

The only natural big-pack gel on the market. Ultras, gravel rides, Ironman — an athlete can burn through 15–30 gel sachets per event. SAP90 solves the waste problem (resealable, one pouch = 2–3 servings) and the cost problem. Gu Roctane exists but is synthetic + citric. Nothing natural exists at this format.

Target retail£50–70 / 10-pack

Unit cost£1.30 / sachet

Gross margin~62%

Closest compGu Roctane (synthetic)

Audience unlockTrail, ultra, Ironman

LaunchQ3 '26 · summer ultras

HYDRATION · DURING

SAP MIX

Dehydrated maple + salt + potassium + magnesium + calcium + natural lemon · 45g carb / 500mg sodium

The only all-natural endurance drink mix on the market. Skratch is maltodextrin. Maurten DRINK is synthetic. Precision Hydration is lab-engineered. We dehydrate our own maple, add clean electrolytes, and deliver drinkable SAP. "James and I tried a sample in Mallorca and wow — it was crack." (Verbatim, Conor's roadmap doc.)

Target retail£30–40 / 10-pack

Unit cost£0.90 / serving

Gross margin~68%

Closest compSkratch / Precision (synthetic)

Audience unlockCycling, Ironman, bottle users

LaunchQ3 '26 · peak season

THE COMBINED IMPACT

Three SKUs ship the same quarter. +£10 estimated AOV lift from cross-sell. +3× addressable audience (caffeine users + trail/ultra + cycling). All fall-season ready. Total R&D + first-run cost: £140k.

12 — THE 2027+ RANGE

Where SAP stops being a brand
and becomes the category.

2026 is three SKUs in one quarter. 2027 is four more. Each one opens a new revenue vector without a new ingredient story. Matcha. Caffeinated drink mix. Recovery. Bar. Same maple. Same factory. Same brand.

GEL · PRE / SNACK

SAP Matcha

SAP25 base + matcha powder · 50mg clean caffeine + L-theanine · no jitters

The first matcha endurance gel ever. Opens the Gen Z, Pilates, clean-caffeine crossover that no traditional endurance brand can touch. Limited Q4 '26 drop for hype, full launch Q1 '27.

Price£30–35 / 10-pack

LaunchQ4 '26 drop · Q1 '27 full

LIQUID · DURING

SAP MIX Coffee

SAP MIX base + natural coffee extract · drinkable, caffeinated carb for during-effort bottle

The cyclist's secret weapon. Sip-your-caffeine during long rides. No other brand makes a natural liquid caffeinated carb. Opens 4-hour+ session use cases that gels can't address.

Price£32–42 / 10-pack

LaunchQ2 '27

GEL · POST / RECOVERY

SAP Recovery

SAP25 base + tart cherry concentrate · anti-inflammatory polyphenols · after-session

Moves us into the post-session moment. Tart cherry is the best-studied natural recovery compound. Paired with maple's 54 polyphenols, it's the only natural recovery gel that actually does something.

Price£30–37 / 10-pack

LaunchQ3 '27

SOLID · BEFORE / DURING

SAP Bar

Rice krispies + maple syrup + maple powder + salt · 40–50g carb · 200mg sodium · zero gunk

The first all-natural endurance bar. Solid pre-session or on-bike fuel. Every competing bar is dates + protein powder + binders. This is rice krispies + maple. That's it.

Price£35–45 / 10-pack

LaunchQ4 '27

R&D · AMBITION

SAP HOME SYSTEM

2028+ ambition. Change the form factor of maple syrup and gels entirely. A refillable home system: concentrated maple base, reusable dispenser, portable sachets. Like Soda Stream for endurance fuel — but with the most functional food ingredient on the planet.

RANGE IMPACT BY FY '28

9 SKUs live. Every moment, every sport, every format covered. The only brand with this matrix, anywhere.

13 — HOW WE REDEFINE THE INDUSTRY

Every moment. Every format. Every caffeine level.
One ingredient story.

Our competitors have breadth (SiS: 30+ SKUs) or depth (Maurten: 3 SKUs, purist). No one has both. With £800k, we do — because maple extends without breaking the brand.

	BEFORE Pre-session · race morning	DURING · SHORT Marathon · 10k · tempo	DURING · LONG Ultra · Ironman · bike	AFTER Recovery · within 30min
GEL	SAP Coffee Q3 '26 · 75mg caff	SAP25 LIVE · the flagship	SAP40 LIVE · SAP90 Q3 '26	SAP Recovery Q3 '27 · tart cherry
DRINK MIX	SAP MIX Coffee Q2 '27	gel territory	SAP MIX Q3 '26 · bottle / flask	future extension
SOLID	SAP Bar Q4 '27	gel territory	SAP Bar Q4 '27 · on-bike	future extension
SNACK / XSELL	SAP Matcha Q1 '27 · Gen Z crossover	—	—	—

MAURTEN

3 SKUs. Purist but synthetic. During-only. We beat them on naturalness, match on purity.

SIS / GU / CLIF

30+ SKUs each. Synthetic everything. We beat them on clean, match on breadth by '28.

STYRKR / PF&H

"Clean carbs" but maltodextrin. No gel, no bar, no recovery. We beat them on naturalness, breadth, and brand.

"No brand in endurance nutrition has this matrix. In five years, SAP is to maple-based endurance fuel what Gatorade was to sports drinks."

14 — THE DEMAND SIGNAL

Customers are already asking for
what we haven't built yet.

We're not building ahead of the customer. We are building one step behind them. Every proposed SKU in this deck came from an inbox, a DM, a podcast call-out, or a Conor-at-a-race-gate conversation.

INTERNATIONAL PULL

40+

Countries already ordering — zero international advertising. Orders come in from the US, UAE, Australia, Germany, Switzerland without a single targeted impression.

COFFEE DEMAND

#1

Most-requested SKU in customer DMs for 6+ months running: "When is SAP Coffee coming?" We haven't launched it yet. Customers are asking monthly.

HACKNEY HALF

25k

Runners will try SAP at the May '26 Hoka Hackney Half activation. Largest single trial event in UK endurance nutrition this year.

I've been waiting for SAP Coffee since the day I found you. If it's not out by Berlin I'm rioting.

— Marathon runner · Instagram DM

Please tell me you're making this as a drink mix. On a 5-hour ride I can't shoot gels forever.

— Ironman athlete · Customer email

If Maurten had an organic, cleaner cousin, SAP is it. Finally a brand that doesn't taste like a chemistry set.

— Sub-3 marathoner · Strava comment

THE READ

Every new SKU on our roadmap has a validated pull before we ship a single unit. Launch risk is not "will they buy?" — it's "can we make enough?" That's a capital problem, not a product problem.

15 — REVENUE COMPOSITION

Every month, more than half the revenue
is old customers coming back.

Month	Total rev	From new	From prior cohorts	Repeat share	Orders	Blended AOV
Dec '25	£13.4k	£8.3k	£5.1k	38%	457	£29.4
Jan '26	£44.7k	£37.4k	£7.3k	16%	1,609	£27.8
Feb '26	£55.8k	£36.0k	£19.8k	35%	2,013	£27.7
Mar '26 · partial stockout	£91.8k	£50.4k	£41.4k	45%	3,186	£28.8
Apr '26 · through Apr 23	~£77k	~£40k	~£37k	48%	~2,750	£28
Apr '26 · full-month projection	~£115k	~£55k	~£60k	52%	~4,100	£28

THE MECHANIC

Each month's revenue = new acquisitions × AOV + compounding stack. By April, our compounding stack alone prints ~£60k — more than the entire brand did across Dec '25.

RANGE EXPANSION IMPACT

Every new SKU multiplies this stack. SAP Coffee attach to Jan+Feb cohorts = +£15k/mo incremental repeat revenue by Q4. Compounding, not additive.

16 — STRATEGIC FRAMING

One product today. Nine by '28.
All on the same ingredient story.

WHAT WE DON'T DO

× Bar built on dates / pea protein (not maple)
× Powdered pre-workout (not maple)
× Electrolyte tablets (no ingredient angle)
× BCAAs, creatine, recovery shakes
× Middle East + APAC shipping in 2026
× Line extensions outside the maple story

WHAT WE DO

✓ 9 SKUs all on SAP DNA (maple + 1–2 clean ingredients)
✓ UK-first 2026 · US 2027 · EU 2028
✓ Broaden audience (trail, ultra, cycling, Ironman)
✓ Scale paid from £500 → £1,500/day profitably
✓ Default PDP to 2 cases — lift AOV to ~£42
✓ Subscribe-and-save as default · >30% new-customer penetration

The brands that compound in this category win on focused product extension and a tight supply chain — not sprawling category jumps. Huel extended into crisps and bars, not cereal and protein shakes. We extend into coffee, matcha, tart cherry — not bars made of peas.

17 — DEMAND-SIDE EXPANSION

From May, we stop being
a marathon brand.

May ends UK spring-marathon season. Summer peaks for trail, ultra, cycling, and Ironman — four sports with higher per-session nutrition needs. Same factory, 4× the demand surface. SAP90 + SAP MIX make this expansion product-led, not just marketing-led.

Road Marathon

Current core — keep

London, Manchester, Brighton. 5–6 gels / race. SAP25 + SAP40 + SAP Coffee.

Trail & Ultra

Unlocked Q3 by SAP90

UTMB, Lakeland, SDW100. 15–30 gels / event. SAP90 + SAP Coffee core.

Cycling

Unlocked Q3 by SAP MIX

Sportives, Zwift, bikepacking. SAP MIX in the bottle. SAP Bar on the bike.

Triathlon / Ironman

Unlocked Q4

3 disciplines, extreme fuelling needs. SAP MIX Coffee (Q2 '27) is the killer.

HOW WE DO IT

Onboard 5 ambassadors per sport. Paid creatives shot on-format. Affiliate structure with merch + monthly retainer. Product unlocks audience: SAP90 is why trail comes. SAP MIX is why cycling comes. SAP MIX Coffee is why Ironman comes.

18 — THE WINDOW

Fall marathon season
is where we take the category.

July build-up → Sept / Oct / Nov peak. Berlin, Chicago, NYC, London, Paris. 12+ weeks of training blocks. New SKUs shipping — Coffee, 90, MIX — right as intent peaks.

JUL '26

Launch wave 1

SAP Coffee + SAP90 + SAP MIX in market. Early testing with ambassadors. Creative ramps.

AUG '26

Proof points

Winning creatives per SKU. Bundle tests. Sub flows per product. Spend ramps £1k/day.

SEP '26

Peak opens

Spend £1–1.5k/day. Berlin + Bristol races. Matcha drop announced. Target: £300k/mo.

OCT '26

Peak

London + Chicago + Frankfurt. Matcha limited drop. Race-week bundles.

NOV '26

Exit

NYC + Athens. Full-range checkout experience. Raise priced on realised numbers.

INVENTORY

PO6 Q2: 15k SAP25 + 7.3k SAP40 = £550k product. New SKUs (Coffee, 90, MIX) first runs land July.

AD ENGINE

8–12 creatives / week. Producer hire under James. Per-SKU creative pods. Blended ROAS ≥ 2.0×.

LIFECYCLE

2-month athlete flow. Range-expansion sub tiers (Coffee-only, MIX-only, Variety). Sub penetration ≥ 30%.

19 — PATH TO £300K / MONTH

Three levers on existing range.
Range expansion is the fourth — and the biggest.

Lever	Today (Apr)	September '26	Multiplier	Revenue contribution
New customers / month	~1,900	4,200	2.2×	£170k (new)
Blended AOV	£28	£42	1.5×	bundled in new + repeat
Daily ad spend	£500	£1,300	2.6×	enables new-cust lever
Repeat-revenue stack	~£60k / mo	£130k / mo	2.2×	£130k (repeat)
+ Range expansion uplift	—	+£40k / mo	new	Coffee · 90 · MIX cross-sell
→ September run-rate	£170k new + £130k repeat + £40k range			£340k / mo

1 · ACQUISITION

£1.3k/day × ~£6 CAC = 4,200 new / mo.

2 · AOV

2-case default · bundles · upsell = £42.

3 · SUB / LTV

30% sub penetration · race-linked.

4 · RANGE

Coffee + 90 + MIX = +£40k/mo attach revenue.

20 — SELF-FUNDING vs CAPITAL

The business funds its own steady-state growth.
Capital is for the velocity step-change.

At 60% gross margin, £115k / month throws off enough contribution to fund ops, current ads, and re-orders of SAP25 / SAP40. What it can't fund is the step-up needed to win fall season and launch three new SKUs in the same quarter.

SELF-FUNDED PATH

Current range · steady growth

Funded from current operations:

✓ £500/day ad spend on SAP25 + SAP40
✓ Fixed opex (£16.4k/mo)
✓ PO6 recovery (£210k committed)
✓ Hackney Half activation
✓ Continued cohort compounding

Trajectory: ~£2M revenue in 2026 · profitable from Q3 · 2–2.5× / year on own cash.

CAPITAL-ACCELERATED PATH

Range expansion · inventory depth · US warmup

Needs outside capital:

⚡ Inventory depth — 8+ wk cover fall (£320k)
⚡ Ad scale-up — £500 → £1,500/day
⚡ SAP Coffee + SAP90 + SAP MIX — £140k R&D + first runs
⚡ Matcha Q4 drop — £30k
⚡ Creative producer + CRM hire

Trajectory: £3.5M+ in 2026 · £6M in '27 · £14M in '28 · cash-positive Q4 · US launch Q2 '27.

THE CHOICE IS ABOUT VELOCITY, NOT VIABILITY

We build a great business either way. With £800k of pre-seed capital, we build the category-defining business. Missed fall 2026 = missed £2M+ of compounding cohort revenue in 2027.

21 — UK → US → WORLD

The best DTC endurance brand in the UK.
And the future best in the US.

Demand isn't our problem — focus is. We already ship to 40+ countries; international interest lands in the inbox every week. The UK is the 2026 focus. The US is the 2027 prize. Europe and APAC are 2028+.

2026

UK category ownership

5 SKUs live. Win fall season. Hackney Half, London, Manchester. 4-sport demand surface.

2027

US launch · range extension

UK 3PL already has US warehouse. Matcha + MIX Coffee + Recovery + Bar launch. Seed round at £20M val.

2028

EU + SAP HOME

Dedicated EU fulfilment. Berlin, Paris, Amsterdam activations. SAP HOME R&D delivers. ~£14M revenue.

2029+

APAC & Middle East

Japan (marathon), Australia (endurance), UAE (Dubai circuit). Regional partners.

SIGNAL TODAY

Orders from 40+ countries despite no international advertising. DMs weekly from US runners asking when we launch.

US UNLOCK

Same 3PL partner — same operating system. No new ops build, just inventory transfer + US creative + US ambassadors.

THE DISCIPLINE

We will not open new markets until the UK engine is spending £1k+/day profitably. One market at a time.

22 — THE RAISE

£800k pre-seed at £5M pre-money.
Three new SKUs. Full fall season. Cash-positive Q4.

USE OF FUNDS

£320k

Inventory depth · fall marathon

£240k

Paid media scale-up · Jul–Nov

£140k

SAP Coffee + SAP90 + SAP MIX launch

£100k

Team · producer + CRM · matcha drop

RUNWAY

Funds fall season + three new SKUs + post-peak operations. Cash-flow positive by Q4 '26.

PROJECTED TRAJECTORY

Period	Monthly run-rate	ARR equiv
Now (Apr '26)	~£115k	£1.4M
Jul '26 (launches)	£190k	£2.3M
Sep '26 — target	£340k	£4.1M
Dec '26	£280k	£3.4M · post-peak
FY '27 plan	£500k+	£6M+ · US launch + 4 new SKUs

23 — FINANCIAL TRAJECTORY 2026 → 2030

From £2M to £60M in 5 years.
Solid plan to 2028. Ambition beyond.

£2M

FY '26

£6M

FY '27

£14M

FY '28

£30M

FY '29

£60M

FY '30

← COMMITTED PLAN ·························· AMBITION →

Line	2026	2027	2028	2029 *	2030 *
Revenue	£2.0M	£6.0M	£14.0M	£30M	£60M
SKUs live	5	8	9	10+ HOME	10+ HOME
Gross margin %	60%	62%	63%	64%	65%
Gross profit	£1.2M	£3.7M	£8.8M	£19.2M	£39.0M
EBITDA %	−10%	5%	15%	18%	22%
EBITDA	−£0.2M	£0.3M	£2.1M	£5.4M	£13.2M
Strategic focus	UK · fall · Coffee + 90 + MIX	US launch · +Matcha + MIX Coffee + Recovery + Bar	UK mature · US scale · EU	EU mature · SAP HOME	APAC · ME · category leader

* 2029 & 2030 are ambition: US scaling at UK '26 pace, EU + APAC partner-led, SAP HOME hitting market.

2028 EBITDA £2.1M at 5× rev multiple = £70M valuation · 14× return on pre-seed.

24 — COMPARABLES

Clean-category re-foundings
produce category-leading exits.

Brand	Category re-founded	Ingredient story	Outcome	Multiple
RXBar	Protein bar	"No B.S." / whole food	Kellogg's 2017 · $600M	~6× revenue
Liquid Death	Canned water	Aluminium · plastic-free	Last round · $1.4B val	~10× revenue
Huel	Meal replacement	Plant-based whole food	Last round · $560M val	~4× revenue
Puresport	CBD / recovery	Natural / endurance	Private · profitable	—
Surreal	Cereal	High protein / no sugar	Series A '23	—
Styrkr	Endurance carb mix	"Clean carbs" · maltodextrin	Est. £5M+ ARR · 2024	Direct comp

WHY NOW

Sports-nutrition brands consolidating: Science in Sport, Maurten, Styrkr all raising or acquiring. The "natural" wedge is open, defended only by maple's ingredient lock-up.

OUR MOAT

Category-defining name ("SAP"), direct maple supplier relationship, Hackney Half fuel partnership, 9-SKU pipeline on one ingredient story, and a repeat-revenue engine compounding.

25 — RISKS & MITIGATION

What keeps us honest.

1

Post-spring-marathon revenue drop (May–June)Marathon training stops. Revenue could dip 20–30% before fall.Mitigation → Multi-sport expansion (trail, cycling, Ironman) starts May 1. SAP90 + SAP MIX targeted specifically.

2

Inventory outlays squeeze cash in MayPO6: £165k outflow vs £90k inflow.Mitigation → Renegotiated supplier terms (net-60 co-mfg + maple + bulk cartons) move ~£30k of May spend to June/July.

3

Three SKU launches in one quarterExecuting Coffee + SAP90 + MIX simultaneously is real operational load.Mitigation → All three run on same co-mfg line + same ingredients story + same 3PL. No new supplier, no new factory, no new brand.

4

Stockout into peakRunning out in Sep–Nov would kill a multi-quarter revenue cycle.Mitigation → PO6 lands Q2 with 8+ weeks cover. PO7 placed July. Maple on net-60 enables second-position inventory without cash drag.

THANK YOU

Let's build the brand that
redefines endurance nutrition
together.

conor@sapgoodenergy.com · james@sapgoodenergy.com · www.sapgoodenergy.com

SAP GOOD ENERGY · APRIL 2026 · CONFIDENTIAL

APPENDIX — CASH POSITION (APR 24 → END JUNE)

Tight, but controllable.

STARTING CASH

£101–106k

Bank £55k · Shopify +£23k · PayPal +£8k · VAT £15–20k

INCOME APR → JUN

£195–201k

£2.5–3.5k / day · ~£90k / month · pre-season steady

EXPENSES APR → JUN

£317k

Fixed £35k · fulfilment £33k · ads £33k · inventory £210k

EXPENSE BREAKDOWN

Fixed opex

£35k

Tools / SaaS

£6k

Fulfilment

£33k

Paid ads

£33k

Inventory

£210k

END POSITION, NO RAISE

−£10k to −£20k

Within ~£20k of fully covered. Shifting ~£25k of May inventory to June flips positive — the raise is for growth, not survival.

INVENTORY VALUE UNLOCKED

£550k+

Revenue equivalent of PO6 (15k SAP25 + 7.3k SAP40). Sets up fall with full cover.

APPENDIX — MONTHLY RETENTION HEATMAP

Every cohort. Every month. Every pound.

Cohort	Size	Sep '25	Oct '25	Nov '25	Dec '25	Jan '26	Feb '26	Mar '26	Apr '26*	Total
● Sep '25	658	£18,908	£4,131	£1,814	£3,223	£3,677	£3,686	£4,441	~£2,500	~£42,380
● Oct '25	390	—	£11,942	£1,487	£1,857	£1,876	£1,752	£2,207	~£3,700	~£24,821
● Nov '25	37	—	—	£573	£22	£44	£93	£72	~£75	~£879
● Dec '25	276	—	—	—	£8,347	£1,669	£1,709	£2,473	~£1,600	~£15,798
● Jan '26	1,296	—	—	—	—	£37,430	£12,518	£16,710	~£8,600	~£75,258
● Feb '26	1,326	—	—	—	—	—	£36,008	£15,470	~£11,100	~£62,578
● Mar '26	1,783	—	—	—	—	—	—	£50,425	~£9,900	~£60,325
● Apr '26*	~1,500	—	—	—	—	—	—	—	~£40,000	~£40,000
Monthly total	~7,100	£18,908	£16,073	£3,874	£13,449	£44,696	£55,767	£91,798	~£77,500	~£322k

* Apr '26 partial (through Apr 23). Full-month Apr projected at ~£115k, Apr cohort ~1,900 new customers.

APPENDIX — THE MARKETING FLYWHEEL

Paid · ambassadors · subscription.
Three engines, one compounding loop.

PAID MEDIA

James + creative producer (Q1 hire)

· £500 → £1,300/day peak
· CAC: £5–£7 blended
· Creative velocity: 8–12/wk
· Blended ROAS: ≥ 2.0×
· Per-SKU creative pods from Q3 '26

AMBASSADORS

Lara · 5 ambassadors per sport

· Road · Trail · Cycling · Triathlon
· Unlimited product + monthly retainer
· ≥ 15% DTC revenue attributed by Q4
· CAC per ambassador: ≤ £50
· Each new SKU seeded to full roster

LIFECYCLE

CRM hire · 2-month athlete flow

· Sub penetration: ≥ 30%
· M+3 sub retention: ≥ 70%
· LTV:CAC M+6 ≥ 3.0×
· Subscriber-only drops (Coffee · MIX · matcha)
· Range-specific sub tiers (Q3 '26)

THE LOOP

Paid ads → ambassador content validates the brand → subscriber flows convert the repeat → repeat revenue funds more paid → range expansion multiplies every step. April tracking to £115k, ~£60k from customers we've already paid to acquire. Each new SKU is a new attach-rate opportunity against the existing base.

Building the UK'snatural endurance fuel brand.

Two athletes who built the brand they couldn't find on the shelf.One operator who has scaled this playbook before.

Endurance nutrition is crowded.Natural endurance nutrition is empty.

Two SKUs live.80%+ of revenue from one hero product.

One ingredient. Unlimited SKU permutations.A moat no competitor can replicate.

The brand is already built.The engine needs capital, not validation.

What's already true

What we have not done yet

April tracking to ~£115k.8.6× since December — and climbing.

Every dip in this chart is a supply dip.The demand curve is a straight line up.