# Three financial models

**UPDATED 15 September 2026 · R2:** Use [MULTISECTOR_R2.md](MULTISECTOR_R2.md) and [Canopy_Multisector_Models_2026-09-15_R2.xlsx](Canopy_Multisector_Models_2026-09-15_R2.xlsx) for the expanded business model. The R1 workbook below remains a separate agriculture/valuation reference.

**Added: 15 September 2026 · Release 2026.09.15-r1**

Open [Canopy_Three_Financial_Models_2026-09-15.xlsx](Canopy_Three_Financial_Models_2026-09-15.xlsx).

1. **Job economics:** converts a sourced US application benchmark into service value, then calculates Canopy and operator contribution only when agreed fees and measured costs are entered. It includes the 0.2ha parcel example from the proposal and a software revenue scale calculation at AcreConnect's published price.
2. **Platform operating model:** October 2026–September2027 monthly account, contract-price, job, GMV, fee, cost and payroll build. No Canopy quantity, price or salary is invented. Missing inputs display `n.a.` rather than zero.
3. **Cash, funding and valuation:** monthly collections/payments and financing roll-forward, cumulative funding requirement, and revenue required for the user's $1bn equity ambition after an explicit net-debt bridge and a supported valuation multiple. There is no default valuation multiple or hypothetical capital raise.

The **Sources** sheet retains values, dates, geography, units, URLs and limitations. Public US prices are benchmarks, not Canopy quotes or Bulgarian cost estimates. All company inputs use USD; retain a documented currency/FX basis for non-US invoices. Record each quote/invoice and owner in the model's evidence register. An explicit documented zero is valid; a missing value is not.

The baseline price data include Iowa State's March 2026 expected custom rates, AcreConnect's annual plan, Stripe US payment/Connect fees, Vercel's advertised minimum and announced financing/acquisition amounts. No paid Canopy invoices, payroll, cohort volumes, supplier quotations or bank balances were provided. Consequently the workbook is a working diligence model with populated benchmarks, not a completed company forecast.

Payment/payout configuration matters. Connect pricing includes an active-account charge, payout charges and a separately listed funds-routing component. The job model asks for the actual allocated total instead of silently assuming a particular payout frequency or omitting charges. Do not apply US fees to a Bulgarian entity without a local quote.

The operating model uses an agent-platform view: service GMV is distinct from recognized platform revenue. Have the actual principal/agent and materials/tax treatment reviewed before statutory reporting. Cash collections and payments must consistently include or exclude operator pass-through, according to the settlement arrangement. Annual SaaS recognition does not imply monthly collections.

Formula verification covers area conversion, zero versus missing fees/costs, operating arithmetic, cash roll-forward and restoration of all temporary test inputs. Recalculation and export are checked in the authoring engine; native Microsoft Excel has not been exercised in this environment.

**ACCURACY UPDATE · 15 September 2026 · R2.1:** Public benchmark amounts were rechecked and remain unchanged. The R1 workbook retains its explicitly dated July2026 DroneDeploy announcement reference. Current acquisition status is completion reported9September2026; see S46–47 in the current source register. Do not repeat the historical “closing not verified” wording as current status. No company forecast or autonomy deployment budget has been filled.