Raydiant Financial Model
Marketplace Startup Financials (Free Excel Download)
B2B SaaS platform ("OS for real-world experiences") that delivers digital signage, touch kiosks, virtual agent software, music, and content management via a proprietary hardware + cloud subscription bundle.
professionals from Deloitte
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About this model
Raydiant is a B2B platform for real-world customer experiences, combining digital-signage hardware with cloud subscriptions for screens, kiosks, content, music, and virtual-agent applications. Its operating system and app marketplace let locations manage visual experiences from one platform.
Revenue combines one-time hardware sales with recurring per-screen or per-location software fees, with marketplace and music services as additional layers. The deck showed 91% net dollar retention overall and 107% for customers with three or more screens, highlighting expansion within multi-location accounts.
The model uses customer cohorts, screens per customer, subscription price, expansion, and churn to build ARR, with hardware units modeled separately for revenue and COGS. Installation, support, app-marketplace attachment, and device margin sit beneath the recurring business. Multi-screen adoption and retention are the key operating levers.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About Raydiant
raydiant.com
How to build a detailed financial model for Raydiant
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Raydiant model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Proprietary hardware device ("Raydiant Link" - Intel compute stick running RaydiantOS, an embedded Linux-based OS) combined with a cloud platform.
- Core modules: Modern Digital Signage, Touch Kiosk Solution, Virtual Agent Software, Infotainment, Interactive Content, B2B Music, App Marketplace, Automated Content (e.g. automated digital menu updates).
- Two sub-products visible: Raydiant Experience Platform (customer-facing) and SecondScreen by Raydiant (workplace/internal).
- Key differentiator vs. legacy (BrightSign, Four Winds, Scala): fully integrated OS+hardware, 5-min onboarding vs. months for incumbents, IoT-optimized, fleet management at scale, kiosk + virtual agent features competitors lack.
- Positioning: "What Meraki did for WiFi / Samsara for trucks / Square for POS / Roku for streaming - Raydiant does for real-world experiences."
Market
- >250M screens sold per year globally
- >50% of those screens sold to businesses
- $1.2T total opportunity (own the chain - software + services across entire business chains)
- Stage 1 "Own the Screen" (digital signage software): $32B opportunity
- Stage 2 "Own the Store" (full in-location experience platform): $410B opportunity
- Stage 3 "Own the Chain" (enterprise fleet + data play): $1.2T opportunity
- Source cited: 2018 Living Room Set Top Box Data from eMarketer (for B2C comparables)
- No CAGR or market growth rate provided.
- SAM/SOM not explicitly broken out.
Revenue model
- Hardware sale: Raydiant Link device (x86 compute stick).
- Software subscription: per-screen/per-location SaaS recurring fee. Subscription tiers implied by pricing column in competition table (Raydiant = "$$", cheaper than legacy "$$$$$/$$$$$$" and more expensive than nothing).
- App marketplace: revenue share from third-party apps (implied by "Robust App Marketplace" feature).
- B2B Music & Music Videos Service: separate service add-on.
- Channel: direct sales (VP Sales role named) + presumably self-serve for SMB.
- Pricing: Not quantified in deck (no ASP, no ACV, no per-screen monthly fee stated).
Traction & metrics
- Overall NDR (all customers): 91%
- NDR for customers with 3+ screens: 107%
- % of new subscriptions with 3+ screens: 37% (2018) → 40% (2019) → 56% (2020 YTD)
- Data window: February 2018 – August 2020
- NDR benchmarks shown for context: SurveyMonkey 80%, Xero 87%, HubSpot @ IPO 93%, SurveyMonkey "organizational" 95%, Shopify @ IPO 101%, Square @ IPO 110%
- No revenue figures (ARR, MRR), customer count, or growth rate stated in deck.
- Customer logos across Retail/QSR, Banking, Health & Wellness, Hospitality, DOOH, Education segments: Wahlburgers, Pizza Ranch, Bank of America, Red Bull, Planet Fitness, Treasure Island Las Vegas, Harvard, Princeton, Dover Downs Casino, Farm Stores, First Bank, Liberty Bank.
Unit economics
- No CAC, LTV, gross margin, or payback period stated in deck.
- Qualitative: 3+ screen customers show net dollar expansion (107% NDR implies negative churn in that cohort).
- No ARPU or per-screen economics disclosed.
Competition / moat
- Direct competitors named: Enplug, ScreenCloud (cloud-first); BrightSign, Four Winds Interactive, Scala (legacy).
- Raydiant advantages claimed:
- Only competitor with Kiosk Designer, Virtual Agent Platform, B2B Music, Automated Content, POS Integration, LTE Support, Automated Content Services.
- Embedded OS (RaydiantOS) vs. app on Windows/Android for all others.
- 5-min onboarding vs. 30–45 min (ScreenCloud) to months (legacy).
- IoT-optimized OS flag: unique to Raydiant among listed competitors.
- Moat: proprietary hardware+OS stack, app marketplace lock-in, fleet management for enterprise chains, D2D (device-to-device) control channels for coordinated multi-screen experiences.
Team & funding ask / use of funds
- Bobby Marhamat - CEO; prior COO at Revel, CRO at Highfive, SVP at Verizon/Revel
- Tuan Ho - CPO; Co-Founder/CEO at Philo, Harvard '09
- Cameron Essalat - VP Sales; prior VP Sales at MindTickle, VP Sales at Catchpoint Systems
- Mak Tadavani - VP Operations; prior VP Global Operations at Revel, Head of Operations at Target
- David Phipps - VP Engineering; prior Symantec, VP Cloud Engineering at Oracle, Sr. Dir. Eng. at Amazon
- Jack Abraham - Founder; Atomic (lead investor implied); Co-Founder TalkIQ/VoiceAI (acq. Dialpad $50M), Founder/CEO Milo (acq. eBay $75M)
- Mark Wahlberg - Advisor; co-owner of Wahlburgers (also a customer)
Recommended financial model
- Archetype + why: B2B SaaS with hardware attachment - subscription ARR model with one-time hardware revenue layer. The business is screen-subscription driven (per-screen/per-location MRR), making a SaaS ARR cohort model the right core, with a separate hardware unit-economics module. The app marketplace and B2B music are secondary revenue lines.
- Forecast horizon & granularity: 5-year annual (FY2021–FY2025), with monthly detail for Year 1–2 to capture cohort retention curves. Data available back to Feb 2018; model should anchor to Aug 2020 actuals.
- Key drivers & assumptions:
- Screen/subscription count (new adds per period)
- ARPU per screen per month
- NDR - all customers: 91%
- NDR - 3+ screen customers: 107%
- Mix shift: 3+ screen % of new subscriptions: 56% as of 2020 YTD,
- Hardware ASP
- Hardware attach rate: 1 device per screen subscription
- Hardware gross margin
- Software gross margin
- CAC
- Payback period
- Headcount-driven OpEx (sales, engineering, ops)
- Scenarios (Base / Bull / Bear - which variables flex):
- Bear: NDR stays at 91% (all-customer level); mix shift to 3+ screens stalls; hardware margin compression.
- Base: NDR improves to ~95% as 3+ screen mix reaches 65%+; software margin expands.
- Bull: NDR reaches 107%+ (3+ screen cohort dominates); marketplace revenue accelerates; chain-level enterprise deals close at higher ACV.
- Flex variables: NDR, 3+ screen mix %, new logo adds/month, ARPU per screen, hardware ASP.
- Required sheets / outputs:
- Assumptions dashboard (all drivers in one place)
- Subscription cohort model (monthly intake × NDR curve, split all-customer vs. 3+ screen)
- Revenue build: hardware one-time + software recurring + marketplace/music
- Gross profit bridge (hardware vs. software margin blended)
- P&L (Income Statement)
- Headcount & OpEx schedule
- Cash flow / burn rate (given early-stage profile)
- NDR benchmarking table (as shown in deck, keeps model honest)
- Scenario toggle (Bear / Base / Bull)
Frequently asked
Is the Raydiant financial model free?+
Yes. The Raydiant model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from Raydiant's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
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