Every company the machine owns, published as a deal. Revenue, EBITDA, cash, status. This is the dashboard the white paper promises, in its pre-TGE form: management-reported today, attested and on-chain before the token.
Run-rate configuration, not GAAP. GCUC, CCE, and Napkin Digital on 2025 full-year results; Rock Solid/Innerflow on 2026 actuals through April, annualized.
Platform basis: CCE closed April 2026; GCUC, Rock Solid, and Innerflow closed at the Q2/Q3 2026 boundary.
Each company on the platform is a deal: its revenue, its EBITDA, its basis of preparation, its status. Cards are weighted the way the platform is: by revenue.
Underground-utilities and full-site developer founded 1999. ~200 employees, 248-unit equipment fleet (cost basis $66.8M), ~$118M remaining backlog.
Day-1 platform of the Florida construction roll-up. Grading and sitework operator anchored by a 25+ year relationship with Lennar Homes; ~$28.8M trailing-twelve-month revenue to April 2026.
Two complementary operators referred to Napkin by CCE itself. The flywheel working. Annualized on 2026 actuals through April due to seasonality.
The digital operating group: Levector (LATAM media), Skynet / Napkin India (engineering), and Napkin Labs (EmberTribe, Podsicle, Jamm Media, Task Magic.
Partial-year figures for in-year acquisitions: Jamm Media joined in November 2025 and Task Magic in December 2025, so FY2025 reflects weeks, not twelve months, of their revenue.
Platform revenue and EBITDA, decomposed by deal. The mix is the message: one large anchor, three smaller companies, nothing hidden in an “other” bucket.
The run-rate above is a configuration. These are the consolidated GAAP actuals for Napkin Global: losses printed at full size, because a dashboard that only shows the good numbers is a brochure.
Per the shareholder update's FY2021–FY2025 summary table, post-divestiture basis. EBITDA was negative in every year shown.
| Operating activities | ($2,250,870) |
| Investing activities | ($1,521,332) |
| Financing activities | $3,205,472 |
| Net change in cash | ($566,730) |
Cash at December 31, 2025: $262,188
| Revenue | $6,792,349 |
| Cost of goods sold | $3,389,043 |
| Gross profit | $3,403,305 · 50% |
| Total expenses | $4,927,162 |
| EBITDA | ($495,464) |
| Net loss | ($1,506,919) |
| Opco EBITDA before holdco overhead | $580,000 |
Napkin Global consolidated GAAP, twelve months ending Dec 31, 2025, unaudited. The operating companies were EBITDA-positive at roughly +$0.58M before holdco overhead; the consolidated figure carries the management layer the construction platform is built to absorb. Statements do not reflect a full year for Jamm (Nov 2025) or Task Magic (Dec 2025).
The consolidated position at December 31, 2025 (pre-construction) beside the estimated consolidated position for Q3 2026, with the construction platform closed. Both published, side by side.
Estimated consolidated balance sheet based on March/April 2026 figures adjusted for the new capital structure and cash left at close.
Total assets $9.75M → $207.9M · Equity $1.66M → $69.2M
Revenue and EBITDA for the construction roll-up's combined operators. Actuals are solid. Forecasts are hatched, labeled, and organic-only. No projected M&A is baked into any bar.
Combined operators of the construction roll-up (pro-forma; actuals for 2024–2025, forecast 10% growth in 2026 and 15% in 2027–2028 from cross-selling, up-selling, and geographic expansion: organic only, no projected M&A).
The construction platform is financed by a listed, secured bond program: published here field by field, because the debt above the token deserves the same disclosure as the equity behind it.
| Program | EUR 500M senior secured asset-backed ETN program |
| Initial series | ~EUR 150M |
| Coupon | 8% fixed (deferrable to maturity) |
| Maturity | 15 Feb 2033 + two optional 5-year extensions |
| ISIN | XS3265939077 |
| Listing | Vienna Stock Exchange (private placement) |
| Issuer | PM Alpha DAC (Ireland) |
| Trustee | Waystone |
| Paying agent | BNY Mellon (Dublin) |
| Sub-arranger | Plurimi Wealth (Monaco/Dubai) |
| Sub-advisor | IDC (Delaware) |
| Security | First-ranking liens over operating assets (fleets, vehicles, machinery, receivables, contracts); sponsor equity fully subordinated |
Underwriting basis: ~USD 149.8M revenue, ~USD 32.7M EBITDA, ~USD 33.1M net fixed assets across the four target companies; USD 5.8–10.1M identified integration uplift
The record includes divestitures, write-offs, and dissolutions. The honest scoreboard most acquirers never publish.
| Company | Region | Date | Status |
|---|---|---|---|
| PV Labs | US | Dec 2021 | Divested to sellers for stock back |
| TIM | Ecuador | May 2022 | Divested to sellers for stock back |
| Levector | Ecuador | Jun 2022 | Current |
| No Limits Creative | US | Jun 2022 | Sold |
| Skynet Solutions | India | Aug 2022 | Current |
| AWA | Ecuador | Nov 2022 | Divested to sellers for stock back |
| Santuario | Ecuador | Nov 2022 | Written off |
| Freelance | US | Nov 2022 | Divested to seller for stock back |
| EmberTribe | US | Apr 2023 | Current |
| Emerge Digital | UAE | May 2024 | Dissolved (IP deal) |
| Corl | US | Aug 2024 | Dissolved (IP deal) |
| Podsicle | US | Jan 2025 | Current |
| Jamm Media | US | Nov 2025 | Current |
| Task Magic | US | Dec 2025 | Current |
| Creative Concrete & Excavating | US | Apr 2026 | Current: roll-up Day-1 platform |
| GCUC | US | Q3 2026 | Closed: combination target |
| Rock Solid | US | Q3 2026 | Closed: CCE-referred |
| Innerflow | US | Q3 2026 | Closed: CCE-referred |
Blue marker: currently held
Where every layer of the verification stack stands today. This dashboard is the first layer, live now; the rest activate before the token goes on sale.
Consolidated statements and per-deal metrics, published to shareholders
Live. This dashboardSingle perimeter, named top-10 firm, 120-day covenant
Engagement pre-TGEExamination-level attestation of the numbers that drive the Engine
Activates pre-TGEChainlink-published attested NAV with the signed report hashed alongside
Activates at TGEBuyback-and-cancel, NAV tenders, opt-in distributions from attested FCF
Switches on at TGEThe numbers go on-chain before the token goes on sale. If the numbers underwhelm you, don't buy, informed refusal is the point of transparency.
All figures CAD unless noted; construction-platform and bond figures are USD/EUR as marked. Figures are management-reported and unaudited, drawn from the Napkin Inc. Annual Shareholder Update FY2025 with ProForma 2026 and the 2026 ProForma financial statements. Run-rate and pro-forma figures are configurations, not GAAP results. This page is informational only and is not an offer of securities; any offer of $NPKN will be made solely through an approved prospectus, offering memorandum, or applicable exemption.
Every figure on this page traces to the shareholder update and the pro-forma statements, and the white paper binds the mechanisms that sit on top of them.