Carter Looney, Operating Partner at Albatris and M&A advisor with 25+ years of experience, breaks down how a $12M SaaS company with strong margins and over a year of runway nearly ran out of cash.

Revenue looked strong. EBITDA was positive. But accounts receivable ballooned, hiring outpaced collections, and timing killed liquidity.

Profit doesn’t equal cash, and growth without cash discipline can cost you valuation, leverage, and investor trust.