Data Room Addendum · Project Frontier

Client concentration is falling because the rest of the business is growing

Blue Acorn share of revenue · CY2024 – H1 2026 · Prepared for CCG

Confidential

The Memorandum identifies Blue Acorn concentration (39% of CY2025 revenue) as the principal client-level risk. H1 2026 actuals show that risk resolving through denominator growth: the permanent placement engine is running +40% ahead of CY2025 and non–Blue Acorn revenue is up +23% on an annualized basis, diluting Blue Acorn to 25.7% of H1 2026 revenue — a 13-point reduction in six months — while total revenue held flat-to-up against the CY2025 base.

+23%

Non–Blue Acorn revenue growth
$6.03M (CY2025) → $7.40M annualized (H1 2026)

+40%

Permanent placement engine
$4.24M (CY2025) → $5.92M annualized (H1 2026)

39% → 25.7%

Blue Acorn share of revenue
13.3-point reduction, achieved organically in six months

Exhibit 1 · Revenue Composition

The pie is growing around the account

Total revenue by source, CY2025 vs. H1 2026 annualized run-rate. Growth in the diversified perm and contract base (41 active perm clients) has fully absorbed Blue Acorn engagement run-off, holding the top line at ~$10M while concentration falls.

CY2025 per management accounts ($9.88M total; Blue Acorn $3.85M, 39%). H1 2026 annualized from Jan–Jun 2026 actuals ($9.96M run-rate; Blue Acorn $2.56M, 25.7%). Perm revenue across 68 placements and 41 client logos in H1 2026.

Exhibit 2 · Concentration Trajectory

Blue Acorn share of revenue

Share of total revenue by period. The 2024→2025 increase flagged in the Memorandum has reversed decisively; the May 2026 exit run-rate implies share in the high teens on current trading.

CY2024 and CY2025 per the Memorandum's own concentration analysis (33% and 39%). H1 2026 on actuals (25.7%). May 2026 exit rate is illustrative: Blue Acorn contract billing of ~$150K/month annualized against the ~$10M run-rate, pending June actuals. Throughout the period the relationship remains fully intact — primary-supplier status unchanged, no logo loss, and account gross margin improved from 19.7% (Dec) to 26.3% (May) as thinnest-margin engagements completed, the signature of orderly project run-off rather than client-side pressure.