Q1 2025 Update

Q1 2025 Investor Update

Happy Earth Month! Here’s our look back on Q1. Despite market-wide uncertainties, we’re plugging along nicely with product development and the search for PMF!

As a reminder, Cadence OneFive is building a B2B SaaS-enabled marketplace for decarbonizing multifamily buildings—a $300B market in the making. We streamline retrofit workflows, deliver hard-to-acquire market data (including pricing), and match shovel-ready projects with capable specialist contractors. Our current customers include the Related Companies, ConEdison’s rebate program in NY, and NY State’s multifamily electrification program.

Vitals

• Subscription Annual Run Rate: $1.3m.
• Cumulative transactional revenue: $50k.
• Average monthly net burn: $72k.
• Runway in months: 12.

Insights from Our Industry Listening Tour

Our CRO Marc Zuluaga, who brings 20+ years as a building energy expert, conducted a “listening tour” with 15 energy consultancies to assess partnership opportunities. His industry relationships provided candid insights that would be inaccessible to outsiders:

• Service capacity constraints: 14 of the 15 consultants are NYC-focused, with most reporting being overextended by Local Law 97 compliance demands while struggling to scale their service delivery.
• Technology adoption gap: Despite serving a technical field, 12 of the 15 still exclusively use spreadsheets and file sharing - underscoring both the sector’s traditional approach and the significant opportunity for modernization.
• Relationship-driven industry: The interviews revealed that while technological solutions are needed, this market moves through trusted relationships and demonstrated expertise.
• Emerging partnership opportunity: Some consultants (nearly a third) are interested in expanding their owner’s rep services, creating a natural entry point for Momentum. For the remaining majority, we need to demonstrate clear value in specific workflows before partnership adoption will occur.

Marc’s insider perspective provides vital market intelligence as we develop our channel approach. Our recently launched co-branding capabilities are just the first step, and we’ll continue these “boots on the ground” conversations to ensure our product development remains grounded in market realities.

Q1 Highlights

Major UI upgrade successfully launched. In March, we deployed a significant platform refresh that improves user experience while enabling important enterprise features like co-branding capabilities. This upgrade establishes a more consistent design language, makes the platform more accessible to new users, and creates a foundation for faster feature development moving forward.

NYSERDA Building Data Platform contract signed. We’ve officially secured this strategic contract, establishing Cadence OneFive as New York State Energy Research and Development Authority’s building data platform. This partnership provides resources to enhance our database infrastructure and broadens our market reach while strengthening our position as the trusted data provider for decarbonization efforts across the state.

Continued partnership with ConEdison and Willdan. We finalized our 2025 renewal with ConEdison, securing $1M in revenue for the year. The renewal includes expanded use of our platform for projects and RFPs, reflecting their increasing integration of our technology for program management.

Completed annual review of financials and FinOps practices. This year’s financial review was performed by Joe Dickson courtesy of Columbia University’s ClimateTech Expertise Network and NYSERDA’s EIR program (Thank you, Joe, CU, and NYSERDA!)

Challenges

The Greenhouse Gas Reduction Fund’s rollout has stalled. While initially expected to catalyze national expansion opportunities, these delays have prompted us to double down on our strong position in the New York market, where regulatory momentum remains robust and our expertise is unmatched. This approach allows us to continue growing while we monitor federal developments.

Asks

We don’t have specific asks right now, but it’s a very chaotic time in the industry and we appreciate hearing from the ecosystem. If you have market insights to share, please reach out - we’re all ears!