2026-10-6 Mercury Cafe 3 Year Pro Forma.xlsx

	A	B	C	D
1	Mercury Cafe \| 3-Year Pro Forma
2	Investor edition, October 2026. Year 1 runs March 2027 to February 2028, following a December 10, 2026 closing on 2199 California Street.
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4	Headline Operating Results
5	Metric	Year 1	Year 2	Year 3
6	Revenue	$1,350,000	$2,115,000	$2,880,000
7	EBITDA / Operating Surplus	$161,240	$404,311	$678,954
8	EBITDA Margin	11.9%	19.1%	23.6%
9	Max. supportable debt service at 1.25x	$128,992	$323,449	$543,163
10	Modeled total debt service	$102,610	$106,506	$106,506
11	DSCR	1.57x	3.80x	6.37x
12	Total funding requirement	$2,097,638	Opening project uses	$470,258
13	Combined payroll % of revenue	38.7%	36.7%	34.7%
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15	How to read this workbook
16	3-Year P&L	Annual results with every line shown as a percentage of revenue, plus debt service, coverage and the capital structure
17	Assumptions	Revenue by stream, cost drivers and the ticketing model by format
18	Year 1 Monthly	Month-by-month ramp from the March 2027 reopening
19	Historical Floor Test	Prior operator's results and how far Year 1 revenue can fall while still covering debt
20	Opening Expenses	Renovation and opening budget
21	Pre-Opening Carry	Costs between closing and opening
22	Property & Debt	Property facts, purchase structure and total funding requirement
23	Debt Tax Community	Debt, tax and community trust fund schedules
24	Hiring Grid Inputs	Salaried roles and hourly crew model behind the payroll lines
25	Event Pricing Inputs	Rate card and event economics
26	Source Baseline	Historical expense baseline used for fixed overhead
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28	All figures are planning projections. Senior debt terms are pending a lender term sheet, and seller-note terms are proposed and subject to final agreement.
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