You're right, it does sound like they mean it's a forecast. But predicting that kind of revenue (and so specific) when you don't have any revenue at all sounds a bit odd. What's it based on, if not an actual curve of growing revenue?
> What's it based on, if not an actual curve of growing revenue?
It seems common knowledge enough that budget and revenue forecasts for seed stage start ups aren't going to be precise or very accurate. For investors, that part of a pitch would be meaningless.
"We forecast 1.2 in revenue by our 2nd year."
"How much revenue do you have today?"
If they had prior success, they could raise a round on that, otherwise it would be the standard pitch: size of opportunity, here is what we have so far, here is our team and how great they are.
"Our forecasts had us profitable as of summer, 2016, and closing our second year with nearly $1.2-million in revenue."
Those were forecasts, not actual revenue.