Retainer revenue is stable this month, but your largest client — Halcyon Health, 22% of MRR — has slowed approvals for two straight sprints and hasn't scheduled the Q3 kickoff. Historically that pattern precedes a downgrade or pause.

Contractor spend is running 18% above plan for the third month in a row. Two projects account for most of it, and both were quoted at fixed price. Utilization on your full-time design team is 71% — you have capacity to bring some of that work in-house.