Financial projections are forward-looking estimates of revenue, expenses, profitability, and key metrics over a defined period, typically 3-5 years. They're presented as condensed outputs from the underlying financial model, used in fundraising decks to communicate trajectory to investors, board reviews to show planned vs actual performance, and strategic planning to anchor major decisions. Projections are a distinct artifact from the financial model itself: the model is the detailed driver-based spreadsheet; projections are the summarized outputs. It is one of the most-scrutinized elements of fundraising materials.
The relationship between model and projections: