If your user usage or retention is bad or inconsistent, investors at this early stage understand that not everything is ironed out yet, and that's fine. The question is, should you bring it up, and if so, how?

It's probably not something you want to highlight upfront in your pitch deck. It's not going to win you any points. However, you need to be prepared for investors to ask about it. Have a solid story ready to explain why the numbers are as they are.

For instance, you might have incorrectly identified your ideal customer profile (ICP). Explain how you've since done interviews and found that a different ICP really likes your product. Or perhaps you changed the product or shifted user focus, impacting the numbers. Whatever the reason, the key is to have a backup plan and a clear strategy for course correction with the investment.

You don't need to include this in the main deck, but it's good to have an appendix slide ready. This slide should outline your plan to improve retention and usage, detailing product improvements, customer feedback, and specific steps you'll take to turn the situation around. When asked, present a strong story and, if needed, show the appendix to demonstrate your proactive approach and readiness to address the issues.