Unfortunately there’s nothing that can be generalized, because each case is different. Realistically, most angel deals are very early stage, which means that reliable metrics are pretty hard to come by. So most of the number crunching and ‘what if’ analyses tend to focus on customer adoption and revenues.
It’s a common question: Why bother with financial projections? After all, they are never right, almost always inflated, and generally a waste of time. Right? Do investors even read them? And if so, why?