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{"id":28577,"date":"2023-04-07T21:47:22","date_gmt":"2023-04-07T21:47:22","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/04\/07\/3-takeaways-from-substacks-newly-released-financial-results\/"},"modified":"2023-04-07T21:47:23","modified_gmt":"2023-04-07T21:47:23","slug":"3-takeaways-from-substacks-newly-released-financial-results","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/04\/07\/3-takeaways-from-substacks-newly-released-financial-results\/","title":{"rendered":"3 takeaways from Substack\u2019s newly released financial results"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/04\/07\/3-takeaways-from-substacks-newly-released-financial-results\/<\/a><\/br>
\n3 takeaways from Substack\u2019s newly released financial results<\/br>
\n2023-04-07 21:47:22<\/br><\/p>\n

\n
\n\t\t\t\n\t\t<\/div>\n<\/p><\/div>\n
\n

I got excited<\/span> \u2014 very<\/em> excited \u2014 when I found out that Substack\u2019s equity crowdfunding effort would result in it releasing financial results.<\/p>\n

Sadly, due to rules and the timing of the fundraise, Substack is not required to detail its financials for 2022, and so the startup released<\/a> hard data for 2020 and 2021 along with certain user-specific metrics for last year. This provides an interesting, if incomplete, picture of the company\u2019s health.<\/p>\n

\n

The Exchange explores startups, markets and money. <\/em><\/strong><\/p>\n

Read it every morning on TechCrunch+<\/a> or get The Exchange newsletter<\/a> every Saturday.<\/em><\/strong><\/p>\n

\n

I expected to spend some time this morning weighing in on the morality of Substack\u2019s choice to not share its audited 2022 results, but Dan Primack nailed that argument this morning in Pro Rata.<\/a> Since I can\u2019t improve on his words, we can leave that point to Axios and instead focus our fire on parsing the data.<\/p>\n

So to kill time while we nurse our post-Y Combinator Demo Day hangovers<\/a>, let\u2019s dig into Substack\u2019s growth model (inclusive of its most recent nonfinancial data), ponder over the company\u2019s current financial health, and then compare its upcoming capital raise to its potential cash needs.<\/p>\n

This will be fun. Think of it like a quick look at a partial S-1 filing but for a Series B company. Sound good? To work!<\/p>\n

There\u2019s a lot of data, but not enough<\/h2>\n

You can read all of Substack\u2019s released financial results here<\/a> in case you want to play along.<\/p>\n

\"\"<\/a>To start, let\u2019s note that the company raised lots of money through 2021<\/a> to invest in its platform and grow its user base. So while we consider its results through 2021, it\u2019d be wise to remember that the company was growth-oriented at the time. How did that work out?<\/p>\n

Substack\u2019s growth model is expensive, if effective<\/h3>\n

Substack\u2019s gross revenue scaled by over 400% to $11.9 million in 2021 from $2.4 million in 2020. That\u2019s precisely the sort of top-line expansion that venture backers want to see from a startup in its investing cycle. The company had announced its massive $65 million Series B in early 2021<\/a>, meaning that it had access to that cash in the year.<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/04\/07\/3-takeaways-from-substacks-newly-released-financial-results\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/04\/07\/3-takeaways-from-substacks-newly-released-financial-results\/ 3 takeaways from Substack\u2019s newly released financial results 2023-04-07 21:47:22 I got excited \u2014 very excited \u2014 when I found out that Substack\u2019s equity crowdfunding effort would result in it releasing financial results. Sadly, due to rules and the timing of the fundraise, Substack is not required to detail its financials for 2022, and […]<\/p>\n","protected":false},"author":1,"featured_media":28578,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-28577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\n3 takeaways from Substack\u2019s newly released financial results - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/04\/07\/3-takeaways-from-substacks-newly-released-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3 takeaways from Substack\u2019s newly released financial results - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/04\/07\/3-takeaways-from-substacks-newly-released-financial-results\/ 3 takeaways from Substack\u2019s newly released financial results 2023-04-07 21:47:22 I got excited \u2014 very excited \u2014 when I found out that Substack\u2019s equity crowdfunding effort would result in it releasing financial results. 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