Evan Armstrong

Evan is the lead writer at Every. He explores power and profit in technology in his twice-weekly Napkin Math column.

May 13, 2021

In Defense of WeWork’s Community-Adjusted EBITDA

Clarifying the murky middle ground between Gross Profits and Net Income

Nov 21, 2023

The Case Against Sam Altman

The board is bad at their job, but they may not be crazy

Jul 2, 2021

In Practice: My Newest Beta Product

Come take an early peak at the future

Mar 23, 2022

BIG announcement incoming

I'm going full time on Napkin Math

Jun 2, 2022

The Inventor of the iPhone Has Some Thoughts

Build by Tony Fadell: A Review

Feb 5, 2021

Revenue: It’s Simple, Until It Isn’t

Finally, a clear explanation of bookings, billings and revenue

Apr 15, 2021

COGS: How I Bankrupted MoviePass

An Intuitive Explainer for How To Lose Money and Win Anyway

Apr 22, 2021

Am I getting ripped off writing at Every?

Screenshots of my contract and the financial model I used to decide

May 20, 2021

You Probably Shouldn’t Work at a Startup

It’s overrated—both financially and emotionally

May 28, 2021

ITDA: The Gamification of Financial Statements

How governments and companies are engaged in mutual manipulation

Jun 17, 2021

Finance is Broken But Don’t Worry, This Has Happened Before

Net Income and the Refactoring of Our Financial Ideology

Jul 9, 2021

Pricing Strategy is Product Strategy

How Technology Enables Companies to Charge More

Jul 16, 2021

How Free to Play Video Games are Forced to Make Addicts

A Case Study on Market Structures and Harm

Jul 22, 2021

Snowflake: How a Revenue Retention Behemoth was Built

TL;DRThis is the second post on a deep dive in GTM metrics with a focus today on Revenue RetentionSnowflake is a software Dracula. It latche

Jul 28, 2021

Twilio’s Second Act

Twilio rode its API to a $66B valuation. Now it’s trying to become the Universal Switchboard for the internet.

Aug 13, 2021

Is Facebook Fixable

A Review of An Ugly Truth

Aug 15, 2021

The Rise of the Content Capitalist

In Practice Beta V2

Sep 2, 2021

Content Moderation Double-Bind Theory

The market failures damning content to ever increasing sensationalism

Sep 23, 2021

Toast—a Vision of Software’s Future

Hints to why their shares popped 60% in their first day

Sep 30, 2021

NFT Projects are just MLMs for Tech Elites

A somewhat impartial review of current NFT business models

Oct 14, 2021

Who is Making Money in Space?

Exploring the SPAC Frontier

Oct 28, 2021

The Creator Power Scale: A Formula to Determine if Platforms are Ripping You Off

An examination of the Twitch Hack data

Nov 19, 2021

iBuy, iRent, iLose My Investors Money

The Murky Future of American Housing

Nov 24, 2021

How Do You Compete with Free?

Notion: The Embattled Artist