Napkin Math

Business breakdowns, by the numbers.

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Napkin Math

Who is Making Money in Space?

Exploring the SPAC Frontier

6 🔒 Oct 14, 2021 by Evan Armstrong and Ryan Duffy

Napkin Math

The End of Software, Again

The impending doom of horizontal SaaS

6 🔒 Oct 7, 2021 by Evan Armstrong

Napkin Math

NFT Projects are just MLMs for Tech Elites

A somewhat impartial review of current NFT business models

34 Sep 30, 2021 by Evan Armstrong

Napkin Math

Toast—a Vision of Software’s Future

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

13 🔒 Sep 23, 2021 by Evan Armstrong

Napkin Math

Tech stocks’ favorite lie to investors

How the LTV/CAC ratio is manipulated to take advantage of retail investors

41 🔒 Sep 9, 2021 by Evan Armstrong

Napkin Math

Content Moderation Double-Bind Theory

The market failures damning content to ever increasing sensationalism

5 🔒 Sep 2, 2021 by Evan Armstrong

Napkin Math

How a Climate Tech Startup Closed 5+ Enterprise Deals Before Even Launching

Remora, The Bureaucracy Buster

20 Aug 20, 2021 by Evan Armstrong

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The Rise of the Content Capitalist

In Practice Beta V2

7 🔒 Aug 15, 2021 by Evan Armstrong

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Is Facebook Fixable

A Review of An Ugly Truth

23 Aug 13, 2021 by Evan Armstrong

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Twilio’s Second Act

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

14 🔒 Jul 28, 2021 by Evan Armstrong

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Snowflake: The Righteous Blood Sucker

How a Revenue Retention Behemoth was Built

28 Jul 22, 2021 by Evan Armstrong

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How Free to Play Video Games are Forced to Make Addicts

A Case Study on Market Structures and Harm

14 Jul 16, 2021 by Evan Armstrong

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Pricing Strategy is Product Strategy

How Technology Enables Companies to Charge More

13 🔒 Jul 9, 2021 by Evan Armstrong

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In Practice: My Newest Beta Product

Come take an early peak at the future

🔒 Jul 2, 2021 by Evan Armstrong

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

Net Income and the Refactoring of Our Financial Ideology

6 🔒 Jun 17, 2021 by Evan Armstrong

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Product-Led Growth’s Failure

How a Scrappy Utah Software Company Ignored Every Silicon Valley Heuristic and Won Anyway

101 Jun 3, 2021 by Evan Armstrong

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ITDA: The Gamification of Financial Statements

How governments and companies are engaged in mutual manipulation

23 🔒 May 28, 2021 by Evan Armstrong

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You Probably Shouldn’t Work at a Startup

It’s overrated—both financially and emotionally

127 May 20, 2021 by Evan Armstrong

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In Defense of WeWork’s Community-Adjusted EBITDA

Clarifying the murky middle ground between Gross Profits and Net Income

21 🔒 May 13, 2021 by Evan Armstrong

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Gross Margin: An Indicator of Market Power

What America's Oldest Jeweler Can Teach Us About the Value of Bling

20 🔒 Apr 29, 2021 by Evan Armstrong

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Am I getting ripped off writing at Every?

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

31 🔒 Apr 22, 2021 by Evan Armstrong

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COGS: How I Bankrupted MoviePass

An Intuitive Explainer for How To Lose Money and Win Anyway

89 Apr 15, 2021 by Evan Armstrong

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Announcing Napkin Math Fiscal Year 2021

After a short break, Napkin Math returns with a new writer

14 🔒 Apr 13, 2021 by Evan Armstrong and Adam Keesling

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Revenue: It’s Simple, Until It Isn’t

Finally, a clear explanation of bookings, billings and revenue

122 🔒 Feb 5, 2021 by Evan Armstrong

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A Local News Revival

How product, marketing, and cost innovations create a massive opportunity

8 🔒 Jan 30, 2021 by Adam Keesling