J

Author

Joaquin del Rio

Joaquin del Rio writes the revenue files for OperatorBook, working from filed accounts, tax returns and primary registry records.

MRR journey

Scoro Turned Its First Profit in 2025. Its Cash Fell 64% in the Same Year.

Scoro's filed revenue ran EUR 10.43M (2022) to EUR 16.62M (2025) and the group booked its first ever profit in 2025, EUR 374,000. The Estonian and UK filings reconcile to the euro, the register leaves the profit cell blank, the UK copy is an unreadable scan, and both aggregators on page one are high by 20% to 30%.

11 min read98
MRR journey

Pipedrive's Profit Fell 45% in the Year It Generated EUR 52M of Cash

Pipedrive OU's audited revenue ran EUR 160.42M (2022) to EUR 236.80M (2025) while net profit fell from EUR 46.53M to EUR 25.62M. The Estonian filings show the profit drop is mostly a first-ever dividend tax, that 2024's record profit year burned EUR 28.9M of cash, and that the famous 2022 growth spike was a transfer pricing change.

11 min read96
MRR journey

Toggl Has Grown Revenue for 18 Straight Years. Its Profit Just Fell 57%.

Toggl OU's audited revenue ran EUR 14.99M (2022) to EUR 18.03M (2025) while net profit fell from EUR 3.25M to EUR 1.39M. The Estonian filings show why that profit drop is an accounting artefact, why all of 2025's growth came from a line that is not the app, and why the three aggregators on page one are out by up to 17x.

10 min read119
MRR journey

Mullvad Has Not Raised Its Price Since 2009. Revenue Grew 7.7x Anyway.

Mullvad VPN AB's audited turnover ran SEK 40.7M (2020) to SEK 314.8M (2024), a 7.7x rise on a price that has not moved since 2009. The Swedish filings also show why page-one aggregators are out by a factor of eight, and what happened after the company removed recurring subscriptions in June 2022.

12 min read128
MRR journey

Valve's 336 Staff Did Not Make $50 Million Each. The Real Number Is a Quarter of That.

Games on Steam grossed roughly $5.5B (2017), ~$15.4B (2024), ~$17B to ~$20B (2025) and $11.1B in H1 2026 alone. Valve's own revenue was $4B+ from Steam (2025), ~$5B (2023) and ~$2.21B (2021). A source-typed ledger separating storefront volume from what Valve keeps, why the viral $50 million per employee figure is wrong by roughly four times, and what 79 people running Steam actually tells operators.

11 min read250