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50 posts in this category.
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.
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.
Ecosia's total income ran EUR 1.39M (2015) to EUR 43.24M (2025), with EUR 22.48M in H1 2026. Summing eleven years of its own monthly reports reveals a three-year plateau and the only decline in company history, plus an aggregator estimate off by more than half.
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.
Epic Systems' revenue ran $1.2B (2012), $3.3B (2020), $4.6B (2022), $4.9B (2023) and $5.7B (2024), roughly 14 percent compound growth for twelve years on $70,000 of founding capital and no outside investment. A source-typed ledger, how an EHR vendor with 42 percent share reaches $5.7B, the one customer it has ever lost, and the three things that make the story less repeatable than it reads.
Grammarly's ARR runs $350M (2021) to more than $700M (May 2025), but a second series of much smaller figures circulates just as widely, and Google's own AI Overview quotes both without reconciling them. A sourced ledger, the accounting reason the numbers disagree, and the eight unfunded years the revenue figure hides.
JetBrains publishes growth rates but never a total. Its Czech filings show revenue climbing from 3.03bn CZK (2015) to 15.07bn CZK (2024), about $649M, while operating margin collapsed from 46.3% to 13.6%. A sourced ledger of the biggest software company that never took a cent of outside money.
Proton doesn't publish revenue, so 2024 to 2025 estimates run ~$97.5M (GetLatka) to $105M (ZoomInfo), up from ~$70M ARR in 2022. A sourced ledger of the Swiss privacy company that hit 100M accounts on roughly $2.5M ever raised, then gave itself to a non-profit foundation.
Kagi doesn't publish revenue, so estimates for 2026 run from ~$7M (Growjo) to $9.1M (ZoomInfo). A sourced ledger of what the ad-free, user-funded search engine actually discloses: 50,000 paying members, profitable since 2024, and zero venture capital.
Yoast hit ~$12M ARR in 2019 with zero funding, then sold to PE-backed Newfold in 2021 and stopped disclosing numbers. A sourced, year-tagged ledger, why the 2026 estimates run from $12.4M to $100M, and the operator lesson in why a healthy bootstrapped company sells anyway.
A browser-based Photoshop alternative built by one person with zero funding. Founder-stated revenue hit ~$250K (2019) and ~$1M (2021); third-party estimates now put it near $2.8M to $3M. A sourced, year-tagged ledger and what operators can copy.
Kinsta is private and 100% bootstrapped, so its revenue is genuinely disputed: third-party estimates run from under $20M to as high as $100M. A sourced, year-tagged ledger, and why a company that took $0 in outside money will never let you pin the number down.
