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The MoatNarrow moat

Bending Spoons (BSP) — moat facet

Bending Spoons is a very good buyer of neglected software whose only real wall is the decade of habit it buys with each business, and the 3% organic growth says so.

The question for this company is whether it has a moat at all. Revenue went from $387.067 million in 2023 to $671.053 million in 2024 and $1,306.404 million in 20251, and net income attributable to shareholders went from $160.773 million to $89.513 million to a loss of $137 thousand2. Organic revenue growth was 3% in the second quarter of 20263. A business that triples its revenue while its earnings go to zero, and whose own businesses grow 3%, is not obviously protected by anything.

Adjusted Operating Income margin (%)36%202345%202447%202551%Q1 202654%Q2 2026Form 424B4 and the Q2 2026 release; the measure excludes amortisation, transaction and reorganisation costs
The margin the company reports rises with every transformation.

Two things here are real. The first is skill at buying: 2,500 opportunities sourced in 2025 against six deals completed4, hurdles of 65% levered and 25% unlevered5, and prices like $1.355 billion for Miro's roughly $600 million of annual recurring revenue6. The second is skill at operating: Evernote from 341 dedicated people to 607, StreamYard from 154 to 448, and registrations that turned from three years of decline to two of growth9.

Neither of those is a wall. A purchase return has to be re-earned at every purchase, and the company says it expects to have to lower its hurdles as it scales10. An operating capability is published, held by 621 people11 and admitted to rest on judgment rather than barriers: the filing concedes modest reliance on technical barriers to entry12.

The wall, such as it is, was bought. Revenue-weighted average subscriber tenure is 8.0 years, 28% of subscription revenue comes from customers of at least ten years, and net revenue retention was 94% in the first quarter of 202613 after price rises that nearly doubled Evernote's annual charge14. That is pricing power on inherited habit, which is a narrow moat and a durable one.

The company is explicit that the machine is the product. From the outset, it writes, it decided to treat the operating machine itself as its most important product15, and it lists bringing established businesses back to startup mode16 among three practices that not every investor will embrace, including eliminating as many rules and processes as is feasible17. That is an unusually honest framing: the asset is a method, and a method is harder to defend than a patent and easier to copy than a factory.

The currency arrangement is one of the quieter strengths. Bending Spoons earns mostly dollars and pays many of its costs in euro, and says it generally seeks to align the currency composition of our indebtedness with that of our revenue18. The exposure that remains is small: a 10% strengthening in the euro was estimated to affect revenue by $18.821 million in 202519, about 1.4% of the total20. What it does not hedge is the translation: net exchange losses were $34.2 million in 2025 against gains of $14.7 million in 202421.

So the verdict is narrow, and the number that would overturn it is organic revenue growth. At 3%22 the businesses Bending Spoons already owns are barely growing, and the group's revenue is a function of how much it can buy. Two or three more quarters in low single digits, with the newest purchases the only contributors, would say this is a capital-allocation machine whose returns live in the purchase price and not a company with a moat.

Moat trajectory: Holding steady

Inherited retention and tenure hold; organic growth 3% and hurdles expected to fall.

The number that tests this moat
Reported
Organic revenue growth, latest quarter
3% in Q2 2026, against 126% reported

The businesses already owned, with the acquisitions stripped out. There is no ROIC line here: goodwill and intangibles are 78% of assets and tangible book is about negative $5.0 billion, so a conventional return on invested capital measures the purchase price rather than the business.

Return on invested capital is not charted for Bending Spoons. Goodwill and intangible assets were $6.30 billion of $8.06 billion of total assets at 30 June 2026, tangible book value was about negative $5.04 billion, and the prospectus itself reports net tangible book value of negative $5.44 a share after the offering, so an assets-less-current-liabilities denominator measures what was paid for the portfolio rather than the capital it employs. Organic revenue growth and operating cash flow are used instead.
Source: Bending Spoons Q2 2026 results release ↗
Aspects of the moat
DIG DEEPER 01
The Playbook: Buying the Return
The Playbook is real skill at buying businesses cheaply, which is a different thing from a moat: the return is set at the price and has to be won…
DIG DEEPER 02
The Transformation, and Its Bill
Bending Spoons can take four fifths of the people out of a software business and make the product better, and it pays for that capability again with…
DIG DEEPER 03
The Platform, Which the Company Calls Its Moat
The company says the Platform is its primary source of competitive advantage, and also says its products are cheap to copy and its customers do not…
DIG DEEPER 04
The Customers Who Were Already There
Bending Spoons owns a decade of other people's habits, and the proof is that it nearly doubled Evernote's price and kept 99% of the revenue.
References
  1. ReportedRevenue went from $387.067 million in 2023 to $671.053 million in 2024 and $1,306.404 million in 2025, and net income attributable to shareholders went from $160.773 million to $89.513 million to a loss of $137 thousand.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the audited consolidated financial statements, the Q1 2026 interim and the MD&A on results of operations and tax. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  2. ReportedRevenue went from $387.067 million in 2023 to $671.053 million in 2024 and $1,306.404 million in 2025, and net income attributable to shareholders went from $160.773 million to $89.513 million to a loss of $137 thousand.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the audited consolidated financial statements, the Q1 2026 interim and the MD&A on results of operations and tax. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  3. ReportedOrganic revenue growth was 3% in the second quarter of 2026.
    Bending Spoons second-quarter 2026 results release, Form 6-K exhibit 99.1 - organic revenue growth, non-GAAP measures, net debt and leverage, the business transformations and guidance for the third quarter and the full year. — Q2 2026 · publ. 13 August 2026 · source ↗
  4. ReportedThe first is skill at buying: 2,500 opportunities sourced in 2025 against six deals completed, hurdles of 65% levered and 25% unlevered, and prices like $1.355 billion for Miro's roughly $600 million of annual recurring revenue.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the letter from the team and the Business section on the Playbook, return hurdles and acquisition criteria. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  5. ReportedThe first is skill at buying: 2,500 opportunities sourced in 2025 against six deals completed, hurdles of 65% levered and 25% unlevered, and prices like $1.355 billion for Miro's roughly $600 million of annual recurring revenue.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the letter from the team and the Business section on the Playbook, return hurdles and acquisition criteria. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  6. ReportedThe first is skill at buying: 2,500 opportunities sourced in 2025 against six deals completed, hurdles of 65% levered and 25% unlevered, and prices like $1.355 billion for Miro's roughly $600 million of annual recurring revenue.
    Bending Spoons press release, Form 6-K exhibit 99.1: definitive agreement to acquire Miro at an enterprise value of $1.355 billion, with annual recurring revenue of around $600 million, 250,000 organisations and nearly 4 million paying users, expected to close in the fourth quarter of 2026. — September 2026 · publ. 10 September 2026 · source ↗
  7. ReportedThe second is skill at operating: Evernote from 341 dedicated people to 60, StreamYard from 154 to 44, and registrations that turned from three years of decline to two of growth.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business section on the transformation of individual acquired businesses. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  8. ReportedThe second is skill at operating: Evernote from 341 dedicated people to 60, StreamYard from 154 to 44, and registrations that turned from three years of decline to two of growth.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business section on the transformation of individual acquired businesses. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  9. ReportedThe second is skill at operating: Evernote from 341 dedicated people to 60, StreamYard from 154 to 44, and registrations that turned from three years of decline to two of growth.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business section on the transformation of individual acquired businesses. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  10. ReportedA purchase return has to be re-earned at every purchase, and the company says it expects to have to lower its hurdles as it scales.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the letter from the team and the Business section on the Playbook, return hurdles and acquisition criteria. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  11. ReportedAn operating capability is published, held by 621 people and admitted to rest on judgment rather than barriers: the filing concedes modest reliance on technical barriers to entry.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business section on the Platform: proprietary technologies, proprietary data and artificial intelligence. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  12. ReportedAn operating capability is published, held by 621 people and admitted to rest on judgment rather than barriers: the filing concedes modest reliance on technical barriers to entry.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business section on the Platform: proprietary technologies, proprietary data and artificial intelligence. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  13. ReportedRevenue-weighted average subscriber tenure is 8.0 years, 28% of subscription revenue comes from customers of at least ten years, and net revenue retention was 94% in the first quarter of 2026 after price rises that nearly doubled Evernote's annual charge.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business section on customer metrics: retention, tenure, users and acquisition channels. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  14. ReportedRevenue-weighted average subscriber tenure is 8.0 years, 28% of subscription revenue comes from customers of at least ten years, and net revenue retention was 94% in the first quarter of 2026 after price rises that nearly doubled Evernote's annual charge.
    CNBC, Bending Spoons wants to revive software castoffs, and Berkshire is investing - the company's statement that it had not been outbid for a target in several years, the comparison with Thoma Bravo and Vista Equity Partners, Luca Ferrari on enterprise software valuations and on the share of revenue from professional businesses, the Evernote price history and Mizuho's and Nick Mehta's comments. — October 2026 · publ. 17 October 2026 · source ↗
  15. ReportedFrom the outset, it writes, it decided to treat the operating machine itself as its most important product, and it lists bringing established businesses back to startup mode among three practices that not every investor will embrace, including eliminating as many rules and processes as is feasible.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business section on the Platform: proprietary technologies, proprietary data and artificial intelligence. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  16. ReportedFrom the outset, it writes, it decided to treat the operating machine itself as its most important product, and it lists bringing established businesses back to startup mode among three practices that not every investor will embrace, including eliminating as many rules and processes as is feasible.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business section on the Platform: proprietary technologies, proprietary data and artificial intelligence. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  17. ReportedFrom the outset, it writes, it decided to treat the operating machine itself as its most important product, and it lists bringing established businesses back to startup mode among three practices that not every investor will embrace, including eliminating as many rules and processes as is feasible.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business section on the Platform: proprietary technologies, proprietary data and artificial intelligence. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  18. ReportedBending Spoons earns mostly dollars and pays many of its costs in euro, and says it generally seeks to align the currency composition of our indebtedness with that of our revenue.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the MD&A on liquidity, capital resources, indebtedness and quantitative market risk. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  19. ReportedThe exposure that remains is small: a 10% strengthening in the euro was estimated to affect revenue by $18.821 million in 2025, about 1.4% of the total.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the MD&A on liquidity, capital resources, indebtedness and quantitative market risk. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  20. Moat Explorer calcThe exposure that remains is small: a 10% strengthening in the euro was estimated to affect revenue by $18.821 million in 2025, about 1.4% of the total.
    Moat Explorer calculation from figures reported in Bending Spoons' Form 424B4 prospectus, its Q2 2026 Form 6-K exhibits and the market data cited beside them ($ thousands unless stated). Revenue growth: 671,053 / 387,067 - 1 = 73.4%; 1,306,404 / 671,053 - 1 = 94.7%; 2,800,000 / 1,306,404 - 1 = 114% on the FY2026 guidance midpoint (2,780,000 + 2,820,000) / 2 = 2,800,000; Adjusted Operating Income guidance midpoint (1,460,000 + 1,510,000) / 2 = 1,485,000. Trailing twelve months to 30 June 2026: revenue 1,306,404 + 1,305,476 - 570,046 = 2,041,834; net income (204) + 204,433 - (46,953) = 251,182; operating cash flow 290,600 + 254,240 - 87,733 = 457,107; net margin 251,182 / 2,041,834 = 12.3%. Revenue by type, trailing twelve months: subscription 1,213,194 + 1,047,991 - 521,571 = 1,739,614; advertising 67,253 + 158,811 - 35,791 = 190,273; other 25,958 + 98,674 - 12,684 = 111,948; sum 2,041,835. Subscription share 1,739,614 / 2,041,834 = 85.2%. Q2 2026 revenue mix: subscription 540,790 / 704,155 = 76.8%; advertising 88,637 / 704,155 = 12.6%; other 74,728 / 704,155 = 10.6%. Q2 growth by line: 540,790 / 282,138 - 1 = 91.7%; 88,637 / 19,285 - 1 = 359.6%; 74,728 / 9,676 - 1 = 672.1%. FY2025 by line: 1,213,194 / 616,418 - 1 = 96.8%; 67,253 / 52,690 - 1 = 27.6%; 25,958 / 1,945 = 13.3 times. Gross margin: 236,518 / 387,067 = 61.1%; 428,851 / 671,053 = 63.9%; 857,270 / 1,306,404 = 65.6%; 463,621 / 704,155 = 65.8%; 871,825 / 1,305,476 = 66.8%. Operating margin: 84,267 / 387,067 = 21.8%; 127,352 / 671,053 = 19.0%; 277,851 / 1,306,404 = 21.3%; 240,251 / 704,155 = 34.1%. General and administrative expense 326,953 / 1,306,404 = 25.0% of 2025 revenue. Costs excluded from Adjusted Operating Income in 2025: 150,532 + 85,466 + 78,607 + 20,790 = 335,395, which is also 613,247 - 277,851 = 335,396. The same four lines across 2023, 2024 and 2025: (13,514 + 848 + 33,809) + (51,792 + 31,952 + 85,947) + (78,607 + 85,466 + 150,532) = 48,171 + 169,691 + 314,605 = 532,467. Interest: 142,601 / 32,605 = 4.4 times; 108,970 / 35,733 - 1 = 205%; 142,601 / 277,851 = 51.3% of 2025 operating income; interest paid 161,153 / 254,240 = 63.4% of H1 2026 operating cash flow. Research and development 58,204 / 19,398 = 3.0 times; sales and marketing 72,679 / 30,696 = 2.4 times. Balance sheet at 30 June 2026: total debt 794,141 + 4,086,939 = 4,881,080 (415,260 + 2,255,622 = 2,670,882 at 31 December 2025); net debt 4,881,080 - 792,950 = 4,088,130; net debt / equity 4,088,130 / 1,258,412 = 3.25 times; goodwill and intangibles 4,146,212 + 2,156,607 = 6,302,819, which is 6,302,819 / 8,055,399 = 78.2% of assets; tangible book 1,258,412 - 6,302,819 = (5,044,407); goodwill 4,146,212 / 163,863 = 25.3 times the 31 December 2023 balance. Free cash flow H1 2026 254,240 - 3,969 = 250,271. Deferred revenue 583,265 / 450,499 - 1 = 29.5%. Net cash inside the two enterprise deals: Airtable equity value about 2,250 less enterprise value 1,285 = about 965 of net cash; Miro 1,790 less 1,355 = about 435; the two together 965 + 435 = about 1,400, against combined equity value 2,250 + 1,790 = about 4,040. Valuation and rail arithmetic: market value 28,289 / pro-forma FY2025 net income 22.374 = about 1,264 times earnings; store commission of 22 to 45 against Q1 2026 gross profit of 408,204 = 5.4% to 11.0%; store fee 15% to 30% against processor fees of 5% or less = three to six times. Per-unit arithmetic: trailing revenue 2,041,834 / 9,000 thousand paying customers = about $227 a year each; other revenue 74,728 / 25,958 = 2.9 times all of 2025; advertising expense at 6% of 2025 revenue 1,306,404 x 0.06 = about 78,384. Customer and per-unit arithmetic: a customer below 1% of Q2 2026 revenue of 704,155 is below 7,042, so under $7.0 million a quarter. Market value at $44.17 on 20 October 2026: 330,222,651 + 310,240,685 = 640,463,336 shares; 640,463,336 x 44.17 = $28,289 million. Trailing price-to-earnings 28,289 / 251.2 = 112.6; price-to-sales 28,289 / 2,041.8 = 13.9; enterprise value 28,289 + 4,088 = 32,377; 32,377 / 1,485 = 21.8 times guided Adjusted Operating Income; forward price-to-sales 28,289 / 2,800 = 10.1. Price against the 52-week high 44.17 / 59.50 - 1 = -25.8%; against the offering price 44.17 / 29.00 - 1 = +52.3%. Shares after the Berkshire placement 640,463,336 + 10,000,000 = 650,463,336. Berkshire's July tranche 600 / 29.00 = about 20.7 million shares, plus 10.0 million at $33.00 = about 30.7 million. New investors paid 29.00 / 1.00 = 29 times the $1.00 average price of the pre-offering equity. Votes: 310,240,685 x 5 = 1,551,203,425 against 1,551,203,425 + 324,978,625 = 1,876,182,050 total votes = 82.68%; equity 310,240,685 / 635,219,310 = 48.84%. Luca Querella's holding 310,240,685 - 234,315,380 = 75,925,305 class A shares, 75,925,305 x 5 / 1,876,182,050 = 20.2% of the votes. Geography: 201,424 / 387,067 = 52.0%; 347,942 / 671,053 = 51.9%; 642,140 / 1,306,404 = 49.2%; 434,864 / 704,155 = 61.8%; Italy 23,637 / 1,306,404 = 1.8%; revenue outside the United States in Q2 2026 704,155 - 434,864 = 269,291, 38.2%. Payment rails in Q1 2026: 0.75 x 0.33 = 24.8% of revenue through the Apple App Store or Google Play Store, 601,321 x 0.248 = about $149 million, on which a 15% to 30% fee is $22 million to $45 million; 0.75 x 0.67 = 50.3% through payment processors. Acquisitions: aggregate enterprise value 194 + 876 + 1,920 + 2,010 = $5,000 million for 2023, 2024, 2025 and Q1 2026. AOL contributed 65,500 / 141,800 = 46.2% pre-tax margin in Q1 2026 and 156 / 294 = 53.1% over six months; its FY2025 carve-out operating margin 333,610 / 633,365 = 52.7%, United States share 620,393 / 633,365 = 98.0%, purchase price 1,454,432 / 633,365 = 2.3 times carve-out revenue. Miro 1,355 / 600 = 2.3 times annual recurring revenue; Airtable 1,285 / 480 = 2.7 times; the two together 480 + 600 = about $1,080 million of annual recurring revenue. Tractive 896 - 115 = $781 million payable at closing. Pro-forma FY2025 interest 368,113 / 508,758 = 72.3% of operating income and net margin 22,374 / 2,608,496 = 0.9%. Cumulative net income attributable 2023 to 2025: 160,773 + 89,513 - 137 = 250,149. More acquisition arithmetic: average enterprise value per completed acquisition 194 / 1 = 194 (2023), 876 / 5 = 175 (2024), 1,920 / 6 = 320 (2025), 2,010 / 2 = 1,005 (Q1 2026); acquisitions closed in 2026 to 20 October = 4 (AOL, Eventbrite, Tractive, Airtable), with Miro agreed and expected to close in Q4; Airtable plus Miro enterprise value 1,285 + 1,355 = 2,640, against 480 + 600 = 1,080 of annual recurring revenue, which is more than the 671 of revenue Bending Spoons earned in all of 2024. Adjusted against reported operating income: 137,441 / 84,267 = 1.63 times (2023) and 613,247 / 277,851 = 2.21 times (2025). Cumulative revenue 2023 to 2025: 387,067 + 671,053 + 1,306,404 = 2,364,524. Interest 142,601 / 32,605 = 4.4 times. Customer tenure split, Q1 2026: 48% at five years or more less 28% at ten years or more = 20% between five and ten years, and 100% - 48% = 52% under five years. Conversion: WeTransfer 1,000,000 / 58,000,000 = 1.7%, Brightcove 1,700 / 15,000 = 11.3%, and 58,000,000 / 15,000 = about 3,900 times the user base. Mobile application stores as a share of gross accounts receivable 95% - 47% = 48 points lower over two years. Deferred revenue 583,265 / 2,041,834 = 28.6% of trailing revenue. Addressable revenue outside North America and Europe about 400 - 315 - 77 = $8 billion. People: 2,284 / 405 = 5.6 times the end-2023 headcount; Spooners 621 / 2,284 = 27.2%; hires 286 / 800,000 = 0.036% of applications; Evernote 60 / 341 - 1 = -82.4%; StreamYard 44 / 154 - 1 = -71.4%; Evernote's annual personal price 130 / 70 - 1 = +86%. Addressable market already owned 1,306 / 400,000 = 0.3%. A 10% euro move 18,821 / 1,306,404 = 1.4% of 2025 revenue - growth rates, margins, acquisition and headcount arithmetic. — 2023-2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Bending Spoons' Form 424B4 prospectus, its Q2 2026 Form 6-K exhibits 99.1 and 99.2 and the cited market data; the operands are shown in the source line.
  21. ReportedWhat it does not hedge is the translation: net exchange losses were $34.2 million in 2025 against gains of $14.7 million in 2024.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the MD&A on liquidity, capital resources, indebtedness and quantitative market risk. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  22. ReportedAt 3% the businesses Bending Spoons already owns are barely growing, and the group's revenue is a function of how much it can buy.
    Bending Spoons second-quarter 2026 results release, Form 6-K exhibit 99.1 - organic revenue growth, non-GAAP measures, net debt and leverage, the business transformations and guidance for the third quarter and the full year. — Q2 2026 · publ. 13 August 2026 · source ↗
Sources
Generated October 20, 2026