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⚠ The Same User, Counted TwiceModerate threat

Bending Spoons (BSP) — threat to the moat

Bending Spoons tells readers that its headline user figure may count the same person more than once, and publishes no revenue or customer count for any individual business.

The 500 million figure is the least reliable number Bending Spoons publishes, and the company says so itself: the aggregated monthly active user figure may count the same user more than once1. It is the sum of each business's own monthly active users, so a person who uses Evernote and WeTransfer appears twice.

Two businesses, March 2026WeTransfer monthly active users58 millionWeTransfer monthly paying customers1 millionBrightcove monthly active usersabout 15,000Brightcove monthly paying customers1,700Group aggregateover 500 million, not de-duplicatedBusinesses with revenue disclosed0 of 10Bending Spoons Form 424B4, Business; the only two per-business user figures in the filings
One number cannot describe both.

The spread between businesses makes the aggregate even harder to interpret. WeTransfer had 58 million monthly active users and 1 million paying customers in March 2026, a conversion of under 2%; Brightcove had approximately 15,000 monthly active users and 1,700 paying customers2, a conversion near 11% on a base four thousand times smaller. Adding those two together produces a number that describes neither.

That matters because the user count is the only scale metric the company gives for most of the portfolio. There is no revenue, no profit and no customer count per business3, so an investor who wants to know how large Evernote or komoot now is has nothing to work with.

The paying-customer count is the sounder of the two and carries the same caveat. More than 9 million in March 20264 against revenue of $704.2 million in the June quarter5 works out at a plausible average, which is reassuring but not a substitute for disclosure.

The quarterly figures will stay thin for structural reasons. The Q2 2026 notes repeat that the company operates as a single operating and reportable segment and that the measure of segment assets is reported as total consolidated assets6, so even the asset base is not split. Anyone valuing an individual business in this portfolio is estimating from a user count and a purchase price.

The thing to watch is whether the first 20-F, covering 2026, adds per-business figures or keeps to the single-segment presentation7. Until it does, every statement about scale in this file rests on an aggregate the company has told readers not to take literally.

References
  1. ReportedThe 500 million figure is the least reliable number Bending Spoons publishes, and the company says so itself: the aggregated monthly active user figure may count the same user more than once.
    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 ↗
  2. ReportedWeTransfer had 58 million monthly active users and 1 million paying customers in March 2026, a conversion of under 2%; Brightcove had approximately 15,000 monthly active users and 1,700 paying customers, a conversion near 11% on a base four thousand times smaller.
    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 ↗
  3. ReportedThere is no revenue, no profit and no customer count per business, so an investor who wants to know how large Evernote or komoot now is has nothing to work with.
    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 ↗
  4. ReportedMore than 9 million in March 2026 against revenue of $704.2 million in the June quarter works out at a plausible average, which is reassuring but not a substitute for disclosure.
    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 ↗
  5. ReportedMore than 9 million in March 2026 against revenue of $704.2 million in the June quarter works out at a plausible average, which is reassuring but not a substitute for disclosure.
    Bending Spoons unaudited condensed consolidated financial statements for the quarter and half-year ended 30 June 2026, Form 6-K exhibit 99.2 - income statement, balance sheet, cash flow, revenue disaggregation, debt note, segment note and the initial-public-offering note. — Q2 2026 · publ. 13 August 2026 · source ↗
  6. ReportedThe Q2 2026 notes repeat that the company operates as a single operating and reportable segment and that the measure of segment assets is reported as total consolidated assets, so even the asset base is not split.
    Bending Spoons unaudited condensed consolidated financial statements for the quarter and half-year ended 30 June 2026, Form 6-K exhibit 99.2 - income statement, balance sheet, cash flow, revenue disaggregation, debt note, segment note and the initial-public-offering note. — Q2 2026 · publ. 13 August 2026 · source ↗
  7. ReportedThe thing to watch is whether the first 20-F, covering 2026, adds per-business figures or keeps to the single-segment presentation.
    Bending Spoons unaudited condensed consolidated financial statements for the quarter and half-year ended 30 June 2026, Form 6-K exhibit 99.2 - income statement, balance sheet, cash flow, revenue disaggregation, debt note, segment note and the initial-public-offering note. — Q2 2026 · publ. 13 August 2026 · source ↗
Sources
Generated October 20, 2026