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Remini: Nine Times the Revenue, Then a DeclineNarrow moat

Bending Spoons (BSP) — moat facet

Remini earned nine times the revenue under Bending Spoons and is now shrinking, which is what a consumer app does when the engineering is finished and the trend moves on.

Remini is the case Bending Spoons uses to show what its own people can do without inheriting anyone. The photo-enhancement app was acquired in June 2021, structured as an asset transaction, and no team transferred1. Around 30 Spooners were allocated to it initially, the headcount peaked at 64 in 2024 and was about 20 at the end of 2025, which the company offers as evidence of its ability to scale teams up and down decisively2.

Spooners dedicated to Remini~30At acquisition, 202164Peak, 2024~20End-2025Bending Spoons Form 424B4, Business; acquired June 2021 as an asset transaction
Up, then down by two thirds.

The results are the strongest in the prospectus. In 2025 Remini had more than five times as many monthly active users and more than nine times as much revenue as before the acquisition3. The codebase was fully rewritten within months4. The product was narrowed rather than broadened: Bending Spoons eliminated all non-core functionality, such as the ability to colour black-and-white photos or remove scratches and blemishes5, after which 60-day user retention rose 36% and photos processed and saved per user rose 46%6.

It also learned to manufacture attention. In 2023 images generated per day went from fewer than 100,000 to approximately 7 million in less than one month7, and Remini temporarily ranked first by free downloads on the Apple App Store in the United States8. The company says it has since triggered six additional viral spikes9. Subscriptions went from 43% of Remini revenue in 2021 to 85% in 202310, after more than 1,000 monetisation-related experiments11.

And in the second quarter of 2026 Remini was named as a drag on organic revenue growth12. Its net revenue retention, 87%, is the lowest of the four businesses the company discloses13.

The company has turned virality into a procedure. After the 2023 spike, in which images generated per day rose from fewer than 100,000 to approximately 7 million in less than one month14, it says it has triggered six additional viral spikes15. Average revenue per monthly active user was 50% higher in 2025 than in 202116, so the monetisation improved even as the attention proved temporary.

That combination is the honest reading of this facet. A product can be transformed brilliantly and still be a consumer app whose demand is a trend. Remini's retention is the number that matters here, because it says what happens when the spikes stop.

Moat trajectory: Narrowing

Named as a drag on Q2 2026 organic growth; retention 87%, the lowest disclosed.

The number that tests this moat
Reported
Remini net revenue retention
87%, averaged Q1 2023 to Q1 2026

The weakest of the four disclosed; a further fall would mean the transformation bought a peak rather than a business.

Source: Bending Spoons Form 424B4 prospectus ↗
⚠ Threats to the moat
⚠ THREAT 01
The Showcase Business Is Now a Drag
The business Bending Spoons uses to prove its method works was named as a drag on growth in the first quarter it reported as a public company.
References
  1. ReportedThe photo-enhancement app was acquired in June 2021, structured as an asset transaction, and no team transferred.
    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. ReportedAround 30 Spooners were allocated to it initially, the headcount peaked at 64 in 2024 and was about 20 at the end of 2025, which the company offers as evidence of its ability to scale teams up and down decisively.
    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: people, hiring, compensation and culture. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  3. ReportedIn 2025 Remini had more than five times as many monthly active users and more than nine times as much revenue as before the acquisition.
    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 - Note 5 business combinations, the acquisition history and the pro-forma financial information. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  4. ReportedThe codebase was fully rewritten within months.
    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 ↗
  5. ReportedThe product was narrowed rather than broadened: Bending Spoons eliminated all non-core functionality, such as the ability to colour black-and-white photos or remove scratches and blemishes, after which 60-day user retention rose 36% and photos processed and saved per user rose 46%.
    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 ↗
  6. ReportedThe product was narrowed rather than broadened: Bending Spoons eliminated all non-core functionality, such as the ability to colour black-and-white photos or remove scratches and blemishes, after which 60-day user retention rose 36% and photos processed and saved per user rose 46%.
    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 ↗
  7. ReportedIn 2023 images generated per day went from fewer than 100,000 to approximately 7 million in less than one month, and Remini temporarily ranked first by free downloads on the Apple App Store in the United States.
    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 how revenue is collected, the distribution platforms and key vendors. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  8. ReportedIn 2023 images generated per day went from fewer than 100,000 to approximately 7 million in less than one month, and Remini temporarily ranked first by free downloads on the Apple App Store in the United States.
    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 how revenue is collected, the distribution platforms and key vendors. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  9. ReportedThe company says it has since triggered six additional viral spikes.
    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. ReportedSubscriptions went from 43% of Remini revenue in 2021 to 85% in 2023, after more than 1,000 monetisation-related experiments.
    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 capital allocation, holding period and addressable market. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  11. ReportedSubscriptions went from 43% of Remini revenue in 2021 to 85% in 2023, after more than 1,000 monetisation-related experiments.
    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 capital allocation, holding period and addressable market. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  12. ReportedAnd in the second quarter of 2026 Remini was named as a drag on organic revenue growth.
    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 ↗
  13. ReportedIts net revenue retention, 87%, is the lowest of the four businesses the company discloses.
    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. ReportedAfter the 2023 spike, in which images generated per day rose from fewer than 100,000 to approximately 7 million in less than one month, it says it has triggered six additional viral spikes.
    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 ↗
  15. ReportedAfter the 2023 spike, in which images generated per day rose from fewer than 100,000 to approximately 7 million in less than one month, it says it has triggered six additional viral spikes.
    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 ↗
  16. ReportedAverage revenue per monthly active user was 50% higher in 2025 than in 2021, so the monetisation improved even as the attention proved temporary.
    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 ↗
Sources
Generated October 20, 2026