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⚠ The Showcase Business Is Now a DragModerate threat

Bending Spoons (BSP) — threat to the moat

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.

The second-quarter 2026 release contains one sentence that undoes a great deal of the growth story. Organic revenue growth was 3% in the quarter, with Tractive and WeTransfer making the largest contributions, and growth in those businesses partly offset by a decline in Remini and Splice revenue1.

Net revenue retention by business, average Q1 2023 to Q1 2026 (%)Evernote99%AOL95%StreamYard91%Remini87%Bending Spoons Form 424B4, Business; the four businesses disclosed individually
Twelve points between the best and the worst.

Both named decliners are the long-held consumer apps. Splice was bought before 2023 and Remini in 202123; neither appeared on the October 2026 list of main businesses, which names Airtable, AOL, Brightcove, Eventbrite, Evernote, Tractive, Vimeo and WeTransfer4. In the prospectus nine months earlier, Harvest, komoot, Remini and StreamYard were on that list5.

The disclosed retention figures line up with it. Averaged from the first quarter of 2023 to the first quarter of 2026, net revenue retention was 99% at Evernote, 95% at AOL, 91% at StreamYard and 87% at Remini6.

The list of main businesses is the quickest way to see the portfolio turn over. The prospectus named ten businesses accounting for more than 80% of our revenue7; the October 2026 release names eight, with Airtable and Tractive added and Harvest, komoot, Remini and StreamYard gone from the list8. Nothing was sold, so the list is a statement about relative size rather than about ownership.

Bending Spoons would say this is the model working: a business bought for a price that assumed no growth is free to decline. That is true, and it is also what a portfolio of maturing consumer apps looks like from the outside. The thing to watch is which names appear in the organic-growth sentence each quarter. When the newest purchases are the only contributors and the older ones are the only drags, organic growth is a function of how recently the company last went shopping.

References
  1. ReportedOrganic revenue growth was 3% in the quarter, with Tractive and WeTransfer making the largest contributions, and growth in those businesses partly offset by a decline in Remini and Splice revenue.
    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 ↗
  2. ReportedSplice was bought before 2023 and Remini in 2021; neither appeared on the October 2026 list of main businesses, which names Airtable, AOL, Brightcove, Eventbrite, Evernote, Tractive, Vimeo and WeTransfer.
    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. Third-party estimateSplice was bought before 2023 and Remini in 2021; neither appeared on the October 2026 list of main businesses, which names Airtable, AOL, Brightcove, Eventbrite, Evernote, Tractive, Vimeo and WeTransfer.
    Wikipedia, Bending Spoons - third-party account of the sellers of the pre-2023 businesses, the Harvest repricing reported by Bloomberg News in August 2026, the Playond subscription controversy and the Immuni contact-tracing app. — 2018-2026 · publ. October 2026 · source ↗
  4. ReportedSplice was bought before 2023 and Remini in 2021; neither appeared on the October 2026 list of main businesses, which names Airtable, AOL, Brightcove, Eventbrite, Evernote, Tractive, Vimeo and WeTransfer.
    Bending Spoons press release, Form 6-K exhibit 99.1: Berkshire Hathaway invests a further $330 million following a $600 million investment at the July 2026 initial public offering, taking its ownership to 4%. — October 2026 · publ. 14 October 2026 · source ↗
  5. ReportedIn the prospectus nine months earlier, Harvest, komoot, Remini and StreamYard were on that list.
    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 ↗
  6. ReportedAveraged from the first quarter of 2023 to the first quarter of 2026, net revenue retention was 99% at Evernote, 95% at AOL, 91% at StreamYard and 87% at Remini.
    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 ↗
  7. ReportedThe prospectus named ten businesses accounting for more than 80% of our revenue; the October 2026 release names eight, with Airtable and Tractive added and Harvest, komoot, Remini and StreamYard gone from the list.
    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 ↗
  8. ReportedThe prospectus named ten businesses accounting for more than 80% of our revenue; the October 2026 release names eight, with Airtable and Tractive added and Harvest, komoot, Remini and StreamYard gone from the list.
    Bending Spoons press release, Form 6-K exhibit 99.1: Berkshire Hathaway invests a further $330 million following a $600 million investment at the July 2026 initial public offering, taking its ownership to 4%. — October 2026 · publ. 14 October 2026 · source ↗
Sources
Generated October 20, 2026