AI-generated analysis, not investment advice. The articles are written by AI, edited, and checked against company filings — but the judgements are opinions and the figures go stale. How this is made · Terms

⚠ The Top Line Tripled and the Bottom Line Went to ZeroHigh threat

Bending Spoons (BSP) — threat to the moat

Bending Spoons earned more for its shareholders in 2023, on a third of the revenue, than it has in any year since.

The central fact about Bending Spoons' accounts is that growth has not reached the owners. Revenue went from $387.067 million in 2023 to $671.053 million in 2024 and $1,306.404 million in 20251. Net income attributable to shareholders went from $160.773 million to $89.513 million to a loss of $137 thousand2. Over the three years together, $2.36 billion of revenue produced $250.149 million of attributable net income3, and the best year of the three was the first.

Net income attributable to shareholders ($M)160.8202389.52024-0.12025251.2TTM to Jun 2026Form 424B4 income statements; 2023 includes a $103.1m tax benefit, 2025 a $111.4m charge
Three years of tripling revenue, and a loss in the middle year.

Two of those three figures are tax artefacts rather than operating events. The 2023 net income exceeded that year's pre-tax income of $57.509 million because of a $103.134 million income tax benefit4. The 2025 pre-tax income of $111.178 million was almost exactly erased by a $111.382 million tax expense5, principally the net effect of moving certain acquired businesses to Italy, a $166 million expense6.

Operating income is the only line that reads cleanly across the three years, at $84.267 million, $127.352 million and $277.851 million7. Below it sit the costs of the strategy. Interest expense went from $17.173 million to $32.605 million to $142.601 million8, more than four times in one year9, and took 51.3% of 2025 operating income10.

Above it sit the four costs the company excludes from the measure it guides on: amortisation and impairment of acquired intangibles, transaction expense, reorganisation expense and other items, $335.4 million in 202511.

The tax line is volatile in both directions and the company explains why. The Italian statutory rate used in its pro formas is 27%12, but the effective rate was 237% for the first half of 2025 and 10% for the first half of 2026, and a benefit of 17% in the second quarter of 20261314. The drivers are the transfer of acquired businesses to Italy, valuation-allowance releases arising from purchase accounting, and tax benefits from remeasuring cash-settled share-based compensation at subsidiaries15.

A second pro forma makes the same point for an earlier vintage. On the ASC 805 basis, treating the 2025 acquisitions as owned from 1 January 2024, revenue would have been $1,445.650 million in 2024 and $1,761.916 million in 2025, with a net loss of $32.555 million and net income of $9.143 million16. Two years, $3.2 billion of combined revenue, and about nine million dollars of profit between them.

The trailing twelve months to June 2026 look like a turn, with $251.182 million of net income on $2,041.834 million of revenue17, though $26.198 million of the latest quarter's result was a tax benefit18. The costs excluded from Adjusted Operating Income are what would falsify it: if they keep growing with every purchase, the adjusted figure describes a company that does not file accounts.

The number that tests this threat
Moat Explorer calc
Costs excluded from Adjusted Operating Income, full year
$335.4M in 2025

The gap between the measure the company guides on and the one it files; growth with every purchase means the adjusted figure is fiction.

How it's calculated: Amortisation and impairment of acquired intangibles $150,532 thousand plus transaction-related $85,466 thousand plus reorganization-related $78,607 thousand plus other $20,790 thousand, which equals Adjusted Operating Income of $613,247 thousand less operating income of $277,851 thousand.
Source: Moat Explorer calculation from Bending Spoons filings ↗
References
  1. ReportedRevenue went from $387.067 million in 2023 to $671.053 million in 2024 and $1,306.404 million in 2025.
    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. ReportedNet 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. Moat Explorer calcOver the three years together, $2.36 billion of revenue produced $250.149 million of attributable net income, and the best year of the three was the first.
    Moat Explorer calculation from figures reported in Bending Spoons' Form 424B4 prospectus, its Q2 2026 Form 6-K exhibits and the market data cited beside them ($ 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.
  4. ReportedThe 2023 net income exceeded that year's pre-tax income of $57.509 million because of a $103.134 million income tax benefit.
    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. ReportedThe 2025 pre-tax income of $111.178 million was almost exactly erased by a $111.382 million tax expense, principally the net effect of moving certain acquired businesses to Italy, a $166 million expense.
    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. ReportedThe 2025 pre-tax income of $111.178 million was almost exactly erased by a $111.382 million tax expense, principally the net effect of moving certain acquired businesses to Italy, a $166 million expense.
    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 ↗
  7. ReportedOperating income is the only line that reads cleanly across the three years, at $84.267 million, $127.352 million and $277.851 million.
    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 ↗
  8. ReportedInterest expense went from $17.173 million to $32.605 million to $142.601 million, more than four times in one year, and took 51.3% of 2025 operating income.
    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 ↗
  9. Moat Explorer calcInterest expense went from $17.173 million to $32.605 million to $142.601 million, more than four times in one year, and took 51.3% of 2025 operating income.
    Moat Explorer calculation from figures reported in Bending Spoons' Form 424B4 prospectus, its Q2 2026 Form 6-K exhibits and the market data cited beside them ($ 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.
  10. Moat Explorer calcInterest expense went from $17.173 million to $32.605 million to $142.601 million, more than four times in one year, and took 51.3% of 2025 operating income.
    Moat Explorer calculation from figures reported in Bending Spoons' Form 424B4 prospectus, its Q2 2026 Form 6-K exhibits and the market data cited beside them ($ 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.
  11. Moat Explorer calcAbove it sit the four costs the company excludes from the measure it guides on: amortisation and impairment of acquired intangibles, transaction expense, reorganisation expense and other items, $335.4 million in 2025.
    Moat Explorer calculation from figures reported in Bending Spoons' Form 424B4 prospectus, its Q2 2026 Form 6-K exhibits and the market data cited beside them ($ 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.
  12. ReportedThe Italian statutory rate used in its pro formas is 27%, but the effective rate was 237% for the first half of 2025 and 10% for the first half of 2026, and a benefit of 17% in the second quarter of 2026.
    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 ↗
  13. ReportedThe Italian statutory rate used in its pro formas is 27%, but the effective rate was 237% for the first half of 2025 and 10% for the first half of 2026, and a benefit of 17% in the second quarter of 2026.
    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 ↗
  14. ReportedThe Italian statutory rate used in its pro formas is 27%, but the effective rate was 237% for the first half of 2025 and 10% for the first half of 2026, and a benefit of 17% 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 ↗
  15. ReportedThe drivers are the transfer of acquired businesses to Italy, valuation-allowance releases arising from purchase accounting, and tax benefits from remeasuring cash-settled share-based compensation at subsidiaries.
    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 ↗
  16. ReportedOn the ASC 805 basis, treating the 2025 acquisitions as owned from 1 January 2024, revenue would have been $1,445.650 million in 2024 and $1,761.916 million in 2025, with a net loss of $32.555 million and net income of $9.143 million.
    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 ↗
  17. Moat Explorer calcThe trailing twelve months to June 2026 look like a turn, with $251.182 million of net income on $2,041.834 million of revenue, though $26.198 million of the latest quarter's result was a tax benefit.
    Moat Explorer calculation from figures reported in Bending Spoons' Form 424B4 prospectus, its Q2 2026 Form 6-K exhibits and the market data cited beside them ($ 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.
  18. ReportedThe trailing twelve months to June 2026 look like a turn, with $251.182 million of net income on $2,041.834 million of revenue, though $26.198 million of the latest quarter's result was a tax benefit.
    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