And that's a wrap for Q1!

April 3, 2023

With that, we've officially closed the books on Q1. For the first time ever in the company's history, we've managed to post three consecutive beats on revenue and also the highest quarter ever for technology revenues. This is no small feat, especially in as volatile and unpredictable a year as this. After sharing this news with the board on Friday, they were effusive with their praise as most portfolio companies and startups in general right now are struggling to hit their marks as software licenses are being cut back and customers are holding tight on expenses. Emails have gone out again to the VCs diligencing us for our Series B as every successive month we've beaten forecasts the conversations have gotten easier and easier to get them to commit.

We've also been able to prove out something else that is critically important - our ability to maximize the amount of revenues able to be generated from an additional $1 in AUM. As you can see on the weekly dashboards, AUM has been relatively flat for the last few months with various different downsizes, paydowns, and other situations happening. And yet our revenue continues to increase, demonstrating that we're now able to squeeze more out of each dollar being put to work on the platform. Given that's the case, as our AUM begins to ramp up from all the various initiatives being done to expand institutional investor capital, our revenue should be poised to take off.

Observing from the sidelines, it has been remarkable to watch us transform from a business that once could have been considered a form of investment banking into a real sales organization. There is one metric and one metric only that matters this year and that's topline revenue. I've seen the shift in mindset to hit our targets, the change that has occurred when we speak with prospective clients, and the race to meet the month end KPIs. We're growing up in all the right ways and this is a fantastic bellwether of what's to come.

We have so much to be proud of for how this first quarter has gone and we are being rewarded for it in spades. Let's keep taking it one month at a time and I can promise you we're going to be able to make some magic happen this year ✨