Hi everyone —
Here’s where Relay stands at the end of Q4.
Monthly active users: 1,200. Our projection was 2,000. We missed it, and I want to be straightforward about that. What we’re seeing, though, is that the users we do have are more engaged and spending more than we modeled. MRR grew from $11K to $18K — a 64% quarter-over-quarter increase — on a smaller user base than planned. Revenue per user is roughly 2x our original assumption.
Runway is 16 months at current burn.
Next quarter we’re doing two things: launching the team plan (our most-requested feature, and the clearest path to expanding revenue per account) and building the Codepost integration (which came out of watching how our heaviest users actually work). We’re deliberately narrowing our roadmap. The MAU miss told us something about where our product-market fit actually is, and we’d rather go deep there than spread across six initiatives.
Team: we hired Sana Okafor (frontend, building the team plan UI) and Marcus Chen (infra, owning the Codepost integration). Both came to us from the user community, which I think says something about how people feel about the product once they’re inside it.
I know these numbers aren’t what we projected. I’d rather show you the real picture and a clear plan than dress it up. Happy to get on a call with anyone who wants to dig into the details.
— Jamie
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