Backmatter @BACK_MATTER

. Joined October 2025

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Backmatter @BACK_MATTER

16 hours ago

@MegatrendGlobal Should be following you closer clearly!

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Backmatter @BACK_MATTER

17 hours ago

@MegatrendGlobal sec.gov/Archives/edgar…

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@MegatrendGlobal TLDR, headline made it sound like dilution, actual filing shows it’s not. Registration statement in August to offer up to $87m in stock or other mixed securities. It was a primary registration not a resale registration, so it’s just a roll forward, no current selling.

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Backmatter @BACK_MATTER

2 weeks ago

@fundmyfund L Catterton came out handsomely on Thorne, if $PRE goes that like you will do very well. $680k in 2023 and $3.8b to P&G this year. IM8 is definitely getting share, but 2,500% growth on essentially 0 in 2024 doesn’t mean much.

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Backmatter @BACK_MATTER

2 weeks ago

@fundmyfund I think there’s always a new group, but cac may increase once they’ve churned through the “easy” market. The cac not dropping when they doubled marketing spend is last q was insane though, that’s pretty unheard of and had me do a big double take. That’s a big positive

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Backmatter @BACK_MATTER

2 weeks ago

@fundmyfund Yeah I’ve seen high churn businesses and this whole segment is the lowest retention I’ve seen referred to in MRR. If the buyers like it, word of mouth becomes a big piece of the marketing engine, and they print cash. If not, they have to continue to pay to refill the leaky bucket

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Backmatter @BACK_MATTER

2 weeks ago

@fundmyfund 100%. I kept thinking this is either amazing or going to crash the second the marketing spend dials back. I work in finance for a PE backed marketing agency whose main customers are in a similar type of space, that’s where some of my perspective came from.

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Backmatter @BACK_MATTER

2 weeks ago

@fundmyfund Tons of respect for the research and depth you went into and then share for free, it is a fascinating one and sucked me in when I researched. Definitely will watch and hope it turns out well!

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Backmatter @BACK_MATTER

2 weeks ago

@fundmyfund Fair points, and I didn’t really look into the competition, just that ag1 had like 2.6k reviews vs under 100 for im8. I’m not saying ag1 is better, but at least shows a real volume of unmoderated reviews. You’re right, there are other logical reasons, and not damning on its own

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Backmatter @BACK_MATTER

2 weeks ago

@fundmyfund If you look at the line chart, it appears they chose 20 months for the point of comparison because it’s about the only time they are the “highest”. The period they chose is why I felt this one was cherry picked. More broadly, hard to value it as “MRR” when 85% churns

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Backmatter @BACK_MATTER

2 weeks ago

@fundmyfund They PR’d their insider buys. I get that it’s an influencer company, but the misleading metrics, the lack of reviews in any forum they don’t control, the compounding annuity positioning on 15% retention, spac background pivot from crypto, all read as red flags for me

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Backmatter @BACK_MATTER

2 weeks ago

@fundmyfund The way they measured MRR in their investor deck was taking July total revenue x 12 which included a large number of quarterly shipments and I believe materially overstated MRR, (3x for all quarterly orders in July) and didn’t exclude 1 time purchases.

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Backmatter @BACK_MATTER

4 weeks ago

@jinseongeo83473 LPTH is highly volatile. I could see a 5-10% drop from risk off plus a north run sale, plus increased risk uncertainty on NGSRI. Fintel showed 0 left to borrow at one point Friday but that wasn’t until most of the move had already happened. Tax sales of vesting options possible

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Backmatter @BACK_MATTER

4 weeks ago

@fundmyfund Good healthy take, thanks for outlining both sides

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Backmatter @BACK_MATTER

4 weeks ago

@Zero_Hour_Group @OndasHoldings @SafeProGroupCo That’s a WintraRay in the video, kinda strange they aren’t using Optimus which should be their product for surveying applications