Good morning. Q1 is in the books. Below: a tight breakdown of what shipped, with numbers where I have them and a TODO where I don't.
Faktorist
GMV crossed $108M for the quarter, up 41% YoY. Active sellers grew from 2,180 to 2,400. Net retention 121%. We added two cities (Vilnius and Tashkent) and stayed out of three we'd originally planned for — the credit underwriting wasn't ready for those markets yet.
Made-in-Ukraine
Issue N°08 closed copy in March and goes to print this week. The cover story (agri-export from the grey zone) got an early sign-off from the German trade press; expect coverage in May. Podcast crossed 500K cumulative downloads in February. New ad inventory sold through to Q3.
The book
Audiobook recording done in February, released in March. Audiobook is a meaningful share of monthly sales — higher than the publishing partner forecast going in.
Refereeing
Eight UPL matches. One controversial late call that the post-match review confirmed was correct. Eighty-six matches cumulative; one shy of last quarter's number, which I'm fine with.
FTR
Whitepaper v2 in November is now what we're building against. Testnet activity steady. Mainnet still 2027.
What I learned
The big lesson of the quarter: every time we've resisted scaling a product we're not ready to support, we've been right twelve months later. The discipline of saying no to a new market is harder than the discipline of saying yes; both compound.
— Oleksandr