3 takeaways from Substack’s newly released financial results

I got excited — very excited — when I found out that Substack’s equity crowdfunding effort would result in it releasing financial results.
Sadly, due to rules and the timing of the fundraise, Substack is not required to detail its financials for 2022, and so the startup released hard data for 2020 and 2021 along with certain user-specific metrics for last year. This provides an interesting, if incomplete, picture of the company’s health.
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