<aside> <img src="/icons/calendar_green.svg" alt="/icons/calendar_green.svg" width="40px" /> This April 2024 update reviews our performance from March, 2024.

You can expect to see our next update on May 20, 2024, reviewing performance for April 1-30th, 2024

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<aside> 💡 After 12 months, all historic Investor Updates, Friday Forums, and other inside the company content can be found here:

Inside Levels - Friday Forums and Investor Updates

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Overview

Loom

https://www.loom.com/share/cc47025e4a1648cbbc9f2d4c4712eda3

Letter

<aside> <img src="/icons/circle-dot_green.svg" alt="/icons/circle-dot_green.svg" width="40px" /> Levels Investors – Last month we updated our core metrics focus to operating burn, revenue growth, and retention. This month we significantly improved our operating burn by $109k to $437k and increased our LTV:CAC ratio to 2.6 from 2.3.

We are still working to define a path to sustainable growth - on this front, we saw revenue and retention fall slightly short of our goals for the month. In response, we are working diligently to improve our retention results through improvements to the app along with growth lifecycle efforts.

Some highlights from across our team this month were:

• In growth, we saw viral improvements to our Youtube following - We had a number of YouTube Shorts videos (which were sub-cuts from our podcast) get traction. Through our channel, we reached more than 1M views in a week and 3.8M views in the month for our videos.
• In product and engineering, we focused on app consolidation to enhance the usability of recently released features while making progress on delivering our insights and freemium initiatives.

We launched our second crowdfunding campaign with Wefunder on March 26. We saw an immediate outpouring of love and support for our mission from Crowdfund investors - this was exciting and motivating for the team. We look forward to providing an update on the campaign and welcoming a significant cohort of new investors to our team in the next update!

<aside> <img src="/icons/arrow-right-basic_green.svg" alt="/icons/arrow-right-basic_green.svg" width="40px" /> Looking ahead to April

Next month, we’ll continue to focus on improving our revenue and retention metrics and expect steady performance on our operating burn. We’re looking forward to:

• Launching app consolidation and insights to our members
• Iterating on smart photo logging to improve detection speed and accuracy of food logs
• Preparing our freemium offering for a beta launch in early May
• Kicking off our lifecycle winback series to bring back recently lapsed members
• Finalizing our crowdfunding campaign and welcoming a group of new investors </aside>

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<aside> 🙏 Special thanks this month to Crowdfund Investors and Michael King.

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Table of Contents

Metrics

<aside> 👉 We significantly improved our operating burn in March relative to February results and our goal for the month. We are on track to continue to exceed our burn rate objective for the next three months and are maintaining flexibility to invest in growth. Revenue results were slightly behind forecast due to slower glucose monitor purchase rates, this had little impact on our operating results.

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<aside> 📝 Definitions for New customers, LTV:CAC, 12 month retention, Normalized Burn Rate, and Runway are included in our Metrics Appendix.

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Open Roles

🆕 Signal Processing/Algorithms Engineer