<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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<aside> 📅 Investor Update schedule change – shifted from the 15th to the 20th
You can expect the next update (for August 2023) to be in your inbox on September 20th.
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https://www.loom.com/share/90a0817fa42a44d3883b5bfe6f29c88a?sid=240f1abf-b4df-4ee9-b17f-4638c3223b05
<aside> <img src="/icons/circle-dot_green.svg" alt="/icons/circle-dot_green.svg" width="40px" /> Levels Investors & Team –
July was our first month fully executing with an updated growth strategy after the changes to headcount and overall strategy in late May and early June. If June was a reset month, July was about action.
Our target remains clear: a 10% MoM growth in new member revenue with our current hardware & software offerings. We hit our upside target for July following a softer June, but still have work to do to define a path to sustainable compounding growth.
Within Product & Engineering, our focus during July was removing underused features, reducing complexity in the app, and cleaning up our code.
New and existing feature development and iteration is on our team roadmap for August, with a new engineering culture making engineers responsible for scoping, implementing, and reporting against core metrics of increasing engagement and retention.
Within Growth & Marketing, we were able to reach our growth goal for July with particularly strong month-over-month performance in partnerships as well as our email marketing efforts as a result of updates to our newsletter and abandon cart flow.
Over the next month, we plan to further invest in email marketing, accelerate experimentation on paid social channels, improve our website and checkout flow, and double down on our podcast and owned media content strategies.
On the business operations front, we’ve substantially increased the business analytics and measurement processes across every function. ****We’ll continue to learn from this data and respond to feedback on our performance, and we’re prepared to adjust our strategy based on the results that we see.
In line with our commitment to transparency, you’ll find updated metrics below, alongside goals & objectives for the months ahead. We’ll do our best to call our shots, and keep you posted on our performance.
As always, we appreciate your support, feedback, and guidance. If you have any questions or input, reach out to Sam or Josh.
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<aside> <img src="/icons/help-alternate_green.svg" alt="/icons/help-alternate_green.svg" width="40px" /> Asks: If you’re able to help with any of the asks below, we’d really appreciate it.
<aside> 🏫 ARPA-H introduction
We’re looking for an introduction to someone at the the Advanced Research Projects Agency for Health (ARPA-H), within the US Department of Health and Human Services.
Please reach out to @Josh Clemente ([email protected]) if you can make an introduction or have insights to share.
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<aside> 🌐 Introduction to a WordPress Web Developer We’re looking for a new WordPress developer or small agency for an ongoing contract to help with maintenance and minor upgrades to the Levels blog.
Please send any recommendations or introductions to @Mike Haney ([email protected]).
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<aside> 🙏 Special thanks this month to Dan Freed, Moshe Lifschitz, Niv Dror, Andrew Herr, Josh Steinman, and Kyriakos Eleftheriou.
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Table of Contents
| May 2023 | June 2023 | July 2023 | |
|---|---|---|---|
| Total Revenue | $1,831,254 | $1,764,650 | $1,777,516 |
| Burn Rate (Operating Cash Flow) | $948,560 | $1,659,623 | $602,756 |
| Finance: Runway | 18 months | 22 months | 19 months |
| Finance: Cash | $21,503,753 | $19,865,429 | $19,218,158 |
| Product: Total Memberships | 25,830 | 26,316 | 26,034 |
| Product: Active Members | 9,874 | 9,264 | 9,166 |
| Total Completed Orders | 8,995 | 8,147 | 8,642 |
| Support Satisfaction | 83% | 84% | 91% |
| Net Promoter Score | +52 | +43 | +42 |
| Customer Acquisition Costs, Blended | $141 | $210 | $173 |
| Customer Acquisition Costs, Paid | $186 | $264 | $248 |
| Customer Acquisition Costs, Fully Loaded | $220 | $342 | $280 |
| | June 2023 Result | July 2023 Objective | July 2023 Result | August 2023 Objective | | --- | --- | --- | --- | --- | | Growth: New Member Revenue | $262,404 | $291,010 (10%) | $292,303 | $320,111 | | Paid Renewals | 28.3% | 20.0% | 22.7% | 20.0% | | Lifetime Value (LTV) | $277 | $249 | $257 | $249 | | Customer Acquisition Cost, blended (CAC) | $210 | $195 | $173 | $190 | | Lifetime Value/CAC (blended) | 1.3 | 1.3 | 1.5 | 1.3 |