Investor due diligence · October 2026
EarnOS is an ad network that gets paid to build a graph of verified people.
We deliver superior user acquisition for brands, rewards for our members while getting paid to become a better consumer data marketplace.
Each brand that joins adds rewards members can earn and creators can promote. Advertisers spend $223 a year on each ero user, more than Meta earned from a Facebook user in the US and Canada. Our budget takes gross revenue from $2.6M a year at October’s pace to $11.7M a month by October 2027.
Live since 17 June 2026 in the United States, Canada, the United Kingdom and Australia. 54,527 people have joined ero, 21,511 have verified an account and 9,072 have passed ID checks. ero is rated 4.7 from 1,000+ reviews across the App Store and Google Play.
Overview
each card opens its sectionat November’s projected rate, and $11.7M a month by October 2027 in our budget.
Read more Member spending$18.0Mof spending and trades read from members’ own accounts, across 402,733 transactions.
Read more VeriGraph$589K a weekof graph value added over the last six weeks, $3.5M in all, across 101,297 verified relationships.
Read more Retention43.9% at week 11for members with seven or more apps, above the excellent ranges for fintech and rewards apps.
Read more Velocity of money94.3%of rewards have been spent on members’ ero cards or withdrawn to their banks.
Read morefrom 1,000+ reviews across the App Store and Google Play in our four markets.
LTV to CAC on a $16 CAC.
Read more The budgetJune 2027The month our budget turns profitable.
Read moreGross revenue reached $328,270 in 126 days.
September brought 5.3 times August’s gross revenue. Our budget takes it to $11.7M a month by October 2027.
| Month | Monthly | A year |
|---|---|---|
| Oct 2026 | $180K | $2.16M |
| Nov 2026 | $255K | $3.06M |
| Dec 2026 | $369K | $4.43M |
| Jan 2027 | $538K | $6.46M |
| Feb 2027 | $868K | $10.4M |
| Mar 2027 | $1.24M | $14.8M |
| Apr 2027 | $1.75M | $21.1M |
| May 2027 | $2.67M | $32.1M |
| Jun 2027 | $3.67M | $44.1M |
| Jul 2027 | $4.97M | $59.7M |
| Aug 2027 | $7.05M | $84.6M |
| Sep 2027 | $9.17M | $110.0M |
| Oct 2027 | $11.7M | $140.8M |
October to the 21st · measured
$148,334$2.6M a year at that pace.
November · projected
$255,000or $3.1M a year.
Next 12 months · budget
$44.3Mof gross revenue, November 2026 to October 2027.
Network effect Brand spend becomes rewards creators can promote, and every member they bring in draws more brand spend.
Advertisers value our members more than a Meta user.
Each ero user brings $223 a year of gross revenue. Meta earned $220 from a Facebook user in the US and Canada, where 82% of our members live.
Fintechs pay $100 to $250 to win one verified customer
Our members hold 28,100 verified fintech accounts.
$2.8Mfor that cohort alone at $100 an account, and $7.0M at $250.
Kalshi$469K
Revolut$447K
SoFi$443K
Robinhood$406K
Wise$354K
Coinbase$349KWhat advertisers spend on our members
| Country | Members | Ad spend per person | A year |
|---|---|---|---|
 United States75.8% of members | 16,305 | $861 | $14.04M |
 United Kingdom16.9% of members | 3,635 | $742 | $2.70M |
 Canada5.8% of members | 1,248 | $373 | $466K |
 Australia1.2% of members | 258 | $440 | $114K |
| Internal testers0.3% of members, testing new markets | 65 | – | – |
| All verified members$805 each | 21,511 | $805 | $17.3M |
What members’ accounts show
measured · cumulative
Shopping
17,337accounts$11.8M168,185 orders
+7Finance
28,100accounts$3.78M51,974 trades and card payments
Rides and food
19,573accounts$1.56M99,370 rides and orders
Travel and cars
6,758accounts$675,9023,515 flights, 3.7M miles
ero Visa cardOur card
6,703cards$135,35087.1% of eligible users issued a Visa card
Media and social
29,529accounts71,194Netflix titles watched
+8 more
Amex
a year from the average member with an Amex card. 12.6% spend $50,000 or more, and 3.1% spend $100,000 or more.
Delta
of our Delta flyers have flown Comfort+, First or Delta One.
Robinhood
traded in the last 12 months. 29% of these accounts are five years or older.
Compounds Each account a member proves joins VeriGraph, where the next brand can pay to reach them.
VeriGraph grows in value with every connect.
VeriGraph joins each member’s proven accounts into one consented record. Every proof makes the graph worth more and sells to each brand that wants that customer.
of graph value added over the last six weeks. The asset stands at $5.38M today.
Amex cardmembers spend 3.4 times more on Shop than other members, and the graph lets a brand ask for them.
of graph value for each $1 a brand spends, and every brand in a platform’s pool pays for the same link.
Today: 21,511 verified people, worth $1.08M a year at $50.
Verified relationships
101,297doubled in the last 32 days, across 26 apps.
Asset value today
$5.38Mreaching $34.0M in 12 months at the last 30 days’ pace.
Data revenue today
$1.08M a yearat $50 a verified person, before any growth.
What the graph sees
measured→Premium-cabin flyers spend 3.3 times more on Shop than other members.
→Amex cardmembers spend 3.4 times more on Shop than other members.
→Netflix Premium HD members spend 2.2 times more on Shop than Standard members.
→all appsMembers with a five-year Robinhood account spend 2.1 times more across our apps.
Premium signals, by platform
measuredDeltaAmexNetflixRobinhoodMembers with seven or more apps are 4.5 times as likely to carry a premium signal. 25% of members have reached seven, and each new connection makes a member easier to value.
How the graph earns today
liveConnect
$0.50 to $2per verified link, paid by each brand in a pool.
Connect insights · brands fund insights on their competitors’ users
verified usersKalshifundsverified users
Krakenfundsverified usersBrands like Stake, Kalshi and Kraken fund Connect insights for superior targeting and precision acquisition from a selection of platforms. Better targeting delivers better results.
What buyers pay for one verified person
Network effect A member earns from each brand that buys their link, so each brand that joins makes EarnOS worth more to members.
Every connect earns EarnOS revenue and keeps the member coming back.
Members are paid for each account they prove, and each step up in connected apps doubles week-11 retention.
Lifts retention
8.6×Members with seven or more apps are active in week 11 at 8.6 times the rate of members with one app or none.
Pays the member
94.3%of the rewards members earn are spent on their ero card or withdrawn to their bank. Every verified connect puts money in their hands.
Earns EarnOS revenue
$0.50–$2per verified link from brands, plus $50 a year of data value for each verified person in VeriGraph.
Members on 7+ apps
56%of ID-checked members have connected seven or more apps.
Apps per member
8.36verified apps for each ID-checked member.
Premium signals
4.5×as likely at seven or more apps, so each connect makes a member worth more to brands.
Verified relationships
101,297in VeriGraph, each one a consented, live connection.
Compounds Members who stay connect more apps, and members with more apps stay longer.
A user costs $16 and returns 7.8 times that.
64% of our users arrive through a referral. Each user brings $223 a year of gross revenue.
CAC · blended
$16per user who passes ID checks.
Gross revenue per user
$223 a yearabove Meta’s $220 per US and Canada user.
LTV:CAC · modelled
7.8×$125 of lifetime value over 36 months.
Gross revenue per user a year
Network effect Every brand that joins gives creators and members a bigger offer for the people they refer, and referrals bring in 64% of our users.
43.9% of members with seven or more apps are active at week 11.
Their curve flattens after week 8, from 45.0% to 43.9%, above the week-12 excellent ranges for fintech apps (22–30%) and rewards apps (18–25%). Across all ID-checked members, week-12 retention is 28.1%, at the top of fintech’s excellent range and above rewards’. 94.3% of members’ rewards were spent on their ero card or withdrawn to their bank.
| Share active | Week 1 | Week 4 | Week 8 | Week 12 |
|---|---|---|---|---|
| ero, 7+ apps | 89.0% | 64.2% | 45.0% | 43.9% week 11 |
| ero, all ID-checked members | 76.6% | 50.2% | 35.9% | 28.1% |
| Rewards apps, excellent | 50–60% | 30–40% | 22–30% | 18–25% |
| Fintech apps, excellent | 45–60% | 30–40% | 25–35% | 22–30% |
| Consumer apps, excellent | 40–50% | 25–35% | 20–30% | 18–25% |
Members with 7+ apps against members with fewer
All members · 2+ months
78.1%of June to August joiners took an economic action in two or more months.
Activity · month 2 to 3
96%of month 2’s economic activity held in month 3, across all June joiners.
Missions · month 2 to 3
123%Mission activity rose 23% month on month, across all June joiners.
7+ apps · spend
127%Card spending and cash-outs rose 27% in members’ second month.
Compounds Every week a member stays adds proofs the graph can sell to more brands.
Our budget turns profitable in June 2027.
Gross revenue grows between 28% and 61% every month from November 2026 to October 2027. Brand demand exceeds what our users can complete.
Next 12 months · budget
$44.3Mof gross revenue.
October 2027 · budget
$11.7Mof gross revenue in the month.
Profitable · budget
Jun 2027and $2.1M a month of profit by October 2027.
Network effect Brands have signed 10.7 times the spend we serve today, so each member the budget adds unlocks spend brands are waiting to place.
At 10 million users, EarnOS is worth $23.1B on today’s unit economics.
Each row multiplies today’s revenue per user by a user count and values it at Plaid’s 18.6 times revenue. Our budget’s October 2027 rate matches 632,000 users at today’s revenue per user, and Revolut passed 68 million customers in its tenth year.
| Users | Gross revenue a year | Data revenue a year | Value |
|---|---|---|---|
| 100,00011 times today | $22.3M | $5.0M | $231M |
| 632,000our budget, October 2027 | $141M | $31.6M | $1.46B |
| 1 million | $223M | $50M | $2.31B |
| 10 million | $2.23B | $500M | $23.1B |
| 20 millionRevolut had 68 million in its tenth year | $4.46B | $1.0B | $46.3B |
Network effect The table holds revenue per user at today’s $223. Each brand that joins adds rewards members can earn, and that lift sits outside these values.
Brands have signed up for more spend than our users can complete.
28 of our 52 signed brands are live, and the rest are waiting for users. We will use this round to add those users.
Kraken
$4.8M a yearunder contract, first month’s $400,000 paid.
Stake
$22.8M a year$1.9M a month, after Stake raised its daily budget sixfold.
Programmatic
$2.9Bof spend we can access.
Brands pay more
+78.6%OG.com’s rise in price per customer since launch. Four more brands have raised theirs.
Network effect Each brand that signs adds rewards members can earn, so what a person can make on EarnOS rises as brands arrive.
The network effect
Each brand that joins adds rewards members can earn, so EarnOS is worth more to members with every brand. Bigger rewards give creators and members more to offer the people they refer, and 64% of our users arrive through a referral.
Each new member gives every brand a larger verified audience to reach.
SourcesData · budget · benchmarks+
Platform figures: investor dashboard export, 21 October 2026. Member quality: members’ zkTLS proofs, 21 October 2026. Forecasts: EarnOS November 2026 budget. Contracts, partners, retention follow-ups and unit economics: our due diligence follow-up note. Online ad spend: IAB/PwC (US), IAB UK, IAB Canada and IAB Australia/PwC, with population from each national statistics office. Retention benchmarks: our October 2026 research note. Other benchmarks: Fintel Connect, Ibotta, Pinterest and Meta filings, MBI Deep Dives, Intuit, Plaid, Revolut and American Express results. Hover over any i for the working behind a figure.
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