what3words has seen its revenue halve in the last year. It has gone from £2.1m in 2024 to £1.1m in 2025. At its height the company was valued in the hundreds of millions. I have always believed this company to be a stain on the UK tech ecosystem, and essentially a ponzi scheme defrauding investors. The senior leaders were paying themselves £300k and paying for extravagant work trips around the world. All the while the company never managed to bring in any meaningful revenue. Earlier this year it ran a secondary sale at a £50m valuation. In the crowdfund deck it did not disclose financials results ANY WHERE. It has literally burnt through hundreds of millions of dollars across over 10 years. Running a secondary sale while revenue was dropping without telling ANY investors is SHOCKING.