///rocky.year.survived – for how long?

Thanks to Zachary DeBottis what3words’ 2025 accounts I am fascinated by what3words, it defies the laws of finance that apply to most businesses and shows how little my old fashioned understanding of business models is relevant in the modern tech economy. The idea of a verbal description of a 3m square as a proxy for coordinates might have sounded like a good idea a decade ago but adoption seems to have been slow and new technology may be about to overtake the idea. The 2025 accounts just landed at Companies House, here is a summary. Headline numbers 20252024ChangeTurnover£1.13m£2.15m−47%Administrative expenses£13.9m£16.3m−14%Operating loss£12.8m£14.1m−9%Loss after tax£12.2m£10.6m+15%Cash + term deposits£9.1m£17.7m−48%Net assets£10.9m£15.7m−30%Average headcount (group)8592−8%Accumulated losses£156.7m£145.9m The loss has come down a long way from the £31.5m of 2022, a year ago the story was all about progress: turnover had more than doubled from £1m to £2.1m, while headcount fell from…