That doesn’t seem huge? 50M for 130 is a bit less than 400k revenue per employee. Of that revenue you’re already spending at least 100-200k on the employee themselves

For some of the devs, sure, but no way is their average payroll per employee $200k. How many analysts and support staff work there? I'm sure there are people at Expensify making $30-50k/yr.

The current number is $88M. For comparison: Gitlab did $150M on 1,400 employees.

And sure enough, GitLab doesn't even make an operating profit.

We're at $11M on 35 employees slinging physical stone slabs.

I'd expect a software company to be much higher on $rev/employee.

Wouldn't hardware revenue be much higher than software revenue because costs are equally high?

You could sell $5 fidget spinners or $500,000 Rolls Royces. Costs would be highly dependent on the industry/product.

However, what's limiting is that physical goods depend on physical distribution.

Theoretically, software's available market is the entire planet. Physical goods only go where you can physically send (and support) your product.

All else being equal, distribution plays a larger role in the discrepancy between physical vs. software.

I imagine OP is probably selling countertops or maybe even something with required precision like granite surface plates.

Typically durable goods will have less revenue than software services, since there isn't really the concept of logarithmic growth that you can theoretically support with software.

Slow growth over 13 years in an easy-to-monetize category can get you there.