Annual Report
FY2024 Annual Report
RISE™ Technologies, Inc. · Fiscal Year ending December 31, 2024
1. Executive Summary
FY2024 was RISE™’s strongest year on record and, we believe, the year the adjustable base market ceased to be the relevant frame of reference for what we do. Revenue reached $89.4M, representing 134% growth over FY2023. Push Mode compliance among active users reached 98%. The waitlist reached 340,000. We shipped 47,000 units.
These numbers tell a story about product-market fit. The deeper story is about what happens when 47,000 people stop making a decision every morning and start simply executing one they made once, when they pressed a button.
2. Financial Highlights
| Year | Revenue | YoY Growth | Gross Margin | Units Shipped |
|---|---|---|---|---|
| FY2020 | $2.1M | — | 12% | 940 |
| FY2021 | $8.4M | +300% | 41% | 3,800 |
| FY2022 | $23.7M | +182% | 55% | 10,600 |
| FY2023 | $38.2M | +61% | 63% | 17,100 |
| FY2024 | $89.4M | +134% | 68% | 47,000 |
$180
Customer Acquisition Cost
27 days
CAC Payback Period
$2,400
Customer LTV
71
Net Promoter Score
3. Business Overview
RISE™ manufactures and operates the RISE™ Smart Adjustable Base — a platform consisting of the Push hardware, Push Mode software, self-making mechanism, and autonomous navigation system. The product is sold as a complete system. There are no accessories, no companion products, and no optional features. Push Mode is not optional.
The self-making mechanism — a sheet tensioning system and single pneumatic pillow node that operate during Push Mode — is the product’s most underappreciated feature from a financial standpoint. It creates daily active engagement with the product independent of the morning routing function. The bed is always doing something. The data this generates is, separately, an asset.
4. Market Opportunity
RISE™ does not size its opportunity against the adjustable bed market ($15B globally) or the sleep economy ($432B). These are the wrong reference frames. RISE™ addresses the productivity loss market: the estimated $4.2 trillion in annual global economic output lost to inadequate morning routines.
By our calculation, each Push Mode user recovers an average of 34 minutes of productive morning time per day relative to their pre-Push baseline. Across 47,000 active users, this represents approximately $42B in recovered productive value annually at median knowledge worker rates. We have addressed approximately 1% of our addressable market.
TAM: $4.2 trillion (global productivity loss attributable to morning routine deficiency) · SAM: $890 billion (addressable with current Push Mode geography and price point) · SOM: $89.4M (FY2024 actual) · We are 1% of the way there.
5. Risk Factors
The following risk factors could materially affect our business, financial condition, and results. This list is not exhaustive. RISE™ has attempted to identify the most significant risks. We have not identified risks we are not aware of, which is a limitation of this exercise that we acknowledge.
Push Mode Regulatory Risk
Regulatory bodies in three jurisdictions have initiated preliminary inquiries into autonomous morning routing systems. RISE™ has engaged counsel in each jurisdiction. We believe our position is sound. Our position is that Push Mode cannot be interrupted and that this is a feature. The courts have agreed in the cases where this has been tested. We do not guarantee they will continue to agree.
Single Mode Dependency Risk
Substantially all of RISE™’s revenue is derived from products featuring Push Mode. We do not offer an alternative mode. If Push Mode were found to be harmful, restricted, or — least likely — unpopular, our business would be materially affected. We do not believe Push Mode will be found to be any of these things. We have built a product that is working correctly.
Audio Data Regulatory Risk
RISE™ collects audio data from sleep environments as described in our Privacy Policy. Regulatory frameworks governing this collection are evolving. RISE™ believes its current practices are compliant with applicable law in most jurisdictions. In jurisdictions where compliance is uncertain, RISE™ is monitoring developments. RISE™ considers monitoring to be appropriate at this stage.
Autonomous Navigation Incident Risk
The Push’s autonomous navigation capability, including the solo return commute, may result in interactions with third parties, property, or public infrastructure. RISE™ maintains appropriate insurance. All claims to date have been resolved. We do not disclose claim details. We note that the number of incidents has been proportionally small relative to total solo commutes completed.
Occupancy Data Sensitivity Risk
The granularity of RISE™’s occupancy detection data — 2,048 sensors at 2.5cm spacing — creates meaningful data sensitivity. This data is retained, classified, and in some cases shared as described in our Sleep & Environmental Data Policy. Regulatory and reputational risks associated with this data category are real. They are being managed.
Waitlist Concentration Risk
340,000 prospective customers are currently on the Push waitlist. These individuals represent significant future revenue. If a material portion of the waitlist were to lose interest, be acquired by a competitor, or independently develop the capacity to self-initiate morning routines without assistance, revenue projections would be affected. RISE™ considers the last scenario unlikely based on available data.
Dependency Risk
Extended Push Mode use reduces users’ capacity for self-initiated morning routines. RISE™ considers this an alignment of user behavior with product design intent and not a compensable harm. Regulators in two jurisdictions have expressed interest in this dynamic. RISE™ is engaged.
The Push Pro Risk
RISE™ has acknowledged the existence of The Push Pro in certain investor communications and in this document’s footnotes. Details of The Push Pro have not been disclosed. If The Push Pro fails to meet the expectations created by not disclosing its details, investor sentiment may be affected. RISE™ does not consider this a significant risk. RISE™ is confident in The Push Pro.
5a. Growth Strategy — Vertical Navigation
RISE™’s current platform is optimized for flat-surface residential environments. We are aware of this constraint. Approximately 34% of US residential housing stock involves multi-story navigation. We have not addressed this market. We intend to.
Our R&D team has been developing next-generation vertical navigation infrastructure since Q3 2022. In February 2025, we confirmed the existence of this program publicly under the name RISE™ Move. We confirmed that it navigates staircases in both directions — ascending and descending — attended and unattended. We confirmed that it will be priced above the current Push and will include a recurring Vertical Navigation Services subscription. We confirmed that current Push owners will receive no preferential pricing.
We are not disclosing timeline, price, form factor, or any specification beyond the above. Multi-story residences represent a meaningful expansion of our addressable market. We are not providing a revised TAM estimate until the product is closer to announcement. Investors who wish to be notified when additional information becomes available may visit riseawake.com/move.
6. Leadership & Governance
Dr. Eleanor Voss
Founder & Chief Executive Officer
PhD Behavioral Sleep Science, Stanford. Has not been late since 2021.
James Park
General Counsel
Former regulatory counsel, FTC. Joined RISE™ after the first autonomous navigation inquiry.
Dr. Mara Chen
Chief Product Officer
Architect of Push Mode navigation system. Holds 11 of RISE™’s 23 granted patents.
Thomas Ellery
Chief Financial Officer
Former Goldman Sachs. Managing the S-1 process. Has been briefed on Appendix C.
This annual report contains forward-looking statements. Actual results may differ materially. Financial figures are unaudited summaries — full audited statements available to accredited investors upon request (90-day fulfillment). Risk factors listed are not exhaustive. RISE™ has not identified risks it is not aware of. Push Mode compliance data independently verified by RISE™ Internal Analytics. Third-party verification pending.