URLX Single-Property Economics Study

Scope: Eight admitted single-property candidates; 92 recorded sourcing results; official filings and investor releases only

Across eight admitted single-property businesses, 92 sourcing results establish that the single-property structure partially breaks the observability barrier identified in URLX-IE-0.1. Revenue attributable to the property was independently observed at property level for four properties, transaction counts for one, gross transaction value for two and customer counts for two - outcomes that were entirely absent in the 24 public-company cohort, where every variable returned zero independent property-level observations. No variable yet reaches the five-observation researchability threshold. Independent property-level traffic measurement remains unobservable for all eight properties, so revenue per visitor cannot be derived, and customer value remains unobservable throughout. URLX-FV-0.1, the URLX Score and the reported unexplained variation are unchanged.

Effective 2026-09-18 · spe-01-single-property-observability

Scope: Eight admitted single-property research candidates. Development research; URLX-FV-0.1 remains the production methodology and is unchanged.

Single-property structures partially overcome the enterprise-attribution boundary. Independent property-level revenue and transaction observations are obtainable in some cases. However, independently sourced property-level audience measurements remain unavailable in the current eight-property cohort. Consequently, URLX cannot yet establish a defensible revenue-per-visitor measurement from this cohort.

Effective 2026-09-18 · spe-01-interim-audience-boundary

Scope: Eight admitted single-property research candidates; 29 source assessments. Development research. URLX-FV-0.1 remains the production methodology and is unchanged.

URLX research across the eight admitted single-property candidates identified no independent property-level traffic measurement meeting the URLX acceptance test, which requires direct measurement, property scope, independence from the existing URLX dataset, and a disclosed methodology. No property owner discloses visits, sessions, unique visitors or pageviews for its own domain. Disclosed registration and transacting-buyer counts are population counts, not audience measurements, and are recorded as proxies. Third-party figures are modelled estimates whose property-level sample and calibration are not disclosed, and one provider returned a figure three to four orders of magnitude below plausibility for a major property, demonstrating that modelled output cannot be accepted unverified. Accordingly, URLX does not treat modelled traffic estimates as property-level audience measurements and does not derive revenue per visitor for these properties. The absence of an independently measurable audience denominator is recorded as a data-infrastructure gap, not as missing data.

Effective 2026-09-18 · to-01-traffic-observability

Scope: Cumulative across the 63-asset public-company universe, the 24-property monetization pilot, the 8-property single-property cohort and the traffic observability study. Development research.

URLX research establishes the following sequence: URL, observable characteristics, economic attribution, audience measurement, valuation. Observable characteristics are established. Economic attribution is partially established. Property-level revenue has been independently demonstrated in limited cases. Property-level traffic is not independently established. Revenue per visitor is not established. Audience-based valuation is not established. URLX does not manufacture Internet economics: it establishes what can be independently measured, documents the source and scope of every observation, and distinguishes measured facts from estimates and unobservable information. Accordingly URLX-FV-0.1 remains the production methodology, under review, with no successor selected.

Effective 2026-09-18 · urlx-measurement-sequence-status

Scope: 24 public-company Internet properties · research cohort · development research, not a validated market model

URLX research across 24 public-company Internet properties found zero independent property-level observations for GMV, transaction count, platform revenue, advertising impressions, advertising yield, advertising revenue, subscriber count, paid subscriber count, subscription revenue, or customer value/LTV. Public-company disclosures frequently provide enterprise-level or multi-property economic information, but do not establish a defensible economic measurement attributable specifically to the Internet property. Accordingly, URLX does not treat enterprise-level disclosures as property-level measurements and does not infer unobservable economics from incomplete inputs.

Effective 2026-09-17 · ie-01-observability-boundary

Scope: URLX Phase 1 · public-company Internet properties · development research, not a validated market model

Phase 1 of URLX is designed to prove that URLX can measure and standardize the observable characteristics of major Internet properties. It is not designed to prove that URLX can determine the complete standalone economics of every corporate website. Observable at property level or property-associated level, subject to their own source limitations: traffic, traffic growth, engagement, search growth, geographic reach, audience quality, brand strength, corporate verification, financial transparency, domain ownership, historical measurements, data provenance and the URLX Score. Frequently crossing into enterprise-level information, and therefore outside property-level measurement: gross transaction value, customer value/LTV, advertising impressions and yield, and subscriber economics. That boundary is part of the URLX methodology rather than a gap in it. URLX-FV-0.1 remains dependent on enterprise revenue because independent website-level monetization observations are not presently available in the public-company dataset. This limitation is stated rather than corrected with estimates, and the unexplained variation reported by the Monetization Efficiency Lab is left as measured.

Effective 2026-09-17 · phase-1-measurement-scope

Economic relationship Single online marketplace; company economic scope and property scope substantially coincide.

SEC filings (Form 10-K / 10-Q) · 2026-03-31 · collected 2026-09-18 · MEDIUM confidence

Rejected: HYPOTHETICAL EXAMPLE used for engine development. No verifiable disclosure exists, so no economic observation may be recorded.

Outstanding: The domain is controlled by the business — Could not be established from a documented source. · The website is the principal commercial channel — Could not be established from a documented source. · Company and website economic scope substantially overlap — Could not be established from a documented source. · Financial information can be independently verified — Criterion not met. · Website traffic can be measured — Criterion not met. · Revenue can be tied reasonably closely to the property — Criterion not met. · Disclosure is sufficient to establish provenance — Criterion not met.

URLX development dataset (hypothetical example) · 2026-09-18 · collected 2026-09-18 · LOW confidence

Rejected: Company revenue includes wholesale and financing activity that does not originate on the website, so company revenue is not a defensible approximation of property-attributable revenue.

Outstanding: Company and website economic scope substantially overlap — Criterion not met. · Revenue can be tied reasonably closely to the property — Criterion not met.

SEC filings (Form 10-K / 10-Q) · 2026-02-28 · collected 2026-09-18 · HIGH confidence

Rejected: Consolidated revenue covers separately branded properties on other domains and is not apportioned, so the principal domain cannot be isolated.

Outstanding: One primary domain represents the business — A gating criterion cannot be satisfied partially. · Company and website economic scope substantially overlap — A gating criterion cannot be satisfied partially. · Revenue can be tied reasonably closely to the property — Criterion not met.

SEC filings (Form 10-K / 10-Q) · 2026-02-28 · collected 2026-09-18 · HIGH confidence

Economic relationship One platform domain delivers all three revenue lines; enterprise sales channel is the documented residual.

SEC filings (Form 10-K / 10-Q) · 2026-02-28 · collected 2026-09-18 · MEDIUM confidence

Economic relationship One domain is the commercial channel for a single platform business.

SEC filings (Form 10-K / 10-Q) · 2026-02-28 · collected 2026-09-18 · MEDIUM confidence

Rejected: Most subscription usage is delivered through installed clients and separately branded products, so website activity is not the economic channel.

Outstanding: One primary domain represents the business — A gating criterion cannot be satisfied partially. · The website is the principal commercial channel — Criterion not met. · Company and website economic scope substantially overlap — A gating criterion cannot be satisfied partially. · Revenue can be tied reasonably closely to the property — Criterion not met.

SEC filings (Form 10-K / 10-Q) · 2026-02-28 · collected 2026-09-18 · HIGH confidence

Rejected: Subscription revenue is predominantly app-store originated, so the website is not the principal commercial channel and revenue is not property-attributable.

Outstanding: The website is the principal commercial channel — Criterion not met. · Company and website economic scope substantially overlap — Criterion not met. · Revenue can be tied reasonably closely to the property — Criterion not met.

SEC filings (Form 10-K / 10-Q) · 2026-02-28 · collected 2026-09-18 · HIGH confidence

Rejected: A substantial share of marketplace transaction volume is disclosed as app-originated, so reported GMS, revenue and buyer counts cannot be attributed to the website property. Economic scope overlap is only partial.

Outstanding: One primary domain represents the business — A gating criterion cannot be satisfied partially. · The website is the principal commercial channel — Criterion not met. · Company and website economic scope substantially overlap — A gating criterion cannot be satisfied partially. · Revenue can be tied reasonably closely to the property — Criterion not met.

SEC filings (Form 10-K / 10-Q) · 2026-02-28 · collected 2026-09-18 · HIGH confidence

Economic relationship Single ticketing platform on one domain; embedded checkout is the documented residual.

SEC filings (Form 10-K / 10-Q) · 2026-02-28 · collected 2026-09-18 · MEDIUM confidence

Economic relationship One marketplace, one domain; the property is the economic entity.

SEC filings (Form 20-F / 6-K) · 2026-02-28 · collected 2026-09-18 · MEDIUM confidence

Rejected: A multi-brand, app-dominated portfolio has no single domain to which economics can be attributed.

Outstanding: One primary domain represents the business — Criterion not met. · The website is the principal commercial channel — Criterion not met. · Company and website economic scope substantially overlap — Criterion not met. · Revenue can be tied reasonably closely to the property — Criterion not met.

SEC filings (Form 10-K / 10-Q) · 2026-02-28 · collected 2026-09-18 · HIGH confidence

Rejected: Multiple brands on separate domains plus substantial enterprise, data and API licensing mean company revenue is not property-attributable.

Outstanding: One primary domain represents the business — Criterion not met. · Company and website economic scope substantially overlap — Criterion not met. · Revenue can be tied reasonably closely to the property — Criterion not met.

SEC filings (Form 10-K / 10-Q) · 2026-02-28 · collected 2026-09-18 · HIGH confidence

Rejected: No continuing periodic financial disclosure exists after the take-private transaction, so current financial figures cannot be independently verified.

Outstanding: Financial information can be independently verified — Criterion not met. · Revenue can be tied reasonably closely to the property — Could not be established from a documented source. · Disclosure is sufficient to establish provenance — Criterion not met.

Public announcement of completed acquisition; cessation of SEC periodic reporting · 2026-09-18 · collected 2026-09-18 · MEDIUM confidence

Economic relationship Single platform domain; segment reporting allows the consumer marketplace to be separated from enterprise sales.

SEC filings (Form 10-K / 10-Q) · 2026-02-28 · collected 2026-09-18 · MEDIUM confidence

Economic relationship Company activity and property activity substantially coincide on one domain.

SEC filings (Form 10-K / 10-Q) · 2026-02-28 · collected 2026-09-18 · MEDIUM confidence

Economic relationship Website is the product, the storefront and the delivery channel; company revenue is platform revenue.

SEC filings (Form 20-F / 6-K) and investor relations releases · 2026-02-28 · collected 2026-09-18 · MEDIUM confidence