Q2 2026
Shareholder Update
A note to our partners on the quarter — how the business performed, what we learned, and where we're headed next.
Dear Wisewell Partner,
Thank you for your continued trust and support. It has been a strong quarter, and I'm pleased to walk you through the growth, the momentum, and where we're headed next.
The headline this quarter is growth. Our recurring revenue — the predictable subscription income we earn month after month — reached about $3.01 million a year, up 37% on the previous quarter and 141% higher than a year ago. That marks our fifth consecutive quarter of accelerating growth, and it puts us on track for roughly $6.3 million by year-end. We passed 8,000 active customers, and revenue per customer rose again. The engine of the business — more customers, each worth a little more, paying us reliably every month — is compounding, and that is the story of the quarter.
Two figures — the cost to win a customer and cancellations — saw a minor, expected uptick this quarter, for two well-understood external reasons: our planned early discovery-marketing in the United States, and the temporary impact of the regional conflict on the UAE. Both are already normalising, the home market is becoming more efficient, and the fundamentals of the business are as strong as ever. The by-market, quarter-by-quarter detail is laid out in the sections that follow.
The most significant development of the quarter was the United States. We began pre-sales there with a discovery phase of performance marketing — running online ads across audiences and personas to establish what resonates before we scale. On the ground, our first shipping containers of Model 1 and Nano units arrived at our US logistics centre in mid-June, and by the third week of June our first 50 units were operating with US customers — real product in real American homes, generating the usage and feedback we need to refine the offering. Alongside the consumer launch, we opened business partnerships through PATH Water — including a hotel pilot in Florida and an in-arena water solution for an NBA team in California. These are early-stage, but represent exactly the kind of access we sought in the market.
We are also evolving how we grow. Performance ads built this base, and the numbers show they still work. The next phase is brand. We have secured podcast ad reads and guest interviews on both the number one news podcast and the number one technology podcast, going live in Q4, and we look forward to sharing the full details in our next update. We are also building partnerships with prominent voices in health and wellness. The goal is a brand people seek out rather than scroll past. Over time that means more customers arriving organically, and an acquisition cost that keeps falling as the brand does more of the work.
Closer to home, we launched our first hospitality offering — in-room water at Rosewood Abu Dhabi. And our Wisewell app has been fully redesigned and is in active development: a refreshed interface with new dynamic wellness and sustainability features built to deepen engagement, bringing the device, the subscription and live water-quality data into one place. The app is how we turn a hardware relationship into a daily one.
Looking just ahead, in Q3 2026 we launch our flagship — Sparkle (and Still). Sparkle delivers unlimited sparkling water on an iPhone Max-sized interactive touchscreen — a platform that keeps improving over the air and integrates with wearables through our new PCB chipset, which now recognises usage at the individual-user level, not just per machine. It is as much a platform as a product: a statement piece for the counter that opens a direct, transacting relationship with every subscriber, priced at AED 199 a month in the UAE and $59–$89 in the US.
A note on collections quality: this quarter we collected 99.3% of what we billed — in line with our all-time book-weighted average, at a default rate of just 0.69%. This revenue reliably turns into cash.
On unit economics: each customer is worth roughly $1,189 over their lifetime against a blended acquisition cost of about $176 — so we earn back roughly seven times what we spend, and recover it in about a year. That ratio is the engine of the business, and it remains exceptional.
Which brings me to the ask. Our Series A is now open — $22 million in total: $12 million of equity at a $40 million pre-money valuation, and $10 million of senior debt, to fund our lead in the Gulf, the US launch, and the Sparkle rollout. If any of you know investors or groups who could add value — and might want to be part of this round — I would be grateful for an introduction. Just reply to this note or email sami@wisewell.com, and we'll take it from there.
Finally, I'm proud to introduce our Board of Directors — five people who have already built the exact playbooks we're running:
- Sami Khoreibi — Founder, CEO & Chairman of Wisewell.
- Alan Smith — former Group CEO of Agthia (parent of Al Ain Water); three decades of the Gulf water distribution and brand-building playbook.
- Amer Orabi — Co-Founder & President of PATH Water; built the US's fastest-growing premium water brand and opens the partnerships our US entry runs through.
- Youssef Salem — CFO of ADNOC Drilling; public-company and capital-markets rigour, having taken Swvl public on NASDAQ.
- Series A lead investor — the fifth seat is reserved for the lead in this round.
The charts that follow break each metric down quarter by quarter, with a short note on what is driving it.
Sami Khoreibi
Founder & CEO
The five numbers we watch most
These come directly from our live operations dashboard. Three track the growth story — more customers, each worth more, on reliable recurring revenue. Two others rose this quarter for specific reasons, set out separately below.
Two metrics rose this quarter — and the reasons are clear
In both cases, a single identifiable driver accounts for nearly the entire increase.
Each metric is charted quarter by quarter below, with a short note on the driver.
Recurring revenue — $3.01M a year
▲ 37% QoQ growthThis is our most dependable revenue line — recurring subscription income that arrives every month. It has grown three quarters running, roughly a third each time, and now stands at more than double a year ago. Critically, our collections quality is exceptional: we collect 99.3% of what we bill, so this is money in the bank, not revenue on paper.
Customers — 8,060, nearly double a year ago
▲ 26% vs last quarterOur customer base continues to climb — roughly a quarter more every three months, from about 4,100 to over 8,000 in a year. Growth is broad-based: the home market, the new US launch, and newer channels are all contributing, so the base does not depend on any single source.
Revenue per customer — $374 a year
▲ 9% vs last quarterAnnual revenue per customer has risen every quarter, from $304 to $374. The drivers are a shift toward higher-value plans and the US, where customers are worth more. Growing revenue per customer while also growing the base is what compounds value — more customers, each worth more than the last.
Cost to win a customer — $169 UAE · $240 USA
$176 blended · Q2 2026 · lower is betterQ2 2026 (April–June), split by market — measured directly as ad spend divided by new customers won. The UAE is our established home market; the US, in its first paid cohorts, runs higher, as expected for a market we've just switched on.
| Q2 2026 | UAE | USA |
|---|---|---|
| Ad spend | $341,005 | $49,501 |
| New customers won | 2,016 | 206 |
| Cost to win a customer | $169 | $240 |
Across Q2 we spent $390,506 to win 2,222 new customers, a blended cost of about $176. The higher end is the United States, where we ran our first paid cohorts this quarter at around $240 per customer — expected for a market we've just switched on and are still learning. The UAE, our established home market, came in at $169. Both markets remain a small fraction of what a customer is worth to us over their life, and the blend improves as the US scales.
Cancellations — 1.8% a month, normalized (3.15% reported — the gap is relocation, not churn)
Reported +0.6 pts — driven by relocation, already easingThe 3.15% monthly figure warrants context. The primary driver is relocation — customers physically leaving the country — not dissatisfaction with the product. The UAE is a transient, expat-heavy market, and departures rose sharply after the regional conflict and attacks between February and April: relocations more than tripled, from about 10 a month to a peak of 48 in April, briefly reaching nearly 40% of all cancellations against a typical 10–15%. That share has already fallen to about 27% by June and should continue to normalise as the region stabilises. Excluding relocation, underlying churn held below 1.8% a month — equivalent to an average tenure of well over four years. Retention among customers who remain in-market is strong.
Two new ways Wisewell shows up — in the app and in the room
In-room filling, for luxury hospitality.
Wisewell entered its first hotel this quarter — in the guest rooms at Rosewood Abu Dhabi. In place of the usual plastic bottles on the mini-bar, guests get unlimited Wisewell water from a compact in-room unit that requires no plumbing. Hospitality is a channel we have targeted for some time and a natural fit for the product.
A refreshed app — wellness, sustainability, and control in one place.
The Wisewell app has been redesigned with a refreshed interface and new dynamic wellness and sustainability features built to enhance engagement. Customers manage their subscription, view live water quality, receive alerts before a filter or CO₂ runs low, and will soon purchase and top up bottle-refill plans — bringing the device, the plan, and the data into one place.
The app is a development preview; features and timing may change. The in-room visual is illustrative of the Wisewell in-room solution.
Next quarter — Sparkle & Still
In Q3 2026 we launch our flagship machines: Sparkle (unlimited sparkling water) and Still. Beyond a filtration device, it is an interactive surface — an iPhone Max-sized touchscreen that lets us communicate with, and transact with, subscribers directly.
Unlimited sparkling water, on an interactive screen.
Sparkle is Wisewell's flagship product, launching in Q3 2026 alongside Still. Unlimited sparkling water on an iPhone Max-sized interactive touchscreen — a platform that keeps improving over the air, integrates with wearables through our new PCB chipset that now recognises usage at the individual-user level rather than just per machine, and supports on-screen, tap-to-pay transactions. A statement piece for the counter, not an appliance for the closet.
Over-the-air updates.
The touchscreen is a software platform. New features, experiences and improvements ship over the air after install — every unit in the field keeps getting better, with no service visit required.
Wearable integration.
Our new PCB and chipset pair the device with Whoop, Oura and Apple Watch, so Wisewell can flag when a subscriber's hydration is off before they feel it. Starts with Sparkle & Still, then extends across the fleet.
Usage at the user level.
The new chipset now recognises consumption per individual user, not just per machine — turning a shared appliance into personalised hydration data for every member of the household.
Sparkle & Still imagery is from the product deck. Q3 2026 launch timing and pricing are current plans and may change.
Announcing our Board of Directors
We've formed a five-person Board that pairs our team with operators who have already built the playbooks we're running — the largest water brand in the Gulf, the fastest-growing premium water brand in the US, and a public-company CFO who has taken businesses through IPOs and the capital markets at scale.
- Founder & CEO of Wisewell
- Chairs the Board
- Scaled Agthia — parent of Al Ain Water, the Gulf's #1 water brand
- Ex-MD Middle East, Mondelēz
- 30+ yrs building MENA consumer brands
- Built PATH Water — the US's fastest-growing premium water brand
- Exclusive water partner to the NBA & State of California
- 88% YoY revenue growth
- CFO of ADNOC Drilling — world's largest integrated drilling fleet
- Took Swvl public via NASDAQ SPAC
- Forbes 30 Under 30 · Middle East
- Fifth seat reserved for our Series A lead investor
Our Series A is open — and we'd value your help
We've launched our Series A to fund the next phase of growth — deepening our lead in the UAE and Gulf, scaling the US launch, and rolling out Sparkle. Here are the high-level terms.
If you know investors or groups who could add value — and might want to be part of this round — we'd be grateful for an introduction. Reply to this update or email sami@wisewell.com, and we'll take it from there.
Quarter-end metrics are from our operator dashboard for the quarters shown. Any forward-looking statements are estimates, not guarantees of future performance.