Lovable has become one of AI’s fastest-growing startups.
The Swedish vibe coding startup has surpassed $500 million in annual recurring revenue, it said on Tuesday, up by more than 25% from $400 million earlier this year.
ARR refers to the predictable revenue a company expects to generate over a year from subscriptions or recurring contracts.
The company, which helps users build apps and websites using AI, released its first report on Tuesday, looking into the people behind what it calls the emerging “build economy.”
The report draws on anonymized data from millions of projects and user interactions on Lovable between January 2025 and May 2026, alongside a survey of more than 14,300 users conducted in late May.
One theme emerged: AI is helping millions of people start businesses, but most aren’t making money from them yet.
Here are five of the most interesting things we learned about its users:
1. Most users don’t make money from their Lovable-built projects yet
Despite the excitement around AI-powered entrepreneurship, most builders are still struggling to turn projects into income.
54.6% said they’re building a business, while 24.6% reported working on side projects they hope to monetize. Yet 60.5% said they aren’t making money from their projects yet.
Still, Lovable’s CEO was bullish on the numbers, saying that recent payment data shows some builders have already reached five- and six-figure revenue milestones. The company did not disclose how many users fall into those categories.
“What gives me conviction is the pattern,” CEO Anton Osika told Business Insider. “More than half of users say they are building a business, and another quarter have side projects they’re actively trying to monetize.”
2. Most users are solo builders
Lovable said that earlier this year, 88.8% of users were solo builders. Right now, that figure sits at around 80% as team and workplace usage grow.
“The next great company does not need a big team or a technical founder,” Osika said. “It starts with someone who knows the problem firsthand and now has a way to build.”
3. Nearly all users are men
Lovable’s customer base is largely male.
Men account for 82.1% of Lovable’s users, compared with 14% who identify as women. The remaining users identified as nonbinary, self-described, or preferred not to say.
The imbalance mirrors the broader technology industry, where software development has historically skewed male.
4. The US is Lovable’s biggest market
The US accounts for 25% of activity, followed by Brazil, the UK, the Netherlands, and Germany.
It has at least one active user in every recognized country in the world except for 10 uninhabited or near-uninhabited dependent territories.
“Some of the fastest growth is happening in South America and Africa,” Osika said.
“Colombia and Mexico are growing especially quickly,” he added.
5. Most users aren’t engineers
Four out of five Lovable users come from non-technical backgrounds, according to the survey. And over 37% of them have more than a decade of experience in their field.
This includes consultants, marketers, designers, and salespeople, among others.
Osika said he was surprised not only by how many users lacked technical backgrounds, but by how experienced they were in their respective fields.
“These people are operators and founders who understand a problem firsthand and finally have a way to build the solution,” he said.
For Osika, that’s evidence of a broader shift underway.
“We’re not in the business of code generation,” he said. “We’re in the business of product and company creation.”
