Fieldnotes by Sam Rye | Social & Environmental Regeneration

Investor Due Diligence Report

by Sam Rye

ghostClimate

Exploring practices for working in and with complexity to regenerate place, people and planet

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Key Metrics

Subscribers

Low confidence

Weekly Growth

~0%

Subscriber count is a platform estimate

Revenue Analysis

Pricing

$5/mo

$50/yr annual option

Est. Monthly Revenue

$442

~100 est. paid subs

$221/mo – $663/mo(±50%)

Quality & Publishing

Audience Quality Score

49Fair

0100

Publishing Pace

Monthly

0.4 posts/week

Publishing Consistency

55/100

Variable (~20.2d avg)

Competitive Landscape (Climate)

Newsletter	Subscribers	Weekly Growth	Price	Platform
HEATED	141K	N/A	$8/mo	substack
The Crucial Years	126K	+0.4%	$6/mo	substack
Volts	94K	+0.6%	$6/mo	substack
Energy Talking Points by Alex Epstein	57K	N/A	$9/mo	substack

Revenue Trajectory

Estimated monthly revenue over time

Month	Subscribers	Est. Revenue	Change
Feb 2026	2.5K	$1,104.17	—
Mar 2026	1K	$441.67	-60.0%
Apr 2026	2K	$883.33	+100.0%
May 2026	1K	$441.67	-50.0%
Jun 2026	1K	$441.67	~0%
Jul 2026	1K	$441.67

Risk Assessment

Key risk factors for due diligence

Medium

Platform Dependency

Uses ghost platform

Medium

Publishing Consistency

Variable publishing frequency

Medium

Key Person

Single-author publication — key-person dependency

Low

Revenue Model

Active paid subscription tier

Monetization Readiness

Monetization status

Subscriber threshold

1K subscribers — below the 2K category median (based on 103 newsletters)

Has paid tier

Active paid subscription offering

Peer monetization

100% of 65 similar-size peers in Climate have paid tiers

Pricing position

$5/mo vs $6/mo category median (184 newsletters)

Pricing History

Date	Monthly	Annual
Mar 2026	$5	$50

Data Quality

Report Data QualityPartial - Some metrics estimated or missing

Subscriber Confidencelow

Disclaimer: This report is generated automatically based on publicly available data and proprietary estimation models. Estimated subscriber counts are derived from engagement patterns and should be verified through direct disclosure. Revenue estimates are based on known pricing and estimated paid subscriber counts. This report is for informational purposes only and should not be the sole basis for investment decisions.