I can’t help it, but this question keeps coming back into my head.
Around a year ago in the last town hall before the acquisition the CEO claimed:
When I look at the projected 12-Week Cash Flow Budget this is nowhere correct not even near:
Any time we had questioned that there is no growth in data or no new customer references it was put down as the sales team is working hard and perfectly and they can’t share customer names.
The warning signs were there. And it turns out those who questioned the success were actually right to do so. From the court documents we are learning the following made under penalty of perjury as stated informration must be factually correct):
In December 2025, Storj started to grow the sales team in an attempt to target large Enterprise clients with an aim to grow more revenues for its core product, Object Storage. This initiative failed to generate revenues fast enough.
Object Mount was being primarily developed for the media and entertainment industry but required considerable resources and failed to get traction in the target industry and other sectors.
Storj was also forced to divest from two other products, Petagene and Valdi, due to disappointing growth, with minimal recurring revenue achieved, resulting in the separation of the executives leading those products.
Cost of payroll and technology has greatly exceeded income resulting in Storj
currently being forced to file this chapter 11 restructuring.
Storj further was forced to file this chapter 11 on an expedited timeline due to certain key creditors asserting that they were going to take actions which could result in loss of service to clients, leading to loss of their data as it would have been unrecoverable.
Where the last quoted paragraph tells the truth why Storj had to file for Chapter 11 now.
Warning events kept triggering with Production Cloud disappearing, the lack of communication, no more town halls and no more token reports. Of course, there was nothing positive to say. And I am pretty sure that there are US laws in place forbidding false claims about the situation of a company. So maybe they have thought it is better to say nothing than something they might could be held accountable for later.
I really hope there will be ways to put the company back on track. We know from other industries that Chapter 11 can help if the structure is sustainable. And it is not that there are no customers at all. Storj just failed to grow the customer base significantly.
So how about you? Do you feel betrayed or lied to by Storj especially given their long-standing claims of transparency?
But i am feeling disappointed in the company not being able to get customers and not being transparent about it, while saying that transparency is really important to them.
I hope whoever is at the helm of the company sorts out the mess that is left behind.
And Storj gets out of this bad situation.
As i genuinely had/have a lot of fun running the nodes.
And would like to continue this for a bit more.
The most biggest error i see is very common in our world.
As company see some success it start spending big money. Buy Valdi, Other company. big salaries of owners(this is not confirmed, it is example) and lot of other things.
But spending should always be covered by income. This filing that you have big treasury it is only today when price was good. Projections of future income not working and never worked. Economical situation changing all the time, if you today got 100 clients it dont mean that tomorrow will be more 100 or 200.
Sure, yes. As I’ve mentioned in other threads, corporate raid. Scum executives, ‘proexcutiveography’ (heh, perfectly stupid for this purpose) if you will. A lot of people confused, misdirected and a pervading public and corporate culture of arrogant denial. In most cases though, not necessarily to the point of illegality, but I’m no expert. That’s just my opinion.
2 cents,
Julio
P.S. Technically some of those claims where accurate engough, the obvious result is just as obvious. They have left, having taken the meat off the bone; as I have elluded to in other posts.
I am not so sure about the $1m monthly revenue claim.
Of course today is 2026 and things can change in time. But it is notable that they have claimed $1m monthly but the 12 week projection shows only around $300k. If true that would be a significant drop in revenue that would rase additional questions.
Because they already divested of the divisions that had the cash flow. They’re long gone.
1/3 + 1/3 + 1/3 … is a shell game, you’re left with only one chance in three.
So yeah 33% of those claimed amounts = storj … even less, in fact … the more honest those numbers are now that we know some attested facts. ie: $1m monthly = 600+ 300 + 100, guess which one Storj was?
Houses of cards everywhere. I wonder when Inveniam realised that those 30K storage partners are in fact like 500 nerds with raspis and ancient server hardware in their basements?
