Lovable has emerged as one of the quickest expanding AI startups in recent times.

The Swedish AI coding platform announced on Tuesday that it has exceeded $500 million in annual recurring revenue, marking an increase of more than 25 percent from the $400 million reported earlier this year.

ARR measures the expected yearly income from subscriptions and ongoing contracts.

The firm, focused on enabling users to create apps and websites via AI, published its initial report on Tuesday examining participants in what it terms the rising build economy.

The analysis relies on anonymized information from millions of projects and interactions on Lovable from January 2025 through May 2026, plus responses from over 14,300 users in a late May survey.

A clear pattern stood out: AI supports millions in launching ventures, yet most have not generated income from them so far.

Here are five notable findings about the platform users:

1. Most users do not earn from their Lovable projects yet

Even with enthusiasm for AI driven entrepreneurship, the majority of creators face challenges converting their work into revenue.

54.6 percent indicated they are developing a business, and 24.6 percent described side projects they aim to monetize. However, 60.5 percent reported no earnings from these efforts to date.

Lovable CEO Anton Osika remained optimistic, noting recent payment trends show some builders achieving five and six figure revenues. The company withheld specifics on user counts in those brackets.

What gives me conviction is the pattern, Osika told Business Insider. More than half of users say they are building a business, and another quarter have side projects they are actively trying to monetize.

2. Most users work alone

Lovable reported that earlier this year 88.8 percent of users operated solo. That share has now fallen to around 80 percent amid rising team and workplace adoption.

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

The customer base skews heavily male.

Men represent 82.1 percent of Lovable users, while 14 percent identify as women. The rest selected nonbinary, self described, or preferred not to answer.

This distribution aligns with longstanding trends in the technology sector where software roles have been predominantly male.

4. The US leads as Lovable top market

The United States drives 25 percent of activity, followed by Brazil, the UK, the Netherlands, and Germany.

The platform counts at least one active user in every recognized country worldwide except for 10 uninhabited or sparsely populated 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 lack engineering backgrounds

Four out of five Lovable users come from non technical fields, per the survey. More than 37 percent bring over a decade of experience in their areas.

This group includes consultants, marketers, designers, and salespeople, among others.

Osika expressed surprise at both the high share of non technical users and their depth of field experience.

These people are operators and founders who understand a problem firsthand and finally have a way to build the solution, he said.

For Osika, this signals a wider transformation.

We are not in the business of code generation, he said. We are in the business of product and company creation.