The Ledger
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Mohrer: Cluelly cloned Wave AI's mobile app and exact $139.99 annual price
“Well, they have a mobile app that looks just like mine. It just does the thing that my app does, and they price it exactly the same. You know, one 39 99 annually is very much alike.”
Mohrer: Going vertical-specific with AI note-taking apps is 'totally crazy'
“So I think going vertical specific is like, is, is totally crazy. I mean, all my competitors should go ahead and do that, but I think that it makes more sense to be kind of general for this. Like Uber isn't rides for a specific use case. It's just rides.”
Josh Mohrer operates Wave AI entirely as a solo team
“You're talking to the whole team. There have been some people that have come in and out over the course of the now three years to help with some higher end engineering work, some of the marketing stuff, but by and large, I've done all the engineering. I do all…”
Wave AI converts 10 percent of installs and gets 800 daily downloads
“Like if someone installs, there's like a one in 10 that they're going to give me money. And that's like, I'm told is pretty high for this sort of thing. And so, like, so I need more installs, you know, and so I'll do between 800 and a thousand installs a day.”
Mohrer: Claude Code generates Wave AI help documentation directly from source code
“I also use intercom for my dot for my, like knowledge base, like the articles about all the features. And my, you know, I used to write them and really slave over them and make them better and use AI to help make them better. But now it's like, hey, cloud code…”
Wave AI grew from $1M to $6M ARR in four months
“There was a time where we did, it was a couple of years ago, where meta ads worked super well, and I grew from like a million ARR to like six in like four months, like it was crazy, because it was a first of its kind thing, and it just crushed it on meta.”
Wave AI generates $7M gross and about $3M in profit
“You know, gross was like seven and then Apple and Google take a bunch of that. So let's say like, you know, like five lands and maybe I keep three or something like that.”
Wave AI has failed to make Meta ads work for a year
“And I haven't been able to get meta ads to work in more than a year. Every few months I dip back in, I spend a bunch and it fails.”
Mohrer: Wave AI is a cash-flow business, not an equity play
“This isn't an equity play. This is to make money now as a business.”
Mohrer: Wave AI is now developed almost exclusively with Claude Code
“But I got to it, and now it's like all I do. In Cloud Code, I bought a Mac Mini over the weekend for my bot, you know, and just all that stuff. Like, I am deep in it. But I love, you know, the latest and greatest changes so fast that who knows what it'll be by…”
Mohrer gets ~$3K in Claude usage for $200 monthly subscription
“So I spend 200 bucks and I think I get something like 3000 dollars worth of API usage from it versus going direct and using the API. I was spending 50 to a hundred dollars a day, which I'm happy to do because I'm getting serious value out of it, but I'd rather…”