Only 2.4% of Independent Software Products Reach $100K ARR in Verified Dataset

An analysis of 10,150 independent software products listed on revenue-tracking directory TrustMRR found that only 2.4% generated sufficiently fresh monthly recurring revenue at or above the $100,000 ARR threshold as of September 2026, according to a report published by Tech Startups (https://techstartups.com/2026/09/28/what-percentage-of-indie-hacker-products-make-100k-in-arr/).

The dataset, extracted on September 4, 2026, by researcher Mifanr from TrustMRR, captures self-selected software ventures that connect directly to payment gateways such as Stripe. Out of 10,150 cataloged products, 272 initially reported at least $8,333.33 in monthly recurring revenue—the monthly equivalent needed to achieve $100,000 in ARR. A freshness review revealed that 27 of those top-performing records had expired connections or had not synchronized revenue data for more than 30 days. Excluding those inactive entries left 245 active products, or 2.41% of the dataset, with verified run rates meeting the six-figure mark.

The broader directory figures illustrate the steep climb for bootstrapped software ventures. Across the platform, 26.1% of listed products (2,654 projects) had never recorded a single customer transaction. Only 49.1% had recorded revenue in the preceding 30 days. Among the 4,987 products with activity during that 30-day window, median revenue stood at $169, while the top 1% of earners accounted for 76.1% of all revenue recorded on the platform.

Category performance showed notable divergence. Across 894 products classified under productivity and utility tools, only five reported monthly recurring revenue exceeding $5,000. In contrast, 69% of the 474 mobile applications tracked on the platform were generating revenue, with 8% crossing $5,000 in MRR. The report noted that mobile apps on TrustMRR typically integrate through RevenueCat, an infrastructure step founders generally take only after securing paying users, creating an inherent selection bias.

Geography was tracked by the registration country of the payment entity rather than founder nationality or customer location. Because Stripe is unavailable in mainland China, only 11 payment entities in the catalog were registered there, alongside 17 in Japan. A separate text review by Mifanr of 55 listings containing Chinese characters in founder names or descriptions showed 52.7% generating revenue, with three surpassing $5,000 MRR. Products tied to U.S. payment entities reached the $5,000 MRR mark at nearly twice the platform average and recorded the highest median 30-day gross receipts.

The audit also demonstrated how stale records can distort public dashboards. Among 390 listings initially showing more than $5,000 in MRR, 37 were expired or un-synced for over a month. Those 37 listings represented 37.4% of the platform's aggregate reported MRR at the time.

The study emphasized that subscription MRR captures only part of the indie software economy. Over the observed 30-day period, total gross receipts across TrustMRR reached 2.08 times aggregate reported MRR, or 1.69 times when excluding digital marketplace Gumroad. Non-recurring earnings—such as lifetime licenses, one-time software purchases, marketplace fees, and usage charges—accounted for 40.7% of all platform volume, and 1,222 of the 4,987 active earners reported zero subscription MRR.

The findings provide context for a widely cited 2022 study by Scraping Fish, which found that roughly 5% of 937 products listed on Indie Hackers exceeded $8,333 in monthly revenue. The earlier figure measured overall monthly collections rather than audited recurring subscription streams. Researchers noted that the lower 2.4% figure reflects differing sample sizes, distinct metrics, and data freshness rules rather than a verified decline in founder success rates.