Pipe reported just $7.1 million in revenue for 2024 while burning through $47 million in cash, according to leaked documents prepared for a board meeting. These documents suggest that despite the company’s lofty ambitions, including a partnership with Uber to provide credit offers to restaurants on Uber Eats, Pipe faced significant operational challenges. The CEO's presentation emphasized readiness for the Uber deal and an aggressive expansion plan, but only months later, the company laid off about half its workforce, raising questions about its financial health and strategic direction. The leaked materials indicate Pipe pivoted from its legacy business to small business lending, leading to low loan originations of $80 million in 2024. Future forecasts aimed for rapid growth, projecting $519 million in originations for 2025 and up to $2.4 billion by 2027. However, the company’s cash flow situation remains precarious, with only $31.4 million expected by the end of 2025, likely forcing it to seek new funding. The situation became more complicated with the news that GoCardless, a key partner, is being acquired by Mollie, which might jeopardize Pipe's access to GoCardless's merchant base. Overall, Pipe's challenges illustrate a disconnect between its growth aspirations and operational realities. The layoffs, coupled with the potential loss of partners, underscore a critical moment for the company as it navigates a rapidly changing fintech landscape.