VotingWorks

voting.works →

-62%

est. 2Y upside i

Non-profit building open-source voting machines for US elections.

Rank

#1622

Sector

Election Technology

Est. Liquidity

~5Y

Data Quality

Data: Medium

VotingWorks presents a unique equity opportunity within the critical election technology sector, driven by its strong mission and open-source, non-profit model that fosters public trust.

Last updated: March 10, 2026

Bull (15%)+400%

VotingWorks successfully achieves VVSG 2.0 federal certification in early 2026 and rapidly expands adoption of its open-source VxSuite and Arlo systems across multiple new states, leveraging its transparency and non-profit model to build public trust. Revenue grows to $30M+ by 2028, justifying a notional valuation of $100M+ as it approaches sustainability.

Base (50%)+50%

VotingWorks continues steady growth, securing additional contracts in existing states like New Hampshire and Mississippi, and making incremental progress on federal certification. While its open-source model gains traction, market penetration remains challenging against dominant incumbents. Revenue reaches $10M-$15M by 2028, leading to a modest notional valuation of $30M.

Bear (35%)-70%

Delays in federal certification and aggressive competitive tactics from entrenched proprietary vendors significantly hinder VotingWorks' ability to expand. Revenue growth stalls, and the company struggles to achieve financial sustainability without increased donations, leading to a down-round or significant re-evaluation of its notional value to $6M, wiping out most common stock value.

Est. time to liquidity~5.0 years

Preference Stack Risk

low

Investors hold approximately $150K in liquidation preferences, which is a very small amount compared to the notional $20M valuation.

Dilution Risk

moderate

While past funding has been low, future capital needs to achieve sustainability could lead to some dilution if traditional equity rounds are pursued, though grants and donations are also a funding source.

Secondary Liquidity

none

Given its non-profit status and early stage, there is no active secondary market or tender offers for VotingWorks equity.

View all 1 open roles at VotingWorks →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on VotingWorks's data — designed to show you've done your homework.

  • 1

    “Given the dominance of ES&S and Hart InterCivic, what specific strategies is VotingWorks employing to overcome the incumbent threat and gain market share beyond early adopter states like New Hampshire and Mississippi?”

  • 2

    “With a revenue of ~$7M and not yet profitable, what is the detailed roadmap for achieving financial sustainability within the next 2-3 years, particularly regarding the balance between grant funding and earned revenue?”

  • 3

    “As a non-profit, how does VotingWorks envision a liquidity event or value realization for employees holding equity (RSUs/options) over a 2-year horizon, given that traditional IPOs or acquisitions are less likely?”

Community

Valuation Sentiment

Our model estimates -62% upside. What do you think?

Anonymous. Do not share material non-public information.

Community Discussion

Comments are reviewed before they appear publicly.

0/2000

Loading comments...

Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.