This year, the 110-person company is poised to generate around $20 million in annualized revenue, according to the memo. The end-of-year result marks a significant decline from years past, however. 

In 2021, the publisher reportedly brought in $46 million in revenue, and in 2022 it generated $36 million in the first half of the year. 

The company, like many media operations this year, has been forced to reduce its headcount to manage costs amid a depressed advertising climate. It eliminated 14% of its staff in November 2022 and laid off 40 employees in March, according to Axios.