Is a four-weeks-times-13 run rate wrong?

No, as long as the reader knows it is current pace rather than a trailing year, which Lemkin says. The issue is what the four weeks are made of. When 60% is credits and top-ups, the run rate annualizes purchases, and purchases and usage come apart.

What does consumed over purchased tell you?

Whether the run rate is usage or inventory. Near one, customers are burning what they buy and the number is real pace. Well under one, the number is prepaid credits that may expire, and the renewal conversation will start there.

What is the decision behind Higgsfield's numbers?

Per Lemkin, Higgsfield chose not to train its own foundation model and spent on workflow, model routing, and its own inference stack. Gross margin turned positive in early 2026 and cash flow in May, on about 150 people. That decision is the story; the three lines are how to read the scoreboard next to it.

Credit Run Rate: Publish Consumed, Expired, and Burn

What should a company publish next to a credit-based run rate?

Answered by Falk Gottlob · Reviewed Nov 11, 2026 · 1 min read

THE SHORT ANSWER

Three lines that are already in the billing system: credits consumed against credits purchased in the same four weeks the run rate is computed from, the share of credits that expired unused last period, and the burn per generation or other unit of work. Jason Lemkin reported on November 11, 2026 that Higgsfield went from $1 billion to $1.35 billion in annualized run rate between September and October, that the run rate is the latest four weeks of revenue times 13, and that about 60% of revenue is credits, top-ups, and usage beyond plan limits, which can move month to month (he discloses Higgsfield is a SaaStr Fund portfolio company). A credit is paid for when bought and earned when burned, so four weeks times 13 annualizes the buying. In my own per-seat sunset, 12 accounts sat on plan for eighteen months paying committed minimums and using less than the minimum, and we lost two when the legacy tier ended; consumed over purchased would have shown it a year earlier.

Three lines: consumed against purchased in the same four weeks, the share that expired unused, and the burn per unit. Higgsfield's decision not to train a model is the story; the credit run rate is the applause, and the consumed line is what it is for.

The checkpoints, the method, and the 12 accounts are in Higgsfield Added $350M of Run Rate in a Month, 60% of It Credits. Publish What the Credits Bought.. The three numbers a credit hides are in 41 Brands Price AI Five Ways. The Credit Is the New Seat., and the five contract lines for when paid and used come apart are in Per-Outcome Pricing: What Gets Clearer and What Gets Terrifying.

What should a company publish next to a credit-based run rate?

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