Subject. The Russian equity crowdfunding market. Objectives. To assess the financial condition and quality of companies raising funds through equity crowdfunding in Russia. Methods. The study applies general scientific methods of data analysis and synthesis, as well as specialized economic-mathematical methods — in particular, statistical analysis of distributions and comparative analysis of companies’ financial indicators at various stages following crowdfunding financing. Results. The key characteristics of issuing companies in the Russian equity crowdfunding market have been identified. A negative trend in company performance after crowdfunding financing has been revealed across three main indicators: revenue, profit, and financial stability. The analysis has also identified a small group of high-growth companies that sustain the attractiveness of equity crowdfunding and shape the potential for further market development. Conclusions. The equity crowdfunding market in Russia is in its early development stage and is characterized by high heterogeneity among issuing companies. For sustainable market growth, it is essential to establish mechanisms for assessing the real quality of companies at the time of crowdfunding, as well as to enhance transparency in communication between companies and investors.