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Meal delivery service and podcast advertising staple Blue Apron filed to go public on Thursday, marking the start of its journey to become a publicly traded company.
In doing so, the company officially revealed its finances for the first time. The subscription service pulled in nearly $800 million last year but lost around $55 million overall.
Despite the lack of profit, the company has been growing at a rapid clip overall; its revenue more than doubled in 2016 and grew fourfold the previous year. Even better, that rapid growth is outpacing its growth in losses.
The financials show other hopeful signs too. The company actually managed to turn a profit in the first quarter of last year, and, on the whole, the balance sheet has stayed relatively steady by the standards of money-burning tech startups.
At the same time, average order value and orders per customer haven't grown much in the past two years—and have actually declined slightly in recent months.
Founded in 2012, the company tapped into the subscription delivery boom with weekly shipments of meal kits stocked with pre-apportioned ingredients.
It made a name for itself with heavy marketing spend, perhaps most memorably in the advertising breaks of major podcasts. Last year the company spent $144 million on advertising.
It most recently undertook its first global TV ad campaign earlier this year as rumors swirled about an IPO.
The company was most recently valued at $2 billion after a $135 million funding round in 2015.
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