NEW YORK (BRAIN) — Stationary bike vendor Peloton has filed paperwork for an initial public offering. The company plans to trade on the Nasdaq under the "PTON" symbol.
Its initial filings with the Security and Exchange Commission value the offering at $500 million; the filing does not include a full company valuation.
The filing shows that while Peloton's revenues have increased steadily in recent years, so have the losses. Revenues have gone from $219 million in 2017 to $915 million in fiscal 2019 (which ended June 30, 2019), while subscribers have increased at a similar rate, from 108,000 in '07 to 511,000 in the most recent fiscal year.
Net losses were $71.1 million in 2017, $47.9 million in 2018, and $195.6 million in fiscal 2019.
Subscribers pay between $19 and $40 a month for access to live exercise classes on the stationary bikes, which sell for about $2,000. The brand's direct-to-consumer multi-channel sales platform includes 74 retail showrooms.
