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 filed its first public documents that revealed its finances. 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 the growth of its 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, growth in average order value and orders per customer haven’t grown much in the past two years—and have actually declined slightly in recent months.
The company ships weekly batches of meal kits of pre-apportioned ingredients to subscribers.
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.