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Peloton, best known for at-home fitness equipment and accompanying streaming fitness services, revealed Tuesday growing sales but widening losses ahead of its IPO, in documents filed with regulators.
Peloton reported $915 million in sales for fiscal year ended June 30, 2019, up 110% from $435 million in fiscal 2018. In fiscal 2019, its net loss widened to $245.7 million, from a net loss of $47.9 million.
From 2018 to 2019, it grew its subscriber base from 245,667 to 511,202.
The fitness company did not state how much it expects to raise in the offering. Previous estimates have pegged its valuation at roughly $8 billion.
Peloton, which previously said it had filed the paperwork confidentially, makes cycles and treadmills with screens for users to join live and recorded fitness classes from their homes, hotel rooms or offices. CEO and co-founder John Foley has described Peloton as a fitness, technology and media company.
Peloton was founded in 2012 and sold its first cycle in 2014. Cycles retail for $2,000 and treadmills sell for $3,995. Subscriptions to access classes cost $39 per month. The company also started selling digital memberships last year for people to access workout classes without buying any of Peloton’s equipment.
Peloton made it onto CNBC’s “Disruptor 50” list the past two years.
Peloton, which will list under the ticker “PTON,” expects to trade its shares on Nasdaq.
Disclosure: CNBC parent Comcast-NBCUniversal is an investor in Peloton.
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