Fitness company Peloton is the latest startup to pedal towards the public markets as it publicly filed its registration statement on Tuesday. The New York-based company posted $915 million in revenue for its 2019 fiscal year (July 2018 to June 2019), but also rising losses as it spent more on advertising to acquire users. It lost $195.6 million, up from $47.9 million from the previous year.
Started in 2012, Peloton became a cult fitness hit due to its combination of live-streamed classes and an on-demand library of workouts. The company started out originally with a connected bike, but has since expanded into a treadmill and now offers classes like stretching and yoga to its subscribers. The company counts more than 511,000 subscribers who do on average 11.5 workouts per month, up from 8.4 the year prior.
Most of Peloton’s revenue comes from a combination of sales of its connected bike and treadmill products, along with its $39 a month fitness subscription. Its high price-tag ($2,245 for a bike or $4,295 for a treadmill) helped make up the bulk of Peloton’s revenue: $719 million from sales of physical devices for its fiscal year 2019.