Smart-TV firm Roku has filed for an IPO that could see it raise up to $100m. The company made its name with a set-top box that brought streaming media and other internet applications to televisions.
According to its S-1 filing for the IPO, Roku has 15.1m active accounts, and generated 9.4bn ‘streaming hours’ in 2016, up from less than 1bn in 2012.
As with other IPO filings, the document has plenty of detail on Roku’s business: its revenues grew by 25% to $398.6m in 2016, for example, with 74% of that revenue coming from the sales of its devices, and 26% from its share of advertising and subscriptions on the Roku software platform.
Roku isn’t making a profit yet though: it recorded a net loss of $40.6m in 2015, followed by a net loss of $42.8m in 2016 and then $24.1m for the first half of 2017. The company claims to be the top TV-streaming platform in the US measured by total hours streamed.
It will now find out whether investors are as enthusiastic about that, in the face of continuing competition from Apple, Google and Amazon.