Venture

Peloton’s S-1 In About 150 Words

Peloton filed its long-anticipated S-1 today. It discussed attracting customers under 35 (page 5), how much it relies on music royalties (page 18), and about how it sells happiness (page 90). No, we didn’t make up the last bit.

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The popular exercise company raised nearly $1 billion while private. You can read our full notes here.

This is what you need to know:

  • Peloton’s revenue in its most recent fiscal year was $915 million, up more than 4x from 2017.
  • That growth was expensive. Peloton’s sales costs have shot higher in recent quarters.
  • The company’s net loss ($195.6 million in its fiscal 2019) was up more than 4x from its fiscal 2018 deficit.

Peloton also consumes cash to fund its operations and investing activities.

The firm’s growth will make it attractive to investors chasing quickly expanding companies. Its losses as a percent of revenue are not staggering. And if Peloton can moderate its sales costs, it could draw a path to profitability.

Illustration: Li-Anne Dias

 

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