DoorDash is going public. Revealing a nearly $150 million loss this year amid the COVID-19 delivery boom.
The San Francisco-based delivery company on Friday filed a Form S-1 for an initial public offering with the Securities and Exchange Commission. DoorDash will trade under the symbol DASH.
Written content by Kate Taylor for Business Insider
DoorDash said in the filing that it saw an explosion of business in 2020 and shrinking losses during the pandemic. In the first nine months of this year, it generated a $149 million loss on revenue of $1.9 billion, compared with a $667 million loss on $587 million in revenue the year before.
In the third quarter of this year, it saw 236 million total orders, compared with 70 million the year before.
The surge in food-delivery orders led DoorDash to post a surprise $23 million profit in the second quarter of 2020. Still, the company said that it expected costs to increase and that it “may not be able to maintain or increase profitability in the future.”
The company’s prospectus summary said it connects “over 390,000 merchants, over 18 million consumers, and over 1 million Dashers.” According to Edison Trends, DoorDash is the largest player in the delivery market, with 50% of the US category based on total sales as of October. Read more from Business Insider.
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