Ridesharing company Lyft began the process to go public last week and in the process revealed a $911 million loss for 2018—a 25-percent increase over the company’s 2017 losses.
The figures were disclosed to Securities and Exchange Commission (SEC) in Lyft’s S-1 filing, which represents the first stage of filing an initial public offering (IPO) aka ‘going public.’ When Lyft goes public, it will exchange under the “LYFT” symbol ticker.
The S-1 also reveals the company doubled its revenue from 2017 to 2018. Lyft brought in $2.2 billion in 2018—up from $1 billion the year previous. This revenue was funded by the 30.1 million rides Lyft customers took during 2018. The company claims it has logged over a billion rides since its founding in 2007.
Lyft might be the runner up in the ridesharing market, but it has a long way to go to catch up to the leader in the space, Uber, which commands a 66-percent market share. Lyft holds the remaining 34 percent.
This is the early stage of ridesharing, however. There will be other players in the space in the coming years, including traditional automakers, as they transition to a mobility business from the long-established sales model.
Leaders in automated driving technology General Motors and Alphabet, Google’s parent company, already own stakes in Lyft. With these stakeholders, Lyft could be an early recipient of autonomous tech. That could potentially give it an edge in the future and allow it to vacuum up market share from Uber.
Either way, the company’s significance is likely to grow very soon when it goes public.