It seems that this year’s major moves by cloud storage company Box turned out as expected: the company filed to go public Monday. Box intends to raise $250 million in an initial public offering, and that document gave a glimpse into the company’s financials.
The filing comes after the company netted $100 million in funding last December to super-charge global expansion and brought on some important figures in cloud technology to the team — including former Symantec CEO Enrique Salem and new board member Cisco CTO Padmasree Warrior. There were rumors of a secret IPO filing as early as January of this year.
Box's S-1 will be publicly filed this afternoon. This tweet does not constitute an offer of any securities for sale.
— Box (@Box) March 24, 2014
The filing reported that Box had a big 2014 fiscal year: the company reported $124 million in revenue, which is more than double its performance of its 2013 fiscal year when it recorded $58.8 million. According to the filing the company has more than 34,000 paying organizations and 25 million registered users, many of them from Fortune 500 companies.
However, the due to the company’s decision “invest heavily” in growth, Box posted a net loss of $168 million for the yearly period ending in January of 2014. The company admits in its filing, “we do not expect to be profitable in the near future.”
Box’s announcement comes at the beginning of a very interesting week for the enterprise computing market, during which Amazon Web Services, Microsoft, and Google all plan to hold news events touting their progress. Box is in a slightly different category, as a cloud storage company as opposed to a cloud computing company, but these are still interesting times for enterprise technology.
Here’s a chart of Box’s financial performance over the last three years:
This story was corrected to note that Box reported $124 million in revenue for the year ended January 31, 2014.