Popular wearable camera-maker GoPro today filed for its IPO and will look to raise up to $100 million, trading on the NASDAQ as “GPRO.”
Today’s S-1 filing reveals that the 12-year-old company brought in $985.7 million in revenue during 2013, which was up from $526 million in 2012 and $234.2 million in 2011. GoPro, which shipped 3.85 million cameras last year, also reported $60.6 million in net income for 2013, up from $32.3 million one year prior.
Through the first quarter of 2014, though, the company has reeled in $235.7 million in revenue, which is actually down from $255 million in the first quarter of 2013. Profits are also down from $23 million in Q1 of 2013 to $11 million this year.
However, GoPro notes in its S1 filing that “we do not expect to continue to grow in the future at the same rate as we have in the past and profitability in recent periods might not be indicative of future performance.”
Here’s a look at GoPro’s financials (click to enlarge):
The news of GoPro’s IPO status comes as one of its smaller rivals, Utah-based Contour, tries to get back into the wearable camera market. The company closed suddenly in August but was later acquired out of receivership with a winning bid of more than $1.9 million from one of its investors, Clarke Capital Partners of Salt Lake City.
Contour recently named Danny Lysenko, Apple’s former director of worldwide reseller operations, as its new CEO and brought back Jason Green — who founded Contour in 2004 in Seattle with Marc Barros — to be its chief technology officer. Green is working out of Seattle, where the company’s product development hub is centered.
Contour faces tough competition from GoPro, especially given the impending IPO, however the company is working hard to bring new models to market.
“We have the best product,” Lysenko told us in February, citing the form factor, rotating lens, and the instant-on experience. “These are all features that users love — we just need to do a much better job of telling customers about it, and letting people know who Contour is.”
And while we’re on the topic of wearable cameras, you should check out this GoPro video. It’s by far one of my favorite videos on YouTube: