Fitbit filed for an IPO Thursday and the numbers were pretty impressive. The fitness tracking company earned $US38.5 million on revenue of $US745 million last year. Revenue grew almost 10X in the past two years.
What’s more impressive is its staggering growth in paid active users and devices sold, as seen in the chart below by BI Intelligence. Last year, it saw 6.7 million paid active users (members of its premium $US49.99/year package), while selling a total of 10.9 million devices. Both of those numbers are almost 10 times what they were three years ago.
But Fitbit is also wary of the competition it faces in the market. It specifically mentions Apple Watch and other fitness tracking devices by Google and Microsoft as “risk factors.” It also mentions the fact that it relies almost entirely on a single manufacturer, and the how failing to forecast the right demand could possibly hurt its leading market position.