Domo files for IPO
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The data analytics startup Domo filed to go public on Friday.
In its S-1 form filed with the US Securities and Exchange Commission, Domo said it brought in $108.5 million in revenue for the year ending January 31, 2018, up from $74.5 million the previous year.
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Its net loss for the year ending in January came to $176.6 million, which was an improvement from the prior year's net loss of $183.1 million.
The filing says that Domo needs to raise additional capital through its IPO or other forms of financing by August 2018, or it will have to "significantly reduce operating expenses." If it does have to make those cuts, the company plans to make significant reductions to marketing costs, lower its hiring goals and reduce certain discretionary spending.
"We will likely need to raise additional funds to invest in growth opportunities, product development, sales and marketing, and other purposes," the filing says.
The Utah-based company was founded in 2010 and came out of stealth mode in 2015 with a $2 billion valuation. It has more than 1,500 enterprise customers. Domo's filing explains it employs the "land-and-expand" business model. As of January, its 20 largest customers had increased their investment in the Domo platform by approximately nine times compared to their initial subscription.