Client storage specialist Box nearly doubled its revenue and reduced its net loss in its most recent quarter.
For the three months ending October 31, revenue exploded to $57m, a 70% increase from the same period the year before. The figures were filed this week as an update to the S-1, a document that must be submitted to the US Securities and Exchange Commission prior to an IPO.
Despite healthy figures, Box continues to operate a net loss but this figure is shrinking. The S-1 update showed net loss for the quarter was $45.4m, down from $51.4m the year before.
Total operating expenses continue to rise, albeit at a slower rate than before. Box’s business model relies on getting freemium users onboard and then converting them to paid users over time. The company now has 32 million users and 275,000 companies; however, given that 90% are using the service for free, it’s hardly a surprise that operating expenses continue to expand.
The Los Altos-based provider has been gearing up to go public for nearly a year, but in July decided on another round of funding, which valued box at $2.4bn, up from the $2bn valuation given seven months earlier.
As for when Box will finally go public, a spokeswoman said, “Our plan continues to be to go public when it makes the most sense for Box and the market.”