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Warby Parker Lost $56M Last Year, IPO Document Reveals

Losses have continued in 2021.

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Warby Parker has grown its revenue over the past few years but hasn’t achieved profitability, according to a new filing as the company seeks to become publicly traded. In 2020, it posted a loss of $56.9 million on net revenue of $393.7 million.

The financial data is included in the Form S-1 registration statement filed this week with the U.S. Securities and Exchange Commission. Warby Parker is seeking to list its stock on the New York Stock Exchange under the ticker WRBY.

In 2019, the company broken even on net revenue of $370.5 million, CNBC noted. In 2018, it lost $22.9 million on net revenue of $272.9 million.

The losses have continued in 2021, totaling $7.3 million in the half-year ended June 30. By that date, Warby Parker’s accumulated deficit totaled $356.3 million.

“Because we have a short operating history at scale, it is difficult for us to predict our future operating results,” the company stated in the filing. “We will need to generate and sustain increased revenue and manage our costs to achieve profitability. Even if we do, we may not be able to sustain or increase our profitability.”

Warby Parker announced in June that it had confidentially filed for a public listing with the SEC, with the public listing “expected to take place after the SEC completes its review process, subject to market and other conditions.”

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The company has raised more than $530 million since its founding in 2010.

Warby Parker made its mark as an online eyewear retailer, but it also operates more than 145 brick-and-mortar stores.

Read more at CNBC

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