GoPro, makers of wearable action cameras, filed for a $100 million initial public offering this afternoon.
Since the San Mateo, California-based company launched its first camera in 2009, it has sold more than 8.5 million units in more than 100 countries—3.8 million in the last year. An S-1 document filed with the Securities and Exchange Commission shows GoPro—named one of Fast Company's Most Innovative Companies in consumer electronics—made $60.6 million in 2013 on $985.7 million in revenue. Profit and revenue jumped 87% from the previous year, from $32.3 million and $526 million, respectively.
Though the company is profitable, sales weakened in the first quarter of 2014, with $11 million in net income on $235.7 million in revenue, down from $23 million and $255.1 million in the same year-ago period. GoPro, which filed a secret IPO in February, cited smartphones and tablets as a major competitor. The company indicated that another major risk is that companies such as Apple and Samsung could design similar cameras suited for physically challenging conditions. And so, like old photographs themselves, this story is clearly developing.