Roku has filed for an initial public offering of up to $100 million, according to documents released Friday evening.
The set-top streaming device maker has been growing steadily as more and more people—especially millennials—opt to forgo their cable subscriptions in favor of popular streaming services like Netflix, Amazon, and Hulu. Filings revealed revenue of around $399 million in 2016, up 25 percent from the year before.
The company also reported that it now has 15.1 million accounts overall—a 43 percent improvement on last year’s number.
In fact, Roku is even poised to beat Apple TV, Google Chromecast, and Amazon’s Fire TV, according to a report released last month. That’s a pretty impressive feat for a company that was a virtual unknown 10 years ago.
But Roku’s filings on Friday show that it’s also still losing a lot of money as it spends on marketing to keep up with its big-name competitors and develops new devices. The company’s balance sheet shows a loss of $43.4 million in 2016, a slight uptick from $37.6 million the year before.
The documents also offer a look into what people are actually watching on their Roku boxes. Netflix was the most popular service, accounting for around a third of all video hours, and around 70 percent of all time was devoted to the top five most popular channels.
Roku was founded in 2002, and it’s raised around $200 million in venture capital since then. Its backers include 21st Century Fox and Fidelity Investments.