Soaring demand during the pandemic allowed food delivery app DoorDash to post revenues of $1.9bn for the first nine months of 2020, helping narrow its losses as it unveiled financial figures for the first time ahead of its hotly anticipated initial public offering.
In its prospectus, published on Friday, the US-based company provided a detailed accounting of its business model, as it attempted to convince investors of its prospects in a sector that has been marked by steep losses and consolidation.
During the pandemic, DoorDash’s revenues increased more than 200 per cent, up from $587m in the same period in 2019. The company said it now had 18m active users of the platform, which currently operates in the US, Canada and Australia, along with 1m workers providing its service.
DoorDash reported that it was profitable on an adjusted earnings basis, before including interest, taxes, depreciation and amortisation, making $95m on that basis to September this year. It also reported net income of $23m in the second quarter before reversing into losses in the third quarter.
The company is aiming to be valued at more than $20bn in the IPO and begin trading in December, according to people familiar with
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