Despite the company claiming 39% of the US market at the end of 2018, Uber's biggest competitor Lyft has revealed in its IPO prospectus that it lost $911m on $2.2bn in revenue last year.
"We have a history of net losses and we may not be able to achieve of maintain profitability in the future," read the second risk in the company's prospectus.
However, the San Francisco-based ride-sharing giant has stated that it expects sales to grow faster than losses due to high demand, a claim that matches its growth after the company went from a value of $343m in 2016 to the current $2.2bn. The company has also seen its active user base increase sixfold in two and a half years to reach the 18.6 million it is today.
Lyft has famously been racing with Uber to be the first to the IPO market and is seeking to go public on the Nasdaq with the ticker symbol LYFT. While the company is currently valued at $15m, it has not specified how much it hopes to raise despite a Reuters report claiming that it expects to be valued at $20bn–$25bn in the upcoming IPO. Uber, on the other hand, anticipates a valuation of up to $120m, according to The Wall Street Journal.
Lyft has also made the unusual choice to give some of its 1.9 million drivers the chance to buy a share in the company, a decision that demonstrates a stark contrast to infamous reports of Uber's treatment of its staff.