Will the Good Technology’s IPO be any good?

May 14, 2014, 9:20 PM UTC

FORTUNE — Enterprise mobility company Good Technology Corp. this afternoon filed for a $100 million IPO. The Silicon Valley company didn’t list a stock exchange or ticker symbol, but did say that Morgan Stanley (MS) would be leading the offering (four other banks also are listed).

Some quick takes from scanning the filing

Look out below!
There really is no way to sugarcoat the top-line numbers. For 2013 it’s a $118 million net loss on around $160 million in revenue, compared to a $90 million net loss on $116 million in revenue for the year-earlier period. If you go back even one year further, you’ll find that losses have tripled while revenue has doubled. Maybe this sort of thing would have been glossed over 18 months ago, but today’s IPO market is taking a pretty dim view of losses growing at a clip in excess of 30% (despite Scott Kupor’s compelling argument that SaaS companies are being valued on the wrong metrics). Rival MobileIron has much better top-line trends, and already is said to be delaying an offering that it filed for just last month.

Deal details
Good Technology earlier this year bought mobile device management startup BoxTone, but didn’t provide any financial details. Now we know that the deal was valued at around $77 million in stock.

Got to be a unicorn
Good Technology raised $66 million via an extended Series C-1 funding between April 2013 and March 2014, at a pre-money valuation just shy of $800 million. That would make me think that the company needs to target $1 billion as its base valuation minimum for IPO. Particularly given that the fundraise didn’t take the BoxTone acquisition into account.

Cash crunch
Good Technology only had $42 million of cash on hand at the end of 2013. Now it’s possible that figure climbed a bit thanks to the final stages of the aforementioned fundraise but, on the other hand, the $42 million doesn’t include four-plus months of 2014 burn. If the company really is still losing nearly $10 million per month, then it would either need to price this IPO very soon, or find some alternate means of financing. Not exactly a strong hand to take on your road-show.

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