Square, the San Francisco-based digital payments company led by Jack Dorsey, today disclosed new financial results, ahead of an initial public offering that is expected to occur early next month. In short, it was a mixed bag.
When Square filed its S-1 document with the SEC 12 days ago, it only reported financial information for the first half of 2015. Missing was the third quarter — key for any company, but particularly for Square because it was the first quarter in which Dorsey led both it and Twitter (TWTR).
That earlier filing showed that Square had produced $560.6 million of revenue and a $77.6 million net loss for the first six months of 2015. Compared to the first half of 2014, the revenue figure was 50.74% higher and the net loss was 2.7% smaller.
Adding in the third quarter of 2015, however, Square shows $892.8 million in revenue and a $131.5 million net loss. Compared to the first nine months of 2014, the revenue figure was 48.96% higher and the net loss was 12.37% larger. Those are not trend-lines that will please investors, particularly those already skeptical about backing a company whose CEO is pulling double-duty.
As for Q3 specifically, the new Square data shows:
—$332.2 million in net revenue
—$118.8 in adjusted revenue
—$53.9 million in net losses
What this also means is that while Square’s revenue growth sped up a bit when compared to 2014, its losses also expanded.
Square defines its non-GAAP “adjusted revenue” as total net revenue less transaction costs, “substantially all of which are interchange fees set by payment card networks and paid to card issuers.”
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