NEW YORK (BRAIN) — Peloton's subscription revenue increased 103% in its first quarter as a public company, compared to the same quarter last year, the company reported Tuesday.
Total revenue for the company was $228 million in the quarter, up from $112.1 million last year. The brand now boasts more than 560,000 subscribers and a member base of 1.6 million.
However, the company had a net loss of $49.8 million in the quarter, a bit less than the $54.5 million loss in the quarter last year. Operating expenses totaled $156 million, or 68% of revenue. Of that, sales and marketing cost $77.6 million, general and administrative costs were $60.9 million and R&D was $17.4 million.
The company reported a low churn rate and high retention, both keys for a subscription-based model. Average net monthly churn was 0.9% and the 12-month retention rate is 94%.
During the quarter, Peloton launched Home Trial, a free 30-day trial period for its bike. It also acquired Tonic Fitness Technology, one of its Taiwan manufacturers, for about $47.4 million. Peloton, which launched in the UK and Canada markets last year, plans to begin sales in Germany this month.
Peloton's stock closed at $22.74 Tuesday, down more than $1 from Monday's closing price and down $6 from its IPO price of $29 per share in September.
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