Free stock-trading startup Robinhood Market Inc. today publicly disclosed its initial public offering filing three months after confidentially filing for an IPO with the U.S. Security and Exchange Commission.

The S-1 filing spells out Robinhood’s financials for the first time, and the numbers are impressive. In 2020, Robinhood generated revenue of $959 million, up 245% from 2019. It reported an adjusted profit before interest, taxes, depreciation and amortization of $155 million, compared with a loss of $74 million the year before.

For the three months ended in March, revenue grew 309% year-over-year, to $522 million with an adjusted profit of $115 million, compared with a loss of $47 million a year ago.

As of the end of 2020, Robinhood had 12.5 million “net cumulative funded accounts,” referring to customers who had money in their accounts, up 143% over the end of 2019. To the end of March, Robinhood had 18 million funded accounts, up 80% year-over-year.

Cryptocurrency assets held by Robinhood on behalf of its customers came to $11.6 billion at the end of March, many multiples high than the $481 million it reported at the same time last year, thanks partly to the rise of Dogecoin. The cryptocurrency, which originally was created as a bit of a joke, has become popular anyway. It accounted for 34% of cryptocurrency transaction-based revenue in the first quarter, up from 4% in March 2019.

“A substantial portion of the recent growth in our net revenues earned from cryptocurrency transactions is attributable to transactions in Dogecoin,” the company said in its filing. But it warned, “If demand for transactions in Dogecoin declines and is not replaced by new demand for other cryptocurrencies available for trading on our platform, our business, financial condition and results of operations could be adversely affected.”

Robinhood was initially planning to go public in June but was slowed in the process following an SEC review. Bloomberg reported June 24 that the SEC review concerned its cryptocurrency business, although it noted that reviews are not that uncommon.

The public filing comes a day after Robinhood was fined $70 million by the Financial Industry Regulatory Authority to settle charges over issues with its stock trading service. FINRA had accused Robinhood of causing widespread and significant harm to customers who received false or misleading information from the firm, along with harm to customers caused by systems outages and inappropriate approval of trade options.

The fine from FINRA comes after Robinhood was fined $65 million by the SEC in December over allegations that it deceived customers about how it makes money and failed to deliver on a promise of best execution of trades.

Coming into its IPO, Robinhood has raised $5.6 billion, according to data from Crunchbase, including a $2.4 billion round in February. Investors include ICONIQ Capital, Andreessen Horowitz, Sequoia Capital, Index Ventures, NEA, 9Yards Capital and Ribbit Ventures.

Photo: Robinhood