Despite a series of high-profile missteps, Uber Technologies Inc. is rapidly growing its global ride-hailing empire, but at the expense of multibillion-dollar losses.

That’s the main highlight of the company’s first public financial disclosure, which was shared with Bloomberg Friday. Under generally accepted accounting principles, Uber claims to have seen the value of the car bookings made through its platform reach $6.9 billion in the last three months of 2016, up 29 percent from the prior quarter. The company generated $2.9 billion in revenue off these transactions, which in turn represents a 74 percent quarterly increase.

But Uber’s rapid gains are dampened by its mounting expenses. The company burned $991 million in the fourth quarter, while the full-year losses amounted to $2.8 billion on $6.5 billion in net revenues and gross bookings of $20 billion. Since it followed Generally Accepted Accounting Principles, the disclosure excluded the roughly $1 billion that Uber lost in China during 2016 before selling off its local division to rival Didi Chuxing Technology Co.

Overall, Uber has burned through more than $8 billion since launching in 2009. The company reported $7 billion of cash on hand and an untapped $2.3 billion credit facility. Yet although management evidently still has a lot of runway to work with, the massive losses incurred so far raised quite a few eyebrows.

Bloomberg’s report noted that Uber has burned through more capital than many of tech firms that were around during the dot-com era. Aswath Damodaran, a finance professor at New York University, described the ride-hailing giant as a “cash-burning machine” in a statement to the publication and suggested it will likely be treated as an academic case study further down the line. 

On the plus side, the financial disclosure should provide a brief respite from the string of controversies that have been hounding Uber lately. Most recently, a report published last week claimed that the company is surveilling drivers working with rival Lyft Inc. using a program called “Hell.” Uber was previously caught employing similar methods to trick inspectors in cities where its service is banned. And then there are the widely-publicized misconduct allegations hanging over  the leadership team.

Image: Uber