Hey, what did you do last night?

If you happen to be Spotify, you filed to become a public company and float on the New York Stock Exchange with the US Security and Exchanges Commission.

Part of that deal, however, is revealing the company’s financials — which aren’t the best. The word ‘dire’ might pop up. Turns out having no real IP can be a treacherous proposition.

Spotify earned US$4.6 billion in 2017, but ending up posting a total loss of $1.4 billion.

While the idea of becoming public is to put your best foot forward (and make a fuckton of money), you also have to be quite transparent about earnings, which runs counter to many startups, who want you to believe they are Jesus and Moses, and Buddha and Seneca too. (aka: The Dream Team.)

“We have incurred significant operating losses in the past”, Spotify admits, “and we may not be able to generate sufficient revenue to be profitable, or to generate positive cash flow on a sustained basis. In addition, our revenue growth rate may decline.”