Language learning app Duolingo filed an IPO prospectus on Monday and plans to go public on the Nasdaq under the ticker symbol “DUOL.”
The Pittsburgh-based company’s revenue last year increased by 129% to $161.7 million. According to the presentation, the company generated $55.4 million in revenue in the quarter ended March 31, an increase of 97% over the previous year, while the net loss increased more than six times to $13.5 million.
Duolingo offers 95 courses covering 38 different languages, from the world’s most widely used languages such as Spanish, French, and Italian, to endangered languages such as Hawaiian, Navajo, and Scottish Gaelic. In addition to its core platform, the company also created the Duolingo English Test, an affordable and convenient language certification option accepted by more than 2,000 universities and institutions around the world.
The company relies heavily on delivery through its mobile app store. According to the company, in 2020, it was the highest-grossing application in each store education category, with 51% of sales coming from Apple’s App Store and 19% from the Google Play Store. Duolingo is also popular in Google searches, and names are searched 9 times more than the phrase “Learn Spanish”.