Fastly S-1 Snapshot

The 2019 wave of tech IPO's now includes one from our sector, Fastly. 

Fastly started its journey in 2011 as a Content Delivery Network (CDN) and shifted focus in April 2017 to expand beyond traditional CDN services when it announced its Edge Cloud Platform. This meant that the company would begin offering other edge services, such as Web Application Firewall and Load Balancing.

Similar to Cloudflare, who launched two years earlier in 2009, and offers a vast array of services at the edge in addition to a traditional content delivery network, and is also expected to hit the market with an IPO this year.

Fastly has raised $200m+ in 7 rounds with the latest investment of $40m reported last year in July.  

I've read through the S-1 this weekend. Here are some highlights. 

- Top 10 customers account for over 30% of revenue. 
- In 2018, the total # of customers was 1,582. 14% or 227 are enterprise customers. 
- Total customer count grew 9.9% year-over-year, 2017 to 2018. 
- In 2018, 227 enterprise customers generated 84% of revenue 
- 2018 Revenue was $144.6m, 2017 Revenue was $104.9m
- 2018 Net Loss was $30.9m, 2017 Net Loss was $32.5m 
- 2018 Capex was $18.7m, 2017 Capex was $20m
- In 2018, R&D was 24% of revenue, or $34.7
- In 2018 their Gross Margin was 54.7%, In 2017 it was 53.6%
- Cash on hand sits at $37m
- Notable customers include; Ticketmaster, Alaska Airlines, Priceline, Microsoft, Slack, New York Times, Hulu, Spotify, Sling TV, and more.
- 449 Total Employees, of which 70 were located outside of the US, and less than 50% are based out of the San Francisco HQ.
- 150 Employees are considered part of R&D
- Net Promoter Score (NPS) of 64
- 29 Patents issued, 52 patent applications pending review
- 60 POP's in 21 countries. 
- Top Shareholders include; August Capital 20%, Artur Bergman 15.6%, Iconiq Capital 12.9%, OATV 10.8%, Amplify Partners 10.6%

You can read the S-1 yourself for more.