This Is How Much "Net Income" Today's Four IPOs Generated Last Year

Tyler Durden's picture

Earlier today, four "buzzing" US-based IPOs priced, raising hundreds of millions in cash, namely GrubHub ($193 million), OPower ($116 million), Five9 ($70 million), and Corium ($52 million), for a grand total of nearly half a billion in proceeds. So how much actual net income do these supposedly post-VC stage companies generate? Instead of boring readers with more numbers, here is a simple chart.

Well... there's always "groath."

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Skateboarder's picture

Left axis needs 10^6 multiplier. Surely they didn't raise $420 and spend it on booze and weed. Oh wait, they probably did.

Two-bits's picture

You might be right; the IPO names do sound a bit like Marijuana strains.


'Let me get a 1/4 of that OPower"

smlbizman's picture

beanie babys, tulips, and pump and dump...same as it ever was..

Two-bits's picture

Hell man, beanie babies are looking good compared to dollar denominated debt right now.  


Plus, they look innocuous. Even when stuffed with silver.

furgheddubouddit's picture

Janet Yellen's printed dollars hard at work.

Oh well, never mind.

Plenty more where that came from.

alphamentalist's picture

Aggressive hold. Tell your friends.

pods's picture

Deja vu all over again.

Do any of these use a sock puppet as a mascot by chance?


Bangin7GramRocks's picture

It's all about clicks and shit. Know what I'm sayin'?

Pool Shark's picture



"Do any of these use a sock puppet as a mascot by chance?"

I was thinking more along the lines of Triumph the Insult Comic Dog:

"Hey, that's a nice business model,... FOR ME TO POOP ON!"


LawsofPhysics's picture

What about the income of all those venture capitalists...

The public market is long dead, unfortunately, these fuckers still have access to the printer and the taxpayer's blood in order to keep their dark pools of wealth whole.


Please let the whole shit-show just fucking die already.


Full faith and credit motherfuckers...

i.e. no faith=no more fucking credit...

tick tock...

Skateboarder's picture

LoP, I happened to watch a half hour teevee program yesterday. Three different versions appeared, advertisements for the "Square" card-reader / payment processing app for the iDrone. "Now you can just pay each other with credit!"

atomp's picture

On top of the transaction fee, when does it start automatically deducting sales tax, income tax, environments fees from your proceeds? Credit? Yeah, right.  More like low frequency skimming.

BandGap's picture

D-day already happened.

You think there's still hope?


Bastiat's picture

Great series. So was the Pacific but it makes BoB look cheery.

Z_End's picture

Seems legit...

Aknownymouse's picture

The market is now a huge GrubHub

nickels's picture

Ms. Yellen, you have a call from a Mr. Icarus on line one.

Bastiat's picture

That's Mr. Yellen -- Obama said so.

oklaboy's picture

calling Doctor Moe,calling Doctor Larry, calling  Doctor Curley!!!!!!!........

ParkAveFlasher's picture

We get Shemp'd.  In fact, Yellen looks like Shemp.

thamnosma's picture

Actually it's Doctor Fine, Doctor Howard, Doctor Fine

Smegley Wanxalot's picture

They are actually outperforming my expectations.

Clowns on Acid's picture

The market is smellin' like Yellen.

alangreedspank's picture

Raise. The. Goddamn. Fed. Funds. Rate.... High.

disabledvet's picture

Perfect time to start driving those rates down.

Bearwagon's picture

Hmm  ... "Corium" ... that rings a bell ...

Bastiat's picture

That's the secret name of the JPM derviatives portfolio. 

NaN's picture

There's an idea! Name your company after the scariest, uncontrolled nuclear waste phenomenon. Good thing the general public has no idea.

Crash Overide's picture

Standard setup for HFT muppet pump and dump.

SheepDog-One's picture

'GrubHub', a middle man food delivery driver service is worth $193 million dollars? I'm sorry, that's just pure nonsense.

sessinpo's picture

SheepDog-One        'GrubHub', a middle man food delivery driver service is worth $193 million dollars? I'm sorry, that's just pure nonsense.


Of course it's pure nonsense, the IPO is worth over $2 Billion. AThe $193 million was net income. Income versus worth are different things.

But I agree with you. The company isn't worth shit. It is interesting the private equity firms sold over half of their holdings. Get out  and get your money while you can.

jtlien's picture

Back in the 1980's I worked in a Silicon Valley startup doing computer stuff.  We had a pretty good year of sales and actually showed a profit for a quarter.   We were all hopeing that the stock could go public, but we were told again and again that the underwriters, SEC, NASDAQ etc all wanted 3 consecutive quarters of profits before going public.   Those were the RULES back then.   I'm not sure even AMZN would qualify today.

eddiebe's picture

Like they say: A rising tide lifts all boats. However, then again, comes a point in time, that a lot of us are waiting for....

LooseLee's picture

...Ha, ha. Just more concrete evidence the so-called-bulltard 'investor' is the dumbest of the bunch and on the lower rungs of evolution...

Hongcha's picture

It was fourteen years ago today

Sergeant Pepper taught the band to play ...

I am definitely better-positioned than I was in the Spring of 2000; but not short.

Hero Protagonist's picture

Party like it's 1999!

NOTaREALmerican's picture

Sure, but did anybody apply the 1st rule of bullshit to these valuations?

I think not.

The 1st rule of bullshit:  X + bullshit = $ ** bullshit.

So,   X (Being stocks) + bullshit (dude, like, dude this is, like, dude...  come-on dude, you can't lose) = cha-CHING!!!

If you don't factor in bullshit you can't understand anything males do.

Dewey Cheatum Howe's picture

Corium is probably the only one that has a chance in hell of making it on it's own or getting absorbed into a larger pharmaceutical company assuming they have patents on their delivery systems.

Corium International plans to raise up to $50 million in an IPO to help with its efforts to develop patches used in drug delivery.

The Menlo Park company led by CEO Peter Staple adapts its technology to help deliver drugs developed by five partners, two of which have made it to the U.S. market. They are a clonidine patch developed with Teva Pharmaceuticals for the treatment of hypertension and ADHD and a Fentanyl patch developed with Par Pharmaceuticals for treatment of chronic pain.

It also developed a tooth whitening system with Proctor & Gamble that is on the market.

Corium revenue rose from $35.7 million in 2012 to $37.7 million in 2013. During that time its net loss more than doubled from $5.4 million to $13.9 million.

The company has publicly disclosed about $40 million in venture funding, including money from Essex Woodlands Health Ventures, which holds about a 56 percent stake in Corium.


All it takes is one major pharmaceutical company to sign on or absorb them into the belly of the beast outright. That revenue loss maybe largely nothing more than them pumping money into R&D for these products and now is when the R.O.I. comes into play. I'm no investor but if you are playing the rigged casino this one may have some real potential and fundamentals going for it if it's product delivery system is solid. Do your own research first.

Totentänzerlied's picture

FYI: Unlike GrubHub, Five9, and OPower, Corium actually makes something (needle-free transdermal drug delivery products).

exartizo's picture

its a disgusting racket.

(tell us how you *REALLY* feel about it.)

Puncher75's picture

Now that graph show some real "potential".

fockewulf190's picture

Expecting every single CEO/insider to cash out ASAP and start fighting the Chinese over at Zillow...laughing all the way.

Dewey Cheatum Howe's picture

A little bit on Opower also.


Growing up

I know Yates less well, but he’s been the CEO that’s helped usher the company to where it is today. Opower has been so successful because they started off by building relationships with utilities back in their early days and started selling them something that was low cost and easy to use compared to competitors. Opower’s inaugural product was software that would take the energy data of utilities’ customers and create a detailed itemized bill that was mailed to the customer. Using behavioral analytics, the bills would include happy and unhappy faces and other techniques to shame or encourage the customer to reduce their energy consumption.

The reason a utility would buy this service is because collectively reducing the energy demand of customers is a much more low cost way to meet demand than to build new power generation. And for utilities that operate in states, like California, that need to reduce their customers’ energy consumption to meet state mandates, Opower works for that, too.

But now Opower has built out a comprehensive software-as-a-service product for their almost 100 utility customers who have stuck with them along the way. Not only do they do the mailed detailed reports, they also deliver much of their behavioral analytics and recommendations over utility websites, via emails and via text messages. They also have newer software products, including smart thermostat software that can control thermostats remotely (like Nest with regular connected thermostats) and a demand response platform. Demand response is when a utility turns down collective customer energy consumption remotely when energy demand on the grid spikes (like a hot summer afternoon).


You can read the rest of the fluff piece but I think people get the general idea.

adr's picture

So the utility will automatically reduce my thermostat so they can continue to let the welfare fuck on HEAP heat their home to 85° in the winter and cool to 65° in the summer?