GoPro, the maker of the most versatile action-camera on the market, submitted a Form S-1 registration for an initial public offering (IPO) with the Securities and Exchange Commission (SEC) seeking to raise $100 million. The filing revealed that the company is profitable with almost $1 billion revenue last year.

GoPro

GoPro is filing to trade on the NASDAQ exchange under the ticker symbol GPRO.

The company said it plans to use the net proceeds from its offering for general corporate purposes including working capital and full repaying its term-loan under its credit facility, as well as acquiring or investing in complementary businesses, technologies or assets.

Nick Woodman, the founder and chief executive officer of GoPro, previously stated that his company “has been profitable since day one.”

GoPro confidentially filed its IPO registration with the SEC last February. Twitter Inc (NYSE:TWTR) also took advantage of such process, which is permitted by the 2012 Jumpstart Our Business Startups or JOBS Act. The law relieves emerging growth companies with less than $1 billion total annual gross sales from certain regulatory and disclosure requirements.

Financial performance

GoPro’s sales increased significantly over the past three years. In 2011, the action-camera maker generated $234.1 million sales. Its sales went up by 124% to $526.7 million the following year, and $985.7 million in 2013, an increase of 87%. During the first quarter of 2014, the company posted $235.7 million in sales.

The firm’s net income also rose steadily from $24.6 million in 2011, $32.3 million in 2012, and $60.6 million last year. During the three-month period ended March 31, 2014, GoPro achieved a net income of $11 million.

According to the company, it sold more than 8.5 million HD cameras since its launch in 2009. Last year alone, GoPro sold 3.8 million HD cameras. GoPro cameras are available in 100 countries and through 25,000 retail stores.

GoPro programing

The action-camera maker also allows the production of entertaining and inspiring content via user-generated content or GoPro-originally produced content, which it refers to as GoPro programming.

According to the company, GoPro programming plays a vital role in attracting and exciting consumers, and it is distributed through GoPro Networks—a collection of GoPro channels hosted on different platforms such as Facebook Inc (NASDAQ:FB), Instagram, Twitter Inc (NYSE:TWTR), and YouTube, the video service of Google Inc (NASDAQ:GOOG) (NASDAQ:GOOGL).

GoPro has 1.8 million subscribers on YouTube and more than 450 million video views. During the first quarter of this year, GoPro’s channel on the platform ranked number one on the Brand Channel Leaderboard.

The company said it has not generated revenue from the distribution of, or social engagement with, its content on GoPro Network as of December 31, 2013. GoPro indicated its “plan to pursue new revenue opportunities from the distribution of engaging GoPro content in the near term.”