Oura just got one step closer to becoming a public company.
The smart-ring maker filed its S-1 paperwork on Thursday, a required step on the road to an initial public offering.
The filing said Oura pulled in $1.4 billion in revenue and $59 million in net income in the one-year period that ended in June. The company said revenue had grown 74% year-over-year, comparing the first three quarters of fiscal year 2026 to the same period in 2025.
Oura also said in the filing that it has "a history of operating losses" and has "only recently achieved profitability," adding "there can be no assurance that we will maintain profitability in any future period."
The filing showed Oura incurred losses of $924 million on revenue of $1.21 billion for the nine-month period ended in June. For the same period a year prior, the company's losses were $182.8 million on revenues of $697.6 million.
The Oura Ring maker, which plans to list on the Nasdaq under the ticker OURA, had 5 million paid members as of June, the filing said.
The filing lists several risk factors facing the company, as is required in S-1s by the Securities and Exchange Commission.
"We have experienced rapid growth in recent years," the risk factors section says. "This rapid growth may not be sustainable or indicative of future performance, and we expect our growth rate to slow over time."
The company said current trade tensions and tariffs could increase the cost of some of its products, while broader economic pressure and changes in consumer spending levels could impact its business.
The filing also said much of Oura's revenue comes from a "limited number of retail partners." The company said that for the nine months ended in June, its two largest customers accounted for 12% and 10% of its total revenue, respectively.
Oura said its business relies on outside AI models, including OpenAI, Anthropic, and Google, and on third-party data centers, adding that disruptions to the data centers could impact the company. It also said there were "legal, regulatory, ethical, security, or reputational risks" associated with AI.
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Kelsey is a senior reporter for Business Insider, where she covers business and tech news as well as stories about travel, luxury, and consulting.Her feature story "Disaster at 18,200 feet" received awards from the New York Press Club and the North American Travel Journalists Association, as well as honorable mention from the Society of American Travel Writers. It was also included on Longreads' and Pocket's best of 2022 lists. She has also received an American Journalism Online Award for her coverage on missing and murdered Indigenous people in Wyoming.She's appeared on CBS, NPR, NBC, and other outlets to discuss her work. She previously worked on the world news desk at the BBC in London and received a master's in journalism from Northwestern University.She can be reached by email at kvlamis@businessinsider.com or via the encrypted-messaging app Signal @kelseyv.21.Popular storiesDisaster on Denali: Inside a 1,000-foot fall on America's highest peakThrifting is more popular than ever. It's also never been worse.Rolex wouldn't service the vintage watch my mom inherited. Watchmakers say it happens all the time.A tiny, invasive bug and the climate crisis are changing how guitars are made, and shifting the course of music historyThe tourism free-for-all is overGovernment-run boarding schools were founded to 'civilize' Native Americans. Hundreds of dead children remain buried in the schoolyard graves.Meet the Texas minister who helps fly dozens of women to New Mexico every month to get abortionsPeople are flocking to Colorado for the great outdoors, but the air pollution is so bad, it's forcing many to stay insideInside Kabul: An aid worker reveals the devastating chaos that erupted during the US exit from Afghanistan