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Having recently completed its IPO, Upwork raised around $187 million, with roughly half that amount going directly to the company and the other half distributed to insiders. The newly bolstered balance sheet boasts about $112 million in cash and a manageable debt load of $24 million, suggesting a stable financial foundation.
Despite the strong financial backing, it’s worth noting that Upwork is currently unprofitable as the company opts to reinvest heavily for growth. In the first half of 2018, Upwork reported a loss of approximately $7 million, though it generated $8 million in free cash flow during the same period. Investors may find comfort in knowing that the company is strategically planning for future profitability by focusing on short-term losses for long-term gains.