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.

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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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