Blue Apron has filed for an initial public offering. The filing reveals that it costs the company approximately $94 to acquire a new customer, while each customer provides approximately $410 in revenue after using the service for six months. However, customers place orders less frequently over time, resulting in declining revenue gains during subsequent periods.

In the three months ended March 31, 2016, and March 31, 2017, Blue Apron generated $172.1 million and $244.8 million in revenue, respectively, representing growth of 42 percent. It is currently developing product expansion initiatives to appeal to a broader customer set, thereby increasing average order values and the rate of repeat orders. It is also looking to broaden its product portfolio, develop new brands and new channels, and expand outside of the U.S. 

Related: Blue Apron Files for Sustainable Seafood with New Offering; Blue Apron to Possibly File for IPO.