Snap, the company behind Snapchat
, released their IPO filing
this month. There's an awful lot to digest within its 200+ pages, including some seriously worrying signs for potential investors. In the last two years, Snap's costs have outstripped revenue on an alarming scale. The company cites vastly increased payments to third-party infrastructure partners for hosting as the main reason for not capitalizing on the otherwise positive growth in users and revenue. Last year Snap lost $515m on $404m of revenue.