Cheatsheet: Significant digits inside Thinkific’s preliminary prospectus for IPO

From a 227-page document, 18 numbers worth knowing.

Vancouver’s Thinkific Labs Inc. filed a preliminary prospectus for their proposed initial public offering (IPO) of subordinate voting shares. However, the terms of the offering—including how much they’re hoping to raise—have not been shared yet.

The prospectus is a beast of a document, essentially 227 pages of text, largely legalese. But it contains a few interesting nuggets of detail on the company’s surging growth, customer base and revenues, highlighted below.

Led by CEO Greg Smith, Thinkific is a cloud-based software platform that enables entrepreneurs and established businesses to create, market and sell online courses. Course creators can easily build and launch customized learning products for their audiences under their own brand, with no advanced technical expertise required.

Last year the company raised $22 million from Rhino Ventures and other investors to accelerate product growth and innovation.

The Company has applied to have its subordinate voting shares listed on the Toronto Stock Exchange under the symbol “THNC”.

Here’s what else casual observers may be curious to know about one of Canada’s most promising tech companies.


  • 223—employees.

  • 91—employee net promoter score.

  • 9.6/10—would recommend Thinkific as a great place to work.

  • 97%—CEO approval on Glassdoor.

  • 48%—identify as women.


  • 50,000—active course creators as of December 31, 2020.

  • 68%—average year-over-year growth in revenues for course creators over their first five years on the platform.

  • 66 million—courses taken in 2020 by 21 million students (averaging over 3 each)

  • 165—countries where the company has customers.


  • $21.1 million—annual revenue in 2020 (up +115% YoY).

  • $105—average revenue per user (monthly).

  • 25,000—paying customers (up +126%).

  • $276 million—gross merchandise volume (GMV).

  • $290,000—net income in 2019.

  • $1.3 million—net loss in 2020.


  • $7.5 million—sales and marketing costs for 2020.

  • $6.3 million—research and development costs for 2020.

The Future

  • $27.9 to $34.0 billion—the estimated total addressable market for their platform.