Even though Prosper is a private company because the SEC regulates it, every quarter it has to furnish financial statements in a Form 10-Q. I have been keeping an eye on these statements for many years. And the 10-Q filed with the SEC yesterday is the first time Prosper has ever shown a profit.
I have copied their Statement of Operations below because it is worth highlighting here (click on the image for a larger picture).
Compared to the third quarter of last year total revenue jumped from $5 million to $26 million while at the same time expenses increased from $10 million to $23 million. So, a $5 million loss was turned into a $3 million profit.
After losing money every quarter since they began operations in February 2006, Prosper has finally turned the corner. They are even showing a small profit on year to date numbers so they should close 2014 well into the black. And with $53 million in cash on their balance sheet Prosper is in a very strong financial position today.