Clear principals Ken Cornick and Caryn Seidman-Becker.Clear
CLEAR, the company best known for helping travelers zip through airport security lines, filed its IPO prospectus on Monday, and indicated that business is picking up as vaccinations increase.
Revenue at the New York-based company rose 20% last year to $230.8 million. Net loss narrowed to $9.3 million from $54.2 million. The company plans to list on the New York Stock Exchange under ticker symbol “YOU.”
Launched in 2010, CLEAR’s biometric security service is popular among frequent fliers, who purchase subscriptions for $179 a year. Along with gaining the ability to speed through airport lines, subscribers can also use the service at sports stadiums and entertainment venues.
In the first quarter of 2021, revenue dropped 17% from the same period a year earlier, which included two months of normal business before the pandemic. Volumes among U.S. domestic airline passengers plunged 60% in 2020 and total bookings dropped 11%, the company said.
“We expect that Covid-19 will continue to adversely impact our airport enrollments and business in 2021 and possibly beyond,” CLEAR said in its prospectus.
Still, as more people get vaccinated and concerts, sporting events, and conferences return, CLEAR’s business is poised to rebound. And for some activities, patrons will