Spotify’s revenues surged in the first half of 2017 to 1.9 billion Euros ($2.26 billion), according to a report in The Information that cited two unnamed people who had seen the numbers, which the company provided to investors.

That would put Spotify on track for around 4.1 billion Euros ($4.9 million) for the year, a 40% boost over its 2016 numbers.

However, the report also said that the company tracked an operating loss between 100 million and 200 million Euros in the first half of the year, comparied with 349 million Euros ($389 million) in 2016.. The reports also said that the company’s gross margins have improved, up to 22% for the first half of the year over 15% in in 2016.

A rep for the company declined to comment on the report when contacted by Variety.

Spotify is expected to go public, possibly via a public listing rather than an IPO, in the coming months, and in recent months it has struck licensing deals with all three major labels as well as Merlin, the international independent-label collective.

While those moves help clear the way for the public offering, the company cast a cautious eye on its future financial prospects in its 2016 report, which was made before all of the licensing deals had closed.

“Streaming music is an emerging market, which makes it difficult to evaluate our current and future prospects,” the filing reads. “We face strong competition for users, listening hours and advertiser spending, and we face competition from players with substantial resources at their disposal,” it reads, clearly referring to Apple, Google and Amazon. The filing It then speaks of its need for licenses from rights holders and recruiting and retaining qualified personnel, or else “our ability to successfully grow our business could be harmed.”