China-based smartphone maker Xiaomi has posted a net loss of 7 billion yuan or $1.09 billion in Q1 2018 — ahead of its initial public offering (IPO), Reuters reported.

That compares with a net loss of 43.89 billion yuan for the whole of 2017, according to its draft prospectus.

Xiaomi said its smartphone shipments jumped 88 percent thanks to strong growth overseas, helping Xiaomi’s revenue rise to 34 billion yuan ($5.3 billion) for the period. That compares with 114.6 billion yuan for all of last year.