MobiTV has withdrawn its request for an initial public offering, according to GigaOM. The company, which makes apps that allow users to watch live TV on smart phones, was hoping to raise up to $75 million with its IPO. The company sent the SEC a letter asking the bid be withdrawn based on what the company referred to as "unfavorable market conditions."
According to the company, it has yet to be profitable. Last year, MobiTV reported over $11 million in losses even as revenue rose more than 25%. The company is reliant on large wireless carriers for its revenue and believes if one of those carriers dropped MobiTV it would significantly damage the company's revenue stream.