SoundCloud's losses in 2014 were almost equal to the amount of investment it received.
Filings of the streaming company's reveal that $56.5 million was lost, falling just $3.5m short of the $60m of money invested into it, with revenue recorded being $25m, according to Hypebot.
News of this follows the introduction of Stations, a radio feature for the mobile app, and precedes the plans to launch a paid subscription service this year, with 10.5 per cent of revenue going to artists and labels.
Despite the impending arrival of paid users and raising $77m of funding in 2015, Music Ally writes that the accounts report state the Berlin company faces "material uncertainties", although it will still be able to continue operations as it seeks funding in 2016.
It reads: “Our overhead base has increased faster than our revenues. After making inquiries, the Directors have concluded that they have a reasonable expectation that the Group will have adequate resources to continue in operational existence for the forseeable future.
"The Group’s business plan shows that further capital investment will be required in the next 12 months to fund the business."
Dave Turner is Mixmag's Digital News Editor, follow him on Twitter here