Twitter’s IPO filing brought home the importance of mobile revenues to its future prospects, in what is the first public disclosure of its financial performance. The filing also revealed it plans to raise $1 billion from going public, despite recurring losses.

“Mobile has become the primary driver of our business”, acknowledged the company.

In the three months to end-June 2013, over 65 per cent of its advertising revenue was generated from mobile devices, while 75 per cent of its average monthly active users accessed the service from a handset or tablet. And these proportions are expected to grow in the future, it said.

From 2011 to 2012, Twitter’s total revenues increased from $106 million to $317 million and its net loss fell from $164 million to $79 million

In the first half of 2013, revenues were $254 million, more than double the $122 million for the same period in 2012. However, first half net losses were $69 million, up from $49 million in 2012.

The company is seeking to raise $1 billion from its listing.

As is customary with filings, Twitter lists risk factors for potential investors. The company mentions nine factors, including its dependence on advertising revenue.

“We generate the substantial majority of our revenue from advertising, and the loss of advertising revenue could harm our business”, it said.

The company also warned about the volatility of its business. “Our operating results may fluctuate from quarter to quarter, which makes them difficult to predict”, it said.

Interestingly, the company also noted how essential international expansion is to its plans. Failure to do so effectively will harm its revenue and business, it said.