Investing mavens who think of the big ride-sharing companies Uber and Lyft as the next big opportunities to get in on the ground floor of a fabulously profitable stock must have been downcast by Lyft’s financial report in advance of its pending initial public offering.

At least one would hope so. The IPO registration statement made public on Friday revealed something that smart followers of this supposedly disruptive new industry have known for years: Lyft is deeply, deeply in the red, and it has virtually no prospect of turning profitable any time soon, if ever.