(CNN) Lyft said Tuesday it lost $1.14 billion in the first three months of the year, primarily due to stock-based compensation and other expenses connected to its initial public offering.

With those costs excluded, Lyft's net loss for the quarter was $211.5 million, a staggering amount by some standards, but roughly on par with the $234 million it lost in the same period a year earlier.

Lyft LYFT While it mostly kept its losses in line with the previous year, Lyft managed to nearly double revenue.posted revenue of $776 million for the quarter, a 95% increase from the year prior.

Despite the steep losses, Lyft CFO Brian Roberts stressed that the the company sees "a path to profitability" in its core ride-sharing business. "We anticipate that 2019 will be our peak loss year," Roberts said on a conference call with analysts Tuesday.

Lyft stock dipped 3% in after hours trading following the earnings report, but rebounded and turned positive.