They also could have taken loans to reinvest in growth. From buying alien blue, to their api, to backend changes to add new ad offerings and whatever else they sell to companies… They’re all major efforts, and probably include marketing campaigns

If they took loans to grow… Well if you grow explosively it’s a huge win, but if you don’t you’re weighted down moving forward. And investors are going to love it, since they don’t care about breaking even, they care about that one investment that’s going to go 100x or more