An example... Gross receipts: $1bn. Invoices paid: $300m. Increase in account credit with vendors: $1.2bn. Cash flow: +$700m. (Positive cash flow.) Net profi

An example... Gross receipts: $1bn. Invoices paid: $300m. Increase in account credit with vendors: $1.2bn. Cash flow: +$700m. (Positive cash flow.) Net profit: -$500m. Cash flow accounting comparisons are generally only an appropriate measure when expenses generally relate to the period in question OR when expenses stay the same from period to period. Both of those seem to be pretty questionable assumptions wrt a growing technology company.