Well the point is, let's say they have a core business that's profitable. The valuation is based on a market far larger than that profitable core business. As

Well the point is, let's say they have a core business that's profitable. The valuation is based on a market far larger than that profitable core business. As part of the story, the losses are coming from trying to grow the core business to a size to justify the valuation. And it's just not clear that the larger market will ever become profitable.