Their profits are all being sunk directly into Starlink and R&D for Raptor, Starship, and Superheavy. It's not that reusability isn't netting them a profit, it'

Their profits are all being sunk directly into Starlink and R&D for Raptor, Starship, and Superheavy. It's not that reusability isn't netting them a profit, it's that their ambitions outstrip their savings from reuse. Something to consider is that one of their goals is to be able to operate with relatively little constraint even in the event that government contracts, NASA grants, and/or commercial contracts hit a dry spell. That's the whole point of Starlink, for example — a continuous, launch-independent source of revenue to fund Mars ambitions.