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They made $265MM dollars last quarter, up from $178MM same time last year. That’s on $711MM of revenue.

have they produced more profit than all their previous losses, yet?

i don't think a2tech is wrong until that has happened.

Is this how companies are typically valued?

Not exactly, but if those previous losses were financed by investors, then it could point to difficulty for investors to get a return in the future.

How would you calculate that? With market rate interest? Standard rate of inflation?

It's not a metric people look for when valuing companies.

Makes me wonder what exactly are they spending $2B on per year?

I think it's mostly sales and marketing.