It's crazy to me that a marketplace like this can be trading at 10x revenue w/ -50% net margins when a company like Blue Apron is trading at 0.2x revenue when they're turning the corner to profitability.
It is, in fact, crazy, but that doesn't mean Blue Apron is the one whose result is out of whack with the fundamentals. Quite the opposite, in fact.
Well, to be fair, while Blue Apron's gross margin is expanding, it's operating margin is still negative and it has ~20% negative LTM sales growth the last few quarters.
If you're not zero margin, you can't scale the same way.