They're a cloud-based software company. Where is this "heavy investment in growth" going to? It's not like if they needed huge capex expenditure to grow.
If they need to spend more on sales an marketing than it brings in they are even more doomed than I thought...
If you can spend 1 million in year 1 to acquire a customer who pays back 3 million over the next five years, that’s a good investment, but you’ll initially book a loss.
Enterprise sales is expensive, but the contracts are very large and long-term.
Sales and marketing are largely one-time expenses, but customers can have very high LTVs. So you can zoom into a particular quarter of a company's results and they can have huge losses. But, in the future they can dial down their sales and marketing expense, and be sitting on an extremely profitable business.