How can Atlassian LOSE money on this level of revenues, in this market, with the combination of their tools and shifts in usage... after this long?

They used to be a small, privately controlled company with focused yet ambitious goals and an audacious vision (Build a company that will last 100 years). Then ~10 years ago they took a butt load of money, pushed big towards US enterprise and acquired what appears (to me anyway) a random set of companies that looked good at a specific market/time period but have largely faded away?

I find it quite mind boggling; there must be something going on beyond what I can see.