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So many of these new S-1s are unprofitable, where does the money all go?

I'm beginning to wonder if entire unicorn ecosystem is just a funnel to subsidize ad / infrastructure / payment rail revenues at the leading providers.

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There's little reason for a company owners to dilute their holdings with an S-1, if they are already profitable and don't have huge investments planned ahead.

Woah I had never considered that before. I bet there are tons of private companies out there just absolutely printing profits for a small number of internal shareholders that we just don't really know about.

Did you miss the part where it said that it's been net profitable? "net cumulative cash flow from operations of $16 million from January 1, 2017 to September 30, 2020"

That part does not mean what you think it means. Cash flow, negative working capital and profitability are separate things. In the end, they are generating loss.

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