It's only "quite gross" if you have a... gross misunderstanding of how taxes work. They're not paying zero taxes on profit, they haven't profited yet except on arbitrary time scales. Here's a... gross oversimplification:

Year 1: Lose $50 million. Total profit: -$50 million. $0 taxes paid.

Year 2: Lose $10 million. Total profit: -$60 million. $0 taxes paid.

Year 3: Make $35 million. Total profit: -$25 million. $0 taxes paid. People who are either uninformed or petulant ideologues scream about you not paying taxes on $35 million in profit.