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> This line seems to heading in a direction which is never making profit

They are growing and the cash burning each year is stabilizing. Isn't that the road to eventual profit?

If their operating income is accurately reflected above, there is no indication they are going in the right direction. There is a period of several years where a company is in innovation mode and they will burn through investment, but there must be an inflection point where Operating Income starts increasing YoY, even if they are still operating at a loss. Hashicorp has gone too far in the wrong direction.

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