Without more telling numbers around customer behavior, these numbers aren't particularly relevant. What we really need to know is what their customer churn is - what percentage of merchants use the service again? What percentage of consumers use the service again?
If their churn is very low, the adjusted CSOI numbers are interesting to look at (once acquired, customers stick around for awhile and have a positive lifetime value). If their churn is very high, welcome back to the 2001 bubble. The fundamental question about a business at this scale isn't so much whether they are making or losing money, but whether anyone actually wants what they're selling (at a price higher than what it costs to deliver). It really isn't rocket surgery.
Or their business model is to sell irrational exuberance and cash out before anyone notices. That's also a viable business model.
If their churn is very low, the adjusted CSOI numbers are interesting to look at (once acquired, customers stick around for awhile and have a positive lifetime value). If their churn is very high, welcome back to the 2001 bubble. The fundamental question about a business at this scale isn't so much whether they are making or losing money, but whether anyone actually wants what they're selling (at a price higher than what it costs to deliver). It really isn't rocket surgery.
Or their business model is to sell irrational exuberance and cash out before anyone notices. That's also a viable business model.