The biggest problem with this investment case is the constant kicking of the can down the road regarding becoming cash flow positive. I’m not saying there’s anything wrong with growing a company while running it cash flow negative for a certain period. But the fact that investors are constantly promised that it will turn cash flow positive in X quarters, and that X is constantly the same integer even as time passes, has made me a bit sour on this, and I’ll jump back in only when black cash flow figures are on paper (even if I miss out on some initial stock appreciation).
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