From your source, their 2021 net profit was -$6.5M and their 2020 net profit was $1M. They seem to be mixing the $24.6M in negative cash flow for 2021 with the $1M in net profit in 2020? Doesn’t make any sense.
Valuations in tech haven't been based on profit for 25 years now. It's all revenue and user growth.
Yeah sorry about that, I was just repeating something I heard on a podcast and it looks like they assumed that was top line revenue and took 10% of it.
I’d edit the post but it’s too late to do so.
Source:
https://www.sec.gov/Archives/edgar/data/1783191/000167025423...