Substack was happy to let the assumption live that subscriptions meant that they were profitable. I rolled with that assumption without thinking about it.
They do have revenue, but they are suspiciously not mentioning profit.Doubled their revenue in a year! Not too bad. I might have some other feelings if I knew anything about their cost basis, but unfortunately, I don’t. So I don’t know if the company is profitable, but I am going to take a flying leap and assume not — because in this environment, profitability is something to brag about.
And you can guess with they're not profitable. Probably shooting for world-consuming growth instead of just making money to pay their workers for what the company is actually good at.