Yes, his words were chosen very carefully. One has to assume that they spent a lot of money building Magic Pocket and migrating off of Amazon S3. That investment will be amortised (and the hardware will depreciate) over several years ()during which time it will show up as a cost in the P&L Account) but because the cash has already been spent, it doesn't show up in today's cashflow. Stock-based compensation also doesn't show up in the cashflow but it certainly impacts P&L.

So, while bring "cash-flow positive" means that the company's cash balance isn't decreasing, it doesn't mean that it's profitable.