If you didn’t look at the balance sheet I don’t see how you can claim to care about fundamentals. The company’s ability to be in business in a few years depends on how much cash they have and how much they can generate. If the market tanks financing dries up, and if they aren’t cash flow positive then it’s game over.

Whether people like the product or not and how they compare to competition only matters if they have cash figured out. Anybody can sell a dollar bill for $0.80 and have a fantastic product, doing it profitably is the trick. WeWork is probably the best example, entering high risk long term leasing commitments and subleasing that space at a loss. They were bid up to an insane $40 billion valuation based on just this, until they tanked pre IPO. Now with the low probability, high impact risk of a global pandemic coming about, they’re struggling to survive and I’m surprised aren’t bankrupt yet. Still have a better product than the competition though.