"net loss of just $318,000 in 2022" "earned $5.9 million in revenue from 162,294 successful trips — and $5.2 million of that went directly to driver wages"
Let's do the math: they earned $700K in net revenue and lost $318K - for a margin of -45.43%... sounds grim...
But... if they can double the net revenue to $1.4M while only growing costs 25% to 1.3M then voila they're breakeven/ramen-profitable...
So as far as I can tell they lost 318K, but they don't need to grow gross revenue by very much to close the profitability gap.
Sounds awesome but currently the net revenue was 700k which means they spent ~$1mm on other stuff besides driver payouts. Some of that will grow with the business (e.g. customer service, server hosting costs), some is fixed (e.g. you only need one CEO).
If they can grow the revenue without also growing expenses then they'll hit breakeven by ~doubling revenue, maybe more, maybe less.
Interestingly, i just checked their prices to JFK and they're about the same as Uber. So if they grow beyond breakeven, then they could undercut Uber's current prices...
But regardless of that if you are launching a new service business and you've got $5MM is sales and you need to hit $8MM in your second full year of operation to become profitable, I'll call that almost profitable!