Looks like they were only profitable due to the licensing agreement to sell user data to Google to train AI (Gemini). The income from the Google deal was slightly more than Reddit's net profit, ergo they would have still been at a small net loss without that stream of income.
One thing I'm curious about with Reddit is that it is clear that GPT bots are picking up steam on the platform. Many of the stories on subs like /r/AITAH that get to the front page are clearly GPT-generated, and I've observed many obvious GPT comments that are either advertising a product, or appear to be gathering karma in order to astroturf later.
Are Reddit's advertisers paying for bot views of ads, or is there some way to filter them out? These bots are really harming Reddit's selling point as a location for "authentic discussion", but if they're juicing the ad revenue as well then it's only a matter of time before some big expose on it causes Reddit stock to crash and burn.