I suppose it depends where things end up in the system you use. Usually, R&D ends up as an expense in GAAP (in the US) but you could produce a supplemental statement showing that as capitalized investment. Even so, early-stage industries often have negative operating profit.

Imagine you are working on a drug you will take to testing next year. You could be 5 years from actually marketing it. Even if you capitalize all the expense of research and development, to get it off the income statement, you still have to pay for the rest of the business.