If they had high margins they wouldn't be issuing senior debt with a 18.5% coupon payment (and failing to fully subscribe it), nor would they need Elon to give them two months of free compute in order to appear profitable for a single quarter.
Obviously they have R&D and other fixed expenses that make the company itself highly unprofitable but that’s only semi-tangential.
Is there any indication that if they could sell X * N more tokens than now at the same (or even quite a bit lower) price they wouldn’t become profitable as a company?
> They haven't found a way to sell inference for less than it costs them yet
Based on what? I only see evidence to the contrary.
Based on the money they're spending on compute being less than the money they're getting from customers.