What you're saying makes sense and is correct but 9SP isn't a...

What you're saying makes sense and is correct but 9SP isn't a Saas company in the traditional sense. It's free software which doesn't have recurring revenue. The revenue model hinges on the fact that users will subscribe to apps through the platform.

This has both positive and negative effects. The positive effect is that it's easy to build up a large user base as the software is free to use and has a low barrier of entry, the negative effect is that it requires a large number of users to generate significant revenue.

Their "subscription revenue" model is unproven and as of yet basically generating zero return. It remains to be seen weather or not they can even monetise the platform. It's possible they'll end up being in a situation like Twitter, a large number of users but no way to generate income.

They don't have to break even but they have to prove two things. 1) That their product has sufficient demand and 2) That they can successfully capitalise on that. As of yet, there's limited evidence to support either.