Who Cares about Profits?

I saw a LinkedIn post about Monday.com’s IPO and how it’s such an impressive company.

At the risk of sounding old-fashioned here, but what was *mind-boggling* to me was that the post didn't even mention their profits.

It was all about "85% YoY growth" and "$240m ARR" and how innovative their sales process is... but not a single word about P&L.

So in case anyone still cares: They lost $152m last year, so expenses roughly doubled their revenue (if I read that chart from their SEC filing correctly, see below).

If I was them, I'd also file for IPO - because they're running out of cash FAST. But I know, only amateurs look at profits these days. 😂

Personally, I find Basecamp much more impressive. In 2020, they had 1/4th of Monday.com's revenue but less than 1/10th of the number of employees while actually being profitable, zero funding, and having grown organically without advertising.

Which was, btw, one of the reasons we switched from Monday.com to Basecamp last year, there's just something that feels right about working with a company that knows how to create a surplus. The other reason was that Monday.com seems to ride this whole productivity porn wave and with Basecamp you can actually get shit done.

Am I the crazy one here?