You generally don’t want losses as a business. Even a startup. Ever. You want your revenue and expenses to be as close as possible,ESPECIALLY for the first few years.
Some insane Silicon Valley companies take VC money and operate at a massive, massive loss, banking on making that up with a spike in growth later. In most cases, it’s built into their business model that they’d be operating at a loss for X quarters.
That’s not what’s happening here. They’re operating at a huge, huge loss, and they have no realistic business prospects for how to close that gap, ever.
Additionally, the market leader in their space (Twitter/X), is making a hard right pivot and becoming a right wing platform/safehaven. This is further reducing an already thin market share they might have claimed.
Purely as a business investment, if I saw these numbers, in this market condition, I would pull my money immediately. Halt all further investment. Call a board meeting. Liquidate the company to try and pay off the debts, and any proceeds are returned to the shareholders.
I would, under no circumstances, continue to invest in a company like that, expecting any sort of return on my investment. I could only expect to lose whatever else I put in.