Ann: 9 Spokes frees up ability to secure new bank opportunities, page-49

Plenty don't make a profit @kellbys, but they also have genuine growth which will lead to profits in time, 9Spokes doesn't have that at this point, hence why the market attributes a different value to the company.
The points you have made in previous posts would hold a lot more weight if you could actually acknowledge that everything isn't 100% rosy, no investment is and all come with risks. But I guess that doesn't suit your narrative.