Not only that. Everything is relative. It just needs to survive first step. Second step is general recovery of asset prices. Just because a company is not profitable doesn’t mean it won’t go up. Markets are irrational both on the way up and on the way down. Look at PNBL and Lithium or even crypto. The most unprofitable and overcrowded companies and sectors going up the most because of hype of future growth.
And not a little bit. We are talking 100x or 1000x. Just because of investment cycles or because a particular industry is trending hot