I think the theory is that if you discount the "tech company"...

I think the theory is that if you discount the "tech company" type spending they are doing, this tech company is in great shape. Your "world stops turning" explanation is spot-on. The majority of spending activity in a company like Jayride should be investment in a scalable technology platform. They're not a grocery store or an auto-parts shop.

That said, it's better than they are at "stand-still break even" than not! But it's a modest step and it feels like a way to pump the stock for investors who are naïve to the way tech companies work.

It will be interesting to see whether KMP are still taking around $1.5M per year out of the bottom line as well-deserved payment for (checks notes) burning about $30M over 4 years.