Im not going to pretend that I know how to value a company/share...

Im not going to pretend that I know how to value a company/share price
however,

i have a few questions that I cant get my head around
losses have increased steadily and significantly for the past couple of years
I would have thought a business model like this other than salaries/support side, the business cannot make a loss since they are taking a slice of the cashbacks offered by the merchant eg Myer, so no cashback to customer= no income+ no loss, lots of cashbacks for customer = lots of income for cashrewards.

I assume the majority of the losses have come from their offers of sign up incentives or spend $10 get $5 back incentives,
yet they have spent so much $$$ in increasing their customer base for a small revenue increase,
more customers is better, but I cant see how paying a $10 incentive for new customers = guarantee of lots of $$ longterm

I think longterm they have a good business model, but cant understand the things ive mentioned above