I suppose if you're going to look at any metric in isolation,...

I suppose if you're going to look at any metric in isolation, you could come up with something to support your case. Because if you travel further down the P&L, POSH spent 49.5c of every revenue dollar on marketing in their most recent 10-Q, whereas CTT spent roughly 1/3 of that (17.2c in the last half).

Mystifyingly, POSH is spending 20.4c of every revenue dollar on "R&D", whereas CTT only spends less than 2c of every revenue dollar.

With CTT currently operating profitably and POSH expecting ~$1 per share of losses in 2023, the gross profit will likely be less important than the net profit when contemplating valuation.

Perhaps Naver will be able to rip out a lot of costs and make POSH profitable. They must see something that is not obvious on the surface to acquire the business - Eternalgrowth