No. They have control over the advertising costs. I expect...

No. They have control over the advertising costs. I expect sign-ups would have been 10k+ even if they didn't increase advertising. The ads just provided some incremental growth, accelerating it all a bit. So you can see how they're prioritising growth over immediate cashflows.

When ads peaked in 2018, they were inefficient or expensive (eg. AFL ads) and sign-ups were just 1-2k per quarter.

Sign-ups are now 9-13k per quarter (+12.3k this quarter, mostly referral, I think). So the ads are more affordable now.