I don't understand why investors are so focused on near-term...

I don't understand why investors are so focused on near-term profitability. RBL more then doubled in size and it is logical than major investments need to made to properly scale the business. If they get to 40% gross profit margin as guided, EBITDA margin should get to 25-30%. That's pretty good if you ask me.

Not sure if you've ordered on RBL but shipping for instance is definitively an area to improve. Another one is to make sure the quality of their product is consistently good. T-shirts are good but masks, especially in the early days, were very poorly made. They also need to continue to invest in new categories and move away from acquired traffic. This means investments but in the long-run, this means more repeat customers and a much better value proposition. RBL grew with very little investments and this is not sustainable

revenue growth with likely go negative for a little while and margins will dip. This may mean SP gets hit again but if you are patient and mgmt execute on their vision, RBL is a multiple bagger