[jacquesm]

Start-ups are not judged by the same metrics as brick-and-mortar companies or established service companies.

When you're starting out everybody knows that the first couple of years will likely (but not always!) be a time when money is tight if you want to maximize your growth and hence profits will likely be depressed. You can reduce your growth to increase your profits but most parties would rather aquire a much larger company with an amazing growth track-record than something that earns a few thousand $ / month on a much more flat growth curve.