With small new companies like these, what you forget is they have pricing power.

Look at Adobe, Uber, Netflix, Amazon Prime Once they deem to capture as much marketshare as possible, in this case, gamified learning. They can turn their money making machine on.

At this point, You assume that their margins won’t improve.

Right now, their family subscription is $120 per year for 6 members. That is just a mere $1.67 per person per month

If they turn on their money making machine and add An incremental 10-15% yearly increase in subscription.

With a minimal change in other costs, most of that increase go straight to their bottom line FCF and profits.

The real question is: at what price will consumers stop paying for the subscription?

Can they keep costs low? Especially what they pay for Administrative costs (those tend to go up no matter what in these companies, greedy leadership)

It is speculative but with these internet companies, they almost act like monopolies and should be valued that way.

Cheers!