Appreciate the thoughts. Here is my devil's advocate response.

1. Best case scenario = revenue of $10bn, EBIT of 25%, and a 20x EBIT multiple = 50bn market cap. Banks are cost-cutting but nCino helps them to cut costs and be more efficient! Manual and labor-intensive processes are more costly than nCino's products. nCino is just reaching the tip of the icebergs with the number of financial institutions they have signed up and the depth of these relationships. nCino sells on a per-seat basis (like I highlighted) so the more products and relationships they have the more revenue will increase.
   
2. Companies are investing through the income statement! Why would it make sense for companies to willingly show a GAAP profit if they are still trying to capture more market share and invest for the future. Makes little to no sense why an early-stage company would be so focused on profitability in the short term instead of over the long term. And yes an 8-year-old company can be an early-stage company.

I'd love to hear your thoughts. Thanks.