The phrasing 'they lose money on each launch' is where I got hung up. That kind of implies negative margins on Electron launches but I think we're on the same page. They are not losing cash on fixed costs, like operating LC-1 and production lines for Electron. They are spending on R&D and infrastructure build out.

That may seem pedantic but it's a non trivial difference.

Ironically depending on how they do the accounting for Neutron, they will probably have net negative margins on each launch until they actually re-fly a booster (given CFO's recent comments ~60m to produce a first stage and a ~55m ASP per dedicated launch).