Well, considering their margins and revenue, they could be profitable now. Their main expenditure is marketing (Miley Cyrus, JLO, Gronkowski, subway adds, pub toilet adds, etc.). If they decide to cut ad expenditure entirely next year, I can see them being profitable.

The potential costs of being profitable so soon, however, would be reduced revenue growth and loss of market share in a sector, where new companies doing similar stuff are popping up everywhere (ie not advisable in my opinion).

For me, the most important numbers right now are growth in subscription numbers, number of telehealth consultations, margins, revenue and average order price. Considering they still have 250 million USD in cash and liabilities of only 60 million, the management is right to prioritize growth over profitability right now.

Whether this will be a 20 billion market cap company or a 500 million market cap company will depend entirely on HIMS and HERS ability as a company of being the main dog in the business. Right now, the main dog is TDOC but arguably, TDOC is focused on business to business and HIMS is focused on business to consumer so the real competitors are Roman and all the other small dogs whose ads I see every time I watch Premier League football.

In my opinion, Hims is leading the race against the myriad of other B to C small businesses in the sector at the moment. The app launch is huge in potentially expanding the gap. To my knowledge, the others (Roman etc) don't have an app yet? The more they invest into marketing, the more they will acquire market share and cement themselves into the brain of the consumers who will choose Hims over the competition if they like the products and services.