Dario has publicly claimed each model has been profitable, even accounting for its training costs; it's just that each new model is exponentially more expensive to train than the last, so the income lags and it looks like the company is losing money overall.

Now, we can't know if this is true unfortunately, but it's not directly contradicted by anything that's known publicly at least. I thought it was an interesting way to frame it and makes the whole situation look marginally less bad.