The tl;dr version is that your company will never get to a size where the executives will suddenly go "oh, well, we're big enough" so you'll always be in that customer acquisition phase, and thus you'll never be profitable.
If the average customer brings in $500 and the cost to acquire the customer is $200 then you'll be profitable as long as the provisioning* cost is less than $300.
If the cost to acquire a customer is $200 and taken in the first 6 months of finding a customer lead and the average customer brings in $100/year and stays for 5 years and starts becoming a paying customer after an initial 6 month sales period then you will not be profitable easily as long as you continue growing. It'll take 30 full months to amortize the net cost of acquiring a customer down to 0. That's a long time.
Also, if your growth accelerates you'll just keep digging deeper and deeper into a hole.
