Spotify has released its latest financial results. Users are way up but still no profits.

Despite the global pandemic–or more likely because of it–Spotify reports big increases in the number of active monthly users over the last three months, adding 21 million more. That gives the platform 320 active monthly users, 144 million of whom are paying for the service. That’s up from 138 million three months ago and up from 113 million at this point in 2019.

Revenues are up. Subscription revenues are up. Advertising revenues are up. The platform is carrying 1.9 million podcasts, accounting for 22% of all listening (which means Spotify has to pay 22% less in licensing fees since they get podcasts for free.) And the number of territories in which Spotify has expanded.

So Spotify is profitable, right? Er, no.

The company’s operating loss for the quarter was €40 million (down from €167 million a year ago) and the net loss was €101 million (although down from a whopping €356 million ago).

But it’s still full speed ahead. Spotify thinks they’ll end the year with 345 million monthly active news with up to 154 million subscribers.