A loss doesn't always mean reinvestment. Reinvestment doesn't always translate to growth. Growth doesn't always Translate to profitability or market value.

It is staggeringly common that businesses fail despite investment and despite growth. Sometimes the product is bad or simply has limited scalability.

Valuations can change rapidly based on expectations of future profit and market conditions. This is especially true in Tech and new companies where valuation is based on future potential and not current profitability.

The general idea is that even if you do a lot of reinvesting and grow your market cap significantly, that market cap can evaporate if it seems unlikely that a company will actually turn into the cash machine people hoped that it would.