I think what I'm saying is that there are plenty of companies out there that have demonstrated sales growth equivalent to or higher than Xero (salesforce and facebook being examples) while generating profits. You should at least have a credible story you can tell about how you can get to profits. I am a long time investor in tech companies, and Xero's cost %'s vs sales are way off the charts compared to other successful companies that I have invested in from an early stage in the past.
If you are asking investors to have faith that you will one day operate at a profit, then the market should value you lower than those that were able to demonstrate they were operating at a profit.
That hasnt happened in Xero's case. The market is valuing Xero on higher multiples than Salesforce/Facebook were when they were around $100m-$200m sales. The market is paying too much, in my opinion. The market is ignoring the possibility that Xero will have a significantly higher cost base than comparable SAAS companies at maturity, and will therefore be worth much less. This is my personal view, I like Xero a lot, but I think it has been fundamentally overvalued and its cost base has not been examined with a critical eye. The believers focus only on revenue growth and aren't comparing its % of costs to sales against other comparable companies, which would highlight the issue.