Yes this also assumes the 9% growth is word of mouth and not ad spend driven.

Assuming half the costs are fixed (office, salaries, etc) and half the costs grow with revenue (Sales, Marketing, Servers etc.) than the situation becomes a little more bleak:

https://docs.google.com/spreadsheets/d/1YoPnpFzmcpdZQh6HZ_2f...

EDIT: they would hit breakeven at 22 months - not bad actually.