What do you mean by still? It wasn't profitable, it made changes, and now we have to see what happens. It's a bit early to say it's still not profitable.

At version 3.0 and no clear indication of how they are able to monetize their "network".

It is far harder to get traction to reach their scale than to make money from your users when you have so many. They explicitly are focusing on growth.

Yes, focusing on growth to firmly establish their brand as the go-to phone-to-phone sharing app. Network effects will help them keep that position once they attain it.

Also focusing on user engagement, as they are narrowing down on solving needs that are a) painful and b) frequent. They want users they've already attracted to be firing up the app daily, not weekly or monthly.

With the amount of downloads that they are publicizing "60 millions", I find it hard to believe that they are still in "growth" stage?

User retention is probably the biggest problem they have now and if that is not squared away, no way can they ever monetize or be profitable.