They recorded a non-cash "private derivatives loss" of $2B in 2023. That is defined as "the non-cash loss (gain) on the remeasurement of the fair value of the derivatives associated with our Series A Preference Shares, Series B Preference Shares and Series C Preference Shares. Our Series A Preference Shares and Series B Preference Shares are no longer outstanding since the issuance of Series C Preference Shares in 2021. Our Series C Preference Shares will automatically convert to ordinary shares immediately prior to the consummation of this offering."
Without that non-cash loss the company would have reported a $1.1 billion EBITDA, impressive.