> they're reporting being profitable "after making certain adjustments", which sounds a lot like "not profitable"

Adjusting out stock-based compensation and non-cash expenses is absolutely fine for a company growing at the rate Anthropic is. The concern is more that they cherry picked a couple months when their expenses were abnormally low [1].

[1] https://www.wheresyoured.at/anthropics-profitability-swindle...