The company is definitely carving out a moat. The only question is whether or not the business model is sustainable and whether it can hold of future competition. One of the company's main competitive advantages is its brand. Although this is nice, it's not necessarily something that is going to keep a moat stable over the long term. Someone could step in and take market share.
There is also the situation of new regulations/rules impacting the company. We witnessed this recently, as California had a favorable ruling stating that Uber drivers are contractors, not employees. Because this is such a young industry, we can certainly expect changes and rules to be implemented that ultimately could benefit or hurt the company materially.
The company's forecasted growth is nothing short of amazing. We're talking 20%-30% annual growth in revenue and near triple digit earnings growth until 2025. The company's balance sheet is so-so, something that is not a surprise coming from a company with a lot of runway for growth still. Debt is a bit of an issue, especially in this environment, but I think over the long term it will be able to navigate that situation.
I think the company is fairly valued here considering the upside/risk. It's trading like a high growth stock. If it can continue to expand at the pace it is right now and become profitable in Fiscal 2023/2024 as expected, there's upside here. However if it struggles, no doubt valuation multiples will come down.