A new analysis of Uber’s financial data suggests the ride-hailing company is losing as much as $2 billion a year, with passengers on average only paying 41 percent of the actual cost of a trip.

Parsing a set of three private financial statements that were published on three separate occasions, Yves Smith of Naked Capitalism writes that it’s clear that for the year ending in September 2015, Uber posted $2 billion in losses on revenue of $1.4 billion.

“As shown in Exhibit 2, for the year ending September…