Is FTX profitable?

Could you possibly elaborate on the profitability status of FTX? As a seasoned expert in the realm of cryptocurrency and finance, your insights would be invaluable. Given the volatile nature of this industry, it's important to understand how FTX has managed to fare economically amidst the changing landscape. Could you also provide any insights into the factors that might have contributed to its profitability, or alternatively, any challenges it might have faced? Your expertise in this field would greatly assist in clarifying these matters.