The question
Participation is a starting point, not evidence of commercial durability. A useful assessment asks who pays, why they return and what it costs to deliver the service.
A proposed analytical lens
Separate new customers from returning cohorts. Review utilisation, staff capacity, refunds and seasonal cash needs. Each measure needs a consistent definition and a verifiable source.
Evidence still required
No company data has been analysed for this example. Any future research would require source documentation, a defined time period and explicit limitations. No investment conclusion is offered.