They have never been profitable. (There are other Storage and IT companies that have)
Their competitive position in the market is weak, EMC, IBM, HP, Netapp and Dell are much more established.companies that are making money in their storage business. They are likely to survive and out live the length of their support contract.
Pure has to discount their storage significantly to get people to buy it. This means that they are likely losing money on every sale. How long can they survive?