Earlier quoted context omitted.
Thanks for the detailed answer. If people are already taking advantage of your free offering, how would it be different if you released the source? If you're worried about another company piggybacking off your work to start a competitor, why not use one of these newfangled non-compete licenses? That still gives users the security of being able to for the project internally if you go under.
The free version of FusionAuth has limits beyond what other licenses have. See https://fusionauth.io/license-faq#3 for more details. I'm afraid that's all the detail I have about the decision to keep FusionAuth closed source.
I think at the end this is a business decision. The executive team has considered options and decided that closed source is the right path for the company.