Subscription wise? All WoW clone MMOs eventually start losing them in large amounts simply because of the way content is served, and ARR is no better. While the game might be gaining "adventurers", that's only because people are buying the game so those accounts inflate that 2.5 million number they love spreading around, there's also no clarification whether they're adding trial accounts into that figure either.

The reality is only subscriptions matter for an MMO and they've never outright stated how many active subscribers they have, the last estimate was an average of 500k active players logged on in a day, and even that is vague because not everyone will log on in a day and some of those 500k players might be on their 30 day trial and never subscribe after that.