We are selling ourselves to be worthless, page-18

Reading too much into it? Really? It is a Market Update, not a media release and they have made it pretty clear where SGH is at currently.

I was waiting for the H1 numbers, but this Market Update is basically the commentary that would go with the H1 numbers. The management already know the numbers for H1 and it is very clear that the business is not going well.

All you need to know for the future is in the last paragraph: "Group cash flow performance has continued to improve but remains a challenge. Net operating cash flow is expected to further improve from H2 FY16 (-$20.9m) but will remain a net cash outflow."