Ann: Customer update and FY23 preliminary results, page-7

So, Appen has seemingly driven away its last major customer. The cause is unclear – whether it's due to neglect, incompetence, mistreatment of its global workforce, offering irrelevant products, overcharging, or poor-quality control. Regardless of the specific reason, the impact is likely to be severe. Are we looking at stock prices dropping to 20 cents? Appen will have be on sale at a firesale price, before it slides into obscurity.

Calvo, of course, will probably frame this as either positive news or something that doesn't significantly affect the company's long-term prospects with all those exciting new products that the market has yet to embrace.