So that implies that they're another $2.5M in the hole since...

So that implies that they're another $2.5M in the hole since then? That report was a dumpster fire (except the dumpster is full of cash). If they've gotten their act together since, good on them, but... wow. It also remains to be seen how valuable the Emirates deal actually *is* - I don't recall any actual numbers being announced.

Given how desperate Loyyal has been - it's been 6 long years of "ribbit rewards" and "circuits of value" and "Loyyal" and a deal was always just around the corner - it wouldn't surprise me that the Emirates deal isn't for massive money. Just getting any deal would have been good for them (second deal is always easier than the first, especially if the first is public knowledge).