This is a disaster. Scaling down activities to almost nothing...

This is a disaster. Scaling down activities to almost nothing just means that they are going to flop around another quarter. All they seem to be doing in bringing in pilot projects of almost immaterial-to-bottom-line revenue.

"Flamingo Ai also maintained its
efforts to educate the business community on machine learning related topics through participating in events,
podcasts and government advisory groups."

Translation: we expect to help burnish CW's reputation as a "ethics in AI" "thought leader" for another few quarters and ease her transition into a high paid job being "Vice President of Being a Pretty Lady in Tech With an Arguably Inspirational Backstory and a Inspirational Devil-May-Care Nosering".

The fact that they can't even *sustain* old revenue much less bring in new revenue is damning. It means, well, they don't have anything particularly useful and after a trial period the customers realise that. Why would anyone expect anything different? They hardly have any technical staff left and haven't for months. Most of their tech people left (some to a suspiciously similar startup). I'd guess they have a few juniors left to keep the lights on, given that they still seem to have the usual suspects paying themselves C-suite type salaries to mess things up.