Ann: Quarterly Update and Appendix 4C, page-86

IMO Whether it's a good time to buy or not depends on the type of investor you are.

If you're a short term trading looking to flip it, then yes, I think it looks like a decent buy. Stocks rarely go down without stopping, and this looks like it's due for a relief bounce of some sort.

If you're looking to buy and hold long term, you can absolutely keep losing money. For example, they may never be able sell their products at prices that allows them to make a profit, in which case they'll have to keep issuing shares at probably ever lower prices to keep financing losses. Maybe I'm too bearish here, but I see NZS as dealing with commodity products (mussel powders, fish products) with no competitive advantage of their own, so it's not clear to me where the sustainable profit margins are going to come from.

I could be wrong, but unless I see a convincing argument that they can sell their stuff profitably, I'm remaining skeptical.