Imho- primary reason for bad Qtr is LOWER demand for Cluey's...

Imho- primary reason for bad Qtr is LOWER demand for Cluey's Learning products due to factors BEYOND their control.
Their Marketing and Sales team hasn't YET found scalable ways to deliver high quality leads efficiently (WITHIN their control)

Above is my conclusion from reading the three published reasons on page 2.
One first glance, the first point seemed frivolous i.e. "management’s decision to reduce spending on customer acquisition to preservecash ahead of growth". For anyone who is in charge of both Marketing and Sales, we know that higher spending on customer acquisition campaigns does NOTEQUAL higher revenue NOR profits. There are many other factors that can influence the efficiency of the lead acquisition and lead conversion journey.
Cash is king these days... so as shareholders there is no point earning "unprofitable" revenue.
Good on Management for choosing to preserve Cash.
Still burning cash ... demand has reduced and there's no profitable lever to pull.
Management should consider a pay cut until they can figure out a way that works.. or until market recovers. People with low commitment will walk.