remove the one and only large asset (customer receivables), and you’re not left with much of a balance sheet. $330m cash which was raised and which is presumably being burned to increase that top line and get on top of a stagnating UK and slowing customer base US
hardly what I call a strong balance sheet
if we want to get technical, then yes, the profit and loss is even more atrocious and is where the real alarm bells are ringing.
there’s a reason the convertible note deal was issued and presumably minimal investor or fund interest, and this is one part of it.
remove the one and only large asset (customer receivables), and...
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