Why it is so in doubt whether or not they are "assembling a...

Why it is so in doubt whether or not they are "assembling a giant money-losing conglomerate"? They've splashed out on 3 different acquisitions which have almost certainly contributed to their apparent "revenue growth", and are now losing money faster than before. I know, it's all 8-dimensional chess and these disparate companies are going to come together to achieve massive synergy Any Day Now.

Any fool (just for instance) with $10K/quarter revenue and $100M in the bank could easily show any "revenue growth" curve you want by going on a shopping spree. All you have to do is buy other companies that are going concerns every couple of quarters, then be super-cagey about where the new revenue is coming from. Instant genius.

Revenue is not revenue if you have to burn through your cash reserves to simulate it. As a wise man said, if something cannot go on forever, it must stop. If the revenue growth isn't the result of good management and building new stuff people want - but instead just about burning more cash - it means their share price will collapse in the medium-to-long term. Of course, they could get lucky with one or other of their product lines - somewhere in this mess there might be a great company struggling to get out.