how bad can it really be

First looked at this stock when the profit announcment came out and was sold down to the $1.30's. Had a quick day trade and made a little (when it fell to $1.22 and recovered to the low thirties). Then watched it drop again and re-read the reports. Thing that grabbed me was they have about half of the current maket cap in net cash. Sure they they have had some dramas (particularly the hedging losses and subsequent low profits) but thought they must be hitting rock bottom, surely. Bought in at $1.15.

Now seeing the drop again yesterday, I am asking how bad can it really be? Have we hit rock bottom?