[d--b]

> We will end the year at $130M in annual revenues and burning ~$925K/month

Sorry, I am confused. Is there a definition of "burning" that's different from "expense"? Cause based on those numbers, you guys are making a sound profit...

[ummonk]

I assume the burning amount is their net cash flow loss. That's still not that bad though. A margin of -8.5% isn't that big a loss, especially if they're able to raise financing that will last a couple years while they work to achieve profitability.

[Someone]

> A margin of -8.5% isn't that big a loss, especially if they're able to raise financing that will last a couple years while they work to achieve profitability.

But they have trouble doing that, given the remark “I am about to close on $30M of additional financing this month but the terms will decimate common stock holders”.

My guess would be that part of the reason is “~ 10 years that I have been on this journey”.

For many markets, that’s a long time for a company to become profitable.

[ummonk]

It would seem the valuation is readjusting to the fact that they had to stop growing (and indeed lose revenue in tandem with cutting spending) to become profitable. Since they already have a 250 million dollar preference stack on the books, with another 30 million there won't be as much left for common stock holders at the new adjusted valuation.

[cjrp]

I assumed it meant they're losing $925k/month.

[d--b]

Ah right, of course...

[bryanrasmussen]

maybe they mean they are spending 10.8m + 925K a month, though seems a weird way to say it. Still who am I to complain, communicative ability decreases with stress.

[pavlov]

Burning means they're losing money, about $11M annually in this case.

[susanwise]

THat's 1M a MONTH, so $12M a year in annual losses.