[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.