I believe so. 30% is slow when revenue is dropping at 20% (30%...

I believe so. 30% is slow when revenue is dropping at 20% (30% -> 24%) and they still can't turn a profit.

What happens is that they end up a zombie company unable to reignite growth. Employees leave because their equity was the kicker in their compensation which is worth very little which reduces delivery cadence when they need to be innovating. The company then becomes conservative to constrain cash outflow and stave off needing to raise capital when they should be doing the opposite and running hard at the opportunity. It all grinds to a halt.

Only hope is if it becomes an acquisition opportunity. Otherwise you don't want to be the last out the door.