I would say if one focused on just Revenues and they are below $16M, we have not seen the bottom.
However, you cannot look solely at just Revenues. If they have made headway on the expense side and B/S then below $16M might not impact the stock as much.
Basically, one needs to evaluate overall financial improvements.
If the company is still not moving forward to becoming profitable and their B/S is still not strong then we have not seen bottom.
If the strength of the B/S has improved and the Income Statement shows improvement I would argue we should be at bottom.
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