Outside of the offering (1.15M shares) there has been little dilution (~100K shares) in 2016. But that's hardly the point. Whether it's 17.5M shares or 19M shares, zero revenue (essentially) divided by either figure still equals zero.
The problem isn't the dilution. It's the top line, and the 2H of 2016 isn't going to be pretty.
News 
Market Data 
Discover 
