They had to pay out over $100 million to some hedge fund/VC groups after losing a lawsuit about denying their use of stock warrants. This had been ongoing since 2022 but the final ruling was last quarter.
Also they took on another $100 million or so of debt in anticipation of the Shutterstock merger which fell through.
How is it possible to lose money when your whole business model is based on theft?
Literally, what are their expenses?
They had to pay out over $100 million to some hedge fund/VC groups after losing a lawsuit about denying their use of stock warrants. This had been ongoing since 2022 but the final ruling was last quarter.
Also they took on another $100 million or so of debt in anticipation of the Shutterstock merger which fell through.
Lawyers on retainer.
maintenance, mostly
Paying their lawyers to sue people