Listed just over a year ago it hasn’t been a good story in the business of “finding truth in a digital world”.

A 12 month slide of 85% and down another 20% today following release of preliminary H1 results. Search warrants, alleged insider trading, multiple class actions as well as replacement of the CEO, CFO, and board members, have not helped.

Today’s update included a downgrade combined with falling revenue and increased costs, including higher than anticipated legal expenses.

The revenue guidance is lower than the previous year pointing to sticky customers possibly not being so sticky. The company expects to post EBITDA of $13 million to $15 million, half that of a year earlier.

Newly installed CEO Jonathan Rubinsztein must have known what he was walking toward when he took the role, but the $77k investment now worth south of $60k must be a tough start. My guess is he wouldn’t have taken the role unless he thought if could be turned around.

As turnarounds don’t often turn, this will be one I will only be watching from the sidelines for now.