It makes no sense to say the renewal rate was high enough to remain profitable and self-sustaining, but you can't retain any of your employees. It sounds to me

It makes no sense to say the renewal rate was high enough to remain profitable and self-sustaining, but you can't retain any of your employees. It sounds to me like they didn't have enough renewals to remain profitable and self-sustaining at their current burn rate, and decided to reduce the burn rate significantly in order to remain in existence. Overall, that's bad news, not good.