A near -50% ROE, its eroding the investors' capital right now.. future fund raisings will be even more detrimental to shareholders given higher cost of debt (due to interest rate increase) and equity financing will further dilute existing shareholders given the increase in outstanding shares and ultimately resulting in lower share prices (In my opinion, sp should be <$100)

A wise piece of advice should be to focus on profitability instead of burning more cash given that their strong backer Tencent already started to divest from it. $Sea Ltd(SE)$