There's no question a company's in trouble when it needs to produce the best smartphone on the planet just to survive.
But there's a worse place to be in: the one where you've done just that, and it's still not enough. Welcome to the world HTC finds itself in.
You know the back-story already: HTC, the one-time Android darling fallen from grace, turns the formbook on its head and gives us the HTC One, arguably the best phone money can buy (or at least until the Sony Xperia Z1 goes on sale – again, arguably).
But here's the rub: HTC has just announced its August revenues have come in at just NT$13.2bn, or £283m, which is a full 47% down on last year – you know, before it was making the best phone on the planet.
That adds up to some serious bad news. Yes, the HTC One mini has just gone on sale, and the new Desire 300 and Desire 601 will soon be weighing in with a bit of cash to add to the kitty, not to mention the HTC One Max phablet, which is due in the next month or two.
There's a rumour that an updated One is on the way, but there's no way it or any of HTC's other incoming handsets will have as big an impact as the original, and we know now that wasn't enough to arrest the slide. Plus we're going to see all kinds of seriously good smartphones touching down over the rest of the year as the big Christmas cash-cow starts coming into view.
It's getting increasingly difficult to see a happy ending to this one.