No question Pyro is experiencing a cash crunch. It's an issue. I remember when Shopify was in its infancy. The periodic scramble to negotiate new investment to meet payroll etc. Lucky those that stuck with it.
I'm not comparing Shop & Pyro. However, I am illustrating just one instance of severe growing pains. There are many. It happens all the time
Pyro has excellent technology that is patented protected. The barriers to entry into Pyro's niche are close to insurmountably high, therefore reduced if not non existent competition.
So, let's suppose the cash crunch turns into a crisis. My take is that M&A activity would create a share price super premium given, as I've said, the patents and barriers to entry