Groupon, Inc.'s 10-K, read.

Groupon is a mature, roughly flat-revenue local-deals marketplace whose latest quarterly filing shows thinning profitability, negative operating cash flow for the first nine months of 2026, a shrinking cash balance, and a stockholders' deficit that widened. The business is still generating revenue, but its financial cushion is shrinking while it pursues a restructuring and an AI-focused turnaround with no guarantee of success.

• Operating cash flow turned negative: net cash used in operating activities was $35.0M for the nine months ended September 30, 2026, versus $7.9M provided in the same period of 2025.
• Cash fell sharply: cash and equivalents dropped to $177.4M from $296.1M at year-end 2025, and cash including restricted cash fell to $203.3M from $325.6M, largely due to debt repayment and buybacks.
• Stockholders' deficit widened to $(72.6)M from $(42.6)M at December 31, 2025, and the North America segment, which holds all $178.7M of goodwill, has a negative carrying value.
• Profitability is near breakeven: nine-month operating income was only $0.2M, and the company posted a net loss of $(15.7)M attributable to Groupon for the period. Q3 2026 revenue of $125.5M was roughly flat year over year.
• Foreign tax exposure remains open: contingent income tax liabilities were $14.1M and foreign VAT assessments were $5.3M at September 30, 2026. The $25.4M Italy unrecognized tax benefit expense in the cash flow statement relates to the nine months ended September 30, 2025, not 2026.

Not investment advice — general research, the same for every reader. You make your own calls.