The market thinks it has no model?

With its shares trading 30% below cash backing the market believes it won't turn profitable anytime soon.
Ross the CEO has said in ASX annoucements the recent aquisition will add to the company's profitability? So why is it trading at these levels? My guess is that the market doesn't believe him? And how about the $90 million war chest? What has happened to this? Directors have been buying at much higher levels....which should be a positive sign.Is the sector just out of flavor or is there something seriously wrong
with the financials that are enough to keep it at these prices? Thinking of adding to my position but a sick sick chart.