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Morning Report: Tintri recently slipped under the $100 million market cap mark. Its life as a public company has been nigh splatter.

Today shares of Tintri are off 4.9 percent, pushing its market cap under the $100 million mark. Indeed, according , Tintri is worth just $92.4 million. Google Finance an even lower figure on public display.

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The decline under $100 million for Tintri is symbolic to an extent — it’s just a base-ten sourced benchmarkÌýthat has noÌýreal merit — but also important on a relative basis for two reasons:

1. Tintri raised in capital before it went public from sources like NEA, Lightspeed, Menlo Ventures, Insight, and Akkadian. One performance metric that VCs like to look at is revenue pace compared to capital raised, or how much top line a firm can grind to off a certain investment base. Tintri has not only never managed to generate more revenue in a 12 month period than it has raised (at least since the time periods reported in its S-1 to date), it is alsoÌýworth far lessÌýtoday than it raised, even discounting its IPO proceeds. That’s brutal.
2. Tintri is now worth a minute fraction of its peak private valuation . The firm also took a steep haircut to go public at a value of . So, it has lost at least half its reduced value just this year.

And that decline hasn’t failed to attract attention. You can read the press releases of various Ìý²¹²Ô»å at your leisure.

Not every company will make it. Of those that do, not all should go public. We’ll keep an eye on Tintri to see if it manages turn around its public deflation.

In the meantime, what has made Tintri’s post-IPO life so hard? Please forgive the indulgent self-quote. From Crunchbase News’ initial coverage of Tintri’s financials:

Oof. Why is Tintri worth less than twice the capital it has raised to date? Likely because it only grew 45.45 percent in its last fiscal year — from $86.0 million to $125.1 million — while its losses grew from $100.98 million to $105.80 million. The firm, to its credit, has consistently shrunk its operating expenses as a percent of its revenue, from 196 percent in its 2015 fiscal year, to 174 percent in its 2016, and during fiscal 2017, just 146 percent. But losses of that magnitude tied not to a skyrocketing top line are hard to stomach.

Especially when you might expect the firm’s growth pace to slow on a percentage basis as its revenue base expands.

And there’s the little matter of its odd, and likely irksome, quarter ending April 30, 2016, in which it shrunk sequentially to its smallest size in a half year. Regardless, Tintri appears to be testing the lower-end of the enterprise IPO market. How investors treat it its debut will be a rich data point.

Now we know.

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