SoundCloud is not out of the woods yet. Rumours have been going on for the past few months regarding its ability to stay afloat in the face of crippling copyright issues. At the very least, we learnt the website would not be able to maintain its early days format as advertising and paid subscriptions were announced for this year.

SoundCloud‘s latest financial filings are quite concerning, according to a recent KPMG report. The company lost about €39m on revenues of €17m in 2014. The report also displays the need for additional funding as “a material uncertainty which may cast significant doubt on the company’s ability to continue as a going concern”.

Although the figures are down, the platform has made interesting moves that could prove beneficial in the years to come. Its board has notably closed licensing deals with important industry copyright owners (with the exception of Sony Music), and benefited from serious investments from its shareholders. Overall, the company was still valued an impressive $700m as of December 2014.

Let the future tell if SoundCloud is really too big too fail (we sure hope it is).