For sure, but if the 2019 expenditures are similar to the 2018, they are at least breaking even.
Won't know for quite a while though......
I’m not sure expenditures capping off would be a great sign. The 80+ positions open on their site, the jaunty ‘Come fix our AI!’ tweets etc, the general
staffing growth trend, all suggest they’re still
trying to staff up for a start. If the employee count stayed static, especially the dev count, it would either mean they're haemorrhaging staff at a surprising rate or they’re struggling to attract new hires. Being able to keep
that scenario sustainable via the whale cash still doesn’t sound ideal
You’d also expect a staffing rise in the build to a product release. Certainly that’s the vibe they seem to be trying to emit in the report with this type of language: “we have targeted investment into the marketing and infrastructure of the business, to prepare for the future launch and promotional activities of the games in development”. But you don’t just ramp up your marketing, you ramp up QA at a minimum (& traditionally Art, although CIG may have got that covered

)
I think it’s all kind of academic though. You just don’t turn to angel investors unless you need the cash. It’s pretty clear that even the ever-increasing whale millions haven’t provided enough fuel to power them through to a launch state...
[EDIT: Breaking even's no good if you can't pay wages mid-year because, say, your main funding comes at the end of the year

. Or if you can't lay down resources to polish and market the product etc.The Coutts loan seemed to handle the former initially. The Calders money seems to be what's filling in the gaps now...]