Appen, an Australian AI firm that specializes in machine learning and data solutions, is considering selling a part or all of its business, according to a statement released on Tuesday. Despite not receiving any proposals for a deal so far, the company is open to engaging with potential counterparties.

In recent years, Appen has implemented cost-saving initiatives and has seen its executive team replaced entirely. To boost its working capital, the company announced an equity raise of A$30 million on Tuesday. Additionally, it revealed an additional $14 million in cost reduction, bringing its total cost-saving initiatives this year to $60 million.

Appen’s revenue and gross profit declined by over 29% and 32% to $223 million and $80 million, respectively, for the 10 months ending Oct. 31, 2023. The financial challenges have prompted the company to consider a sale or partnership as it takes proactive steps to address its situation and explore potential opportunities for growth.