“The ship is turning,” Peloton CEO Barry McCarthy declared after posting the company’s latest quarterly results on Thursday.

That’s a decidedly cup-is-half-full way of viewing things.

Peloton lost about $408 million over the last three months, which is, admittedly, way better than the $1.3 billion lost in the previous quarter.

Sales in the most recent quarter fell by 23%.

Peloton’s stock is now down by more than 75% this year.

“There will come a time when we can again begin to focus on growth,” McCarthy told analysts. “We have already made that transition. The question is how fast will we go, what will the margin structure be.”

The bigger question, some might say, is can this company, which thrived during the lockdown days of the pandemic, regain its footing in a post-pandemic world.

Moreover, how much growth lies ahead for a fitness product that involves very expensive gear and monthly $44 subscription fees?

Peloton’s “improved” financial performance resulted in large part from thousands of layoffs, including 500 more people last month.

“We are done now,” McCarthy said of the firings. “There are no more heads to be taken out of the business.”

Which just makes one wonder where they’ll find additional savings going forward.

To be sure, Peloton is a solid brand with a loyal following. Much of its current difficulties stem from circumstances beyond its control.

That said, the company’s distress is plain to see, which raises the prospect of it being an acquisition target.

Rumors had circulated months ago that Amazon may be interested in buying Peloton.

The fact that this never happened suggests either the e-commerce heavyweight wasn’t truly interested, or that it crunched the numbers and couldn’t figure out a workable business plan.

On the other hand, Amazon is now carrying Peloton’s machines, as is Dick’s Sporting Goods, and Peloton bikes can now be found in all 5,400 Hilton-branded U.S. hotels.

Will that do the trick?

We’ll just have to see how fast the company can pedal.