Unless they're hiding debt in a subsidiary, their numbers look fine, though their revenues aren't anything to write home about in the gaming space. 100+ million total Revenue when a couple of games do that every quarter without fail. And Bungie is going through layoffs because they likely only did 200 million USD in revenue in a quarter.
They seem to have a very bad understanding of any market they're after. They also had a massive development deal fall through recently, which is part of the tailspin.