The losses continued to pile up for Sprint during its fiscal year 2019 third quarter as uncertainty looms over the outcome of its long and hard-fought attempt to merge with T-Mobile US. It’s now been more than six months since company executives held an earnings call to answer questions from analysts and investors.

The current quarter is going to be definitive for Sprint. The court case filed by a group of state attorneys generals will reach a conclusion soon, and absent an appeal, which is unlikely, Sprint will likely be headed to bankruptcy if the merger deal falls apart, analysts at MoffettNathanson wrote in a research note.

The firm doesn’t expect any other potential suitors to emerge, and it notes that Sprint’s majority owner SoftBank will have to bring Sprint’s debt onto its balance sheet to inject equity into the flailing company or allow it to go bankrupt with a massive write-down of Sprint’s valuation.

“A bankruptcy would very likely be a Chapter 11 restructuring, not a Chapter 7 liquidation, so save for the fact that it might take a while, it wouldn’t change things very much for industry structure, and Sprint might actually emerge in better competitive condition than at any time in the last decade,” the analysts wrote.

The firm has deemed the outcome of the merger as a toss up. “One way or the other, we believe, this will finally, and blissfully, be the end,” it wrote.

T-Mobile and Sprint are still being positive, at least in public statements, and expect the merger to close in the next few months. The ongoing doubt about its future also makes for a difficult situation for Sprint’s employees.

“I continue to be impressed by the commitment of Sprint employees to deliver results during this period of uncertainty,” Sprint CEO Michel Combes wrote in a prepared statement. “As we await a decision in the state attorneys general lawsuit, I continue to believe the merger with T-Mobile is the best way to deliver the benefits of competition to American consumers.”

The transaction has been approved by the Department of Justice, the Federal Communications Commission, the Committee on Foreign Investment, and 18 of the 19 required state utility commissions. A decision from the California Public Utilities Commission is still outstanding.

Meanwhile, Sprint expanded the reach of its 5G network to cover up to 20 million U.S. residents, but the group of nine initial markets covered remains at a standstill. The operator said it made other network improvements during the quarter, as it nearly finished upgrading sites with LTE bands and 2.5 GHz spectrum is “now substantially deployed” on the operator’s macro sites.

Sprint also deployed more massive multiple-input, multiple-output (MIMO) sites to improve the performance of its LTE network and reinforce its foundation for a 5G network. “We now have thousands of massive MIMO sites on-air across the country,” the operator wrote in its earnings release.

However, it’s unclear how much that work continued during the recently closed quarter. At the conclusion of the previous quarter, Sprint said it had deployed 2.5 GHz spectrum on about 85% of its macro sites.

Sprint reported a net loss of $121 million on nearly $8.1 billion in revenue during the final quarter of 2019. Revenues were down 6% and net losses narrowed by 16.5% year over year. The operator reported a total net loss of $514 million during 2019, and it ended the year with 54,165,000 total connections, marking a total loss of 330,000 connections during the year.

Sprint’s debt continues to worsen — it grew by almost by almost 3.9% in 2019, and the operator ended the year with a total debt of nearly $34.15 billion.