This is the end I'm afraid.

With Jolla out of capital and with no revenue in the pipeline, it's impossible for them to develop/release any kind of product. If they can't make money themselves, they will need someone else with deep pockets to come in and rescue them. To be honest, I find it very hard to believe that anyone will licence Sailfish for a fee (considering both Android and Windows Mobile are both free). I can only see two options left at this stage.

1. Jolla scale down dramatically, release Sailfish under the Apache Licence as Open Source software and rely on the community to fund/develop the OS.
2. A hardware partner without an OS to purchase Sailfish and bring it in house (e.g. emulate what LG did with WebOS).