The qualification is not a bankruptcy filing, but it is the auditor formally declining to assume survival. It commonly triggers covenant breaches, makes new lending more expensive, and pushes the company toward an emergency at-the-market-offering or private-placement on poor terms.
Read it with the cash balance and burn rate. The disclosure often appears alongside a plan that depends on raising capital, which means the equity is the source of the rescue and will be diluted accordingly.
Example: $48M cash, $22M quarterly burn, $60M of debt maturing in eight months. The auditor flags going concern; the company then raises $140M by issuing shares equal to 70% of the pre-raise count.
Related: chapter-11, dilution, at-the-market-offering, private-placement, delisting