Waterboy, from my understanding of the annual report, that should not be an issue in the short term.
In 2015 the QRU had Total revenue of $23,412,646 vs total expenditure of $24,896,342.
In 2014 this was $22,407,070 vs $21,471,552.
Revenue grew last year despite the drop in the Reds. Thanks to their pillaging of grassroots players through affiliate fees they are still making good money.
Where the loss of $1.5M before depreciation came from was increase in match day expenses, commercial expenses, game development expenses, team expenses and corporate expenses.
I'd wager that the vast majority of the job cuts were in these areas where expenditure grew from 2014 to 2015. Expenditure grew by over $3M from 2014 to 2015.
This was also based on total 2015 grants of $5.7M. With the new TV Deal this should increase by some amount, which will likely be what ensures they stay in the black, at least until ripping off grassroots players comes back to haunt them.