We're in dire straits.

Meaning

We are in an extremely difficult or dangerous situation.

Examples

• John: The company is facing a major crisis. <b>We're in dire straits</b>.
• Alice: How severe is the situation?
• John: We need immediate action to avoid collapse. Again, <b>we're in dire straits</b>.
• Alice: Let's immediately convene an emergency meeting to brainstorm solutions.