"That's very disappointing to hear that we're struggling so much as a company. I was (hoping|expecting) for X.
Is there any advice or direction you could provide to me where I might help ensure we do better as a company going forward? I'd like to set up a plan of what I can to help and revisit compensation in the next 1-3 months."
And at the same time, start polishing your resume and interview skills.
I would think of this approach as a probation period for any company that I work for. If an employee isn't doing well, they're put on probation. Why not do the same for any company that is vying for our technical abilities?
If they're doomed and / or you don't trust them (i.e. does it seem like the managers also subject to low pay?), start looking.
But if you feel like the company can afford it and they're just shutting you down, the proper response is, "Seeya."
Are you the reason the company had less of a rough year than they could have had?
Either way, find yourself a company that isn't having a rough year.