1. defeated or weakened, lacking resources or prospects
we're not down and out just yet
To be 'down and out' can mean to be destitute or to be without a job, money or to be homeless. Similar in meaning to 'penniless'. This adjective is used to describe someone who is experiencing very hard times and has very few prospects or little support. This expression has a negative connotation and could be insulting if used in the wrong context.