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.

1. By half-time the team were losing badly and looked down and out, but they staged a remarkable second half comeback to salvage a draw.
2. Chris has become a bit of a down-and-out since he lost his job. He drinks a lot and has no fixed address.

1. Our financial situation is precarious at the moment but we're not down and out just yet. We will live to fight another day.