Since crashing to a 4-1 defeat in the Europa League final to Chelsea in May and, so far, signing only one player this summer window, things have looked rather bleak for Arsenal and their supporters.
From what we know, signings are on their way, but until then it is just matters on the pitch that are taking centre stage.
A highly youthful side eased to a 3-0 victory over the Colorado Rapids, presenting fans with an insight into the raw talent the Gunners have in their youth ranks, but Thursday's victory over Bayern Munich coughed up further positives, and negatives, after they secured a 2-1 win over the German champions.
Here's four things we learned from the morale-boosting victory.
There's Some Real Gems Knocking on the Door of the First Team
The addition of Freddie Ljungberg as assistant first-team coach was designed to offer Emery the link between the senior squad and the youth teams. Arsenal are desperate to incorporate their younger players more smoothly, and it seems as though the backroom switch is, so far, paying dividends.
Naturally, Nketiah will take the headlines for his goal. The 20-year-old striker netted his first Premier League goal for the club on the final day of last season, with his gradual progression to the first team gathering pace. He was only on the pitch for less than ten minutes but showed his killer instinct by popping up in the right place to steer the winner home.
More impressively, however, was the performance of Joe Willock in midfield alongside Granit Xhaka. Faced with the daunting task of going toe-to-toe with Thiago and Leon Goretzka, the 19-year-old looked assured, and offered the composure and energy that his midfield compatriot lacked.
Academy graduate Tyreece John-Jules also demonstrated a level head, while equally confident enough to display his technical ability in the face of the Bundesliga giants. Futhermore, what is the most clear sign of Ljungberg's influence, Robbie Burton made his first appearance for the Gunners, with Emery admitting after the game he had no idea who the player was before the Swede brought him to his attention.
Mesut Ozil Looked Backed to His Best in the Number 10 Role
It is no secret that Emery would prefer to offload the German and his monumental £350k-per-week salary, but no with no suitors for the 30-year-old, it is very much a case of making do.
With all that said though, Ozil looked sharp. He kept the play flowing, drifting into the pockets of space in between the lines and with options either side aimed to feed to marauding Pierre-Emerick Aubameyang at any given opportunity.
He also showcased a willingness to support Alexandre Lacazette, with Gunners fans seeing a glimpse of the qualities the German possesses that so painfully abandoned them for much of last season.
Emery Appears to Have a Preferred Formation
It's an aspect of his management that divided Arsenal fans during his debut campaign in charge. On one side, Emery showed a flexibility to adapt to different matches, but equally it was deemed that he didn't know his best starting XI and the constant change of formation stunted the players' performances.
Nevertheless, it seems that he is more partial to a 4-2-3-1 setup than any other, a move which was made more clear with his unwillingness to change the formation despite Ainsley Maitland-Niles and Sead Kolasinac coming under increasing pressure from Bayern's wingers in the second half.
Granted, Serge Gnabry and Kingsley Coman are frightening wingers, but had it been a league match, Emery would most likely have altered his side tactically to accommodate.
The Issues in Defence are Still Just as Prevalent
Ok, few thought they would just be eradicated overnight, but it was still painstakingly clear that Shokdran Mustafi is not up to scratch, while Kolasinac struggles continually with the defensive side of his game.
In terms of Mustafi, he started the match and produced the kind of performance that Arsenal fans have grown so accustomed to. Sloppy defending all-round went hand in hand with a general lack of concentration. Passes going astray and a total lack of awareness were abundantly clear, yet there was still the odd moment of quality - including a fine sliding tackle in the first half - yet these don't come anywhere near making up for the glaring deficiencies in his game.
Kolasinac posed a threat down the left, but he too fails to perform his most vital task, and the duo combined to allow Die Roten to get the opener. Kolasinac was too slow to prevent Gnabry’s cross, which went into the box where Mustafi lost sight of the most dangerous player in Bayern's side, allowing Robert Lewandowski. As usual, his classic arms in the air complaint followed.
Thankfully, a move for another left back in Kieran Trippier is edging closer, while William Saliba is set for a move to Arsenal while a interested remains in Olympiakos defender Pape Abou Cisse.