Satellite imagery firm Planet introduced on Tuesday that it’s shedding 117 workers, or round 10% of the workforce, because it appears to be like to focus on driving income amid an ongoing downturn within the public markets.
In a be aware posted on the corporate’s weblog, CEO Will Marshall mentioned the choice to reduce staff took place after “a deep assessment of our business and spending.”
“Our business has scaled rapidly and continues to grow apace, but the expansion of projects has also increased cost and complexity, which slowed us down in some regards,” he mentioned. “We are making changes to prioritize our attention on the highest ROI opportunities for our business and mission, while reinforcing our path to profitability, consistent with what we shared on our prior earnings call.”
Planet went public in December 2021 after combining with a particular function acquisition firm, or SPACs. Their public itemizing was half of an enormous increase of SPAC IPOs, although most of the area firms that went public on this means have badly failed to hit their projections on income and different targets.
But Planet has been one of the notable stand-outs amongst this crowd, persistently reporting rising revenues that find yourself towards the highest finish of their projections. But working prices have additionally been excessive, and the corporate has but to obtain profitability.
“I want to be clear that I am responsible for the decisions that led us here,” Marshall mentioned. “I know this has significant effects on the lives of our team and their families, and for that I am sorry. We do not make these changes lightly.”
Planet’s inventory closed at $11.35 a share the day after it went public; yesterday, it closed at $3.75 a share.