DOOR (Latch) announces restructuring: cuts 32% workforce, exits property management

Latch, Inc.

Reduces workforce by ~65 employees (32% of total); expects $10-12M annualized cost savings.
Exits DOOR Property Management business, which did not meet profitability expectations.
Estimates $1.5M-$2.5M in cash restructuring charges, mostly in Q3-Q4 2026.
CEO Dave Lillis cites AI investments enabling leaner organization; Scout product launched in June.
Separations substantially complete by end of 2026; U.S. employee base cut by ~10%.

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