Planet Labs PBC (PL): restructuring charge — Planet Labs cuts 117 jobs (10% of workforce); expects $7-8M in severance charges

Planet Labs PBC

Reducing headcount by ~117 employees (~10% of total workforce).
Expects non-recurring charges of $7M to $8M in Q3 FY2024 for severance and benefits.
Headcount reduction substantially complete by end of fiscal year Jan 31, 2024.
CEO cites focus on high-ROI opportunities, path to profitability, macroeconomic headwinds.
Departing employees get minimum 14 weeks pay, healthcare, immigration support, career counseling.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Planet Labs PBC announced a restructuring with charges of approximately $7 million to $8 million in aggregate pre-tax costs (approximately 117 employees).

Type: restructuring
Charge: approximately $7 million to $8 million in aggregate pre-tax costs
Headcount: approximately 117 employees

Exact text from the filing

long-term strategy and path to profitability. As a result of the headcount reduction, the Company currently estimates that it will incur non-recurring charges of approximately $7 million to $8 million in aggregate pre-tax costs in connection with the reduction, consisting of one-time severance and other termination benefit costs. The Company expects that the

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6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Planet Labs PBC filing history →

Source: SEC EDGAR

accession 0001836833-23-000071

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