Planet Labs PBC (PL): restructuring charge — Planet Labs to cut ~180 jobs (17% of workforce), expects $9.5-10.5M in severance costs

Planet Labs PBC

Headcount reduction of ~180 employees (17% of workforce) committed on June 24, 2024.
Estimates non-recurring pre-tax charges of $9.5M to $10.5M for severance and termination benefits.
Majority of charges expected in Q2 fiscal 2025; reductions substantially complete by Jan 31, 2025.
Company confirms no changes to prior financial guidance provided on June 6, 2024.

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 $9.5 million to $10.5 million (approximately 180 employees, which represents approximately 17% of the Company’s total number of employees prior to the).

Type: restructuring
Charge: approximately $9.5 million to $10.5 million
Headcount: approximately 180 employees, which represents approximately 17% of the Company’s total number of employees prior to the

Exact text from the filing

the long-term growth and profitability of the business. As a result of the headcount reduction, the Company estimates that it will incur non-recurring charges of approximately $9.5 million to $10.5 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 0001836833-24-000070

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