The lidar industry is witnessing significant shifts as a prominent company undergoes a restructuring phase. Following the unexpected resignation of its CEO, the organization is now implementing another round of workforce reductions, as revealed in a recent regulatory document.
This latest wave of layoffs comes on the heels of substantial job cuts that occurred in 2024, where approximately 30% of the workforce was let go. This earlier reduction was anticipated to incur additional cash charges ranging from $4 million to $6 million. Some of these layoffs extended into the first quarter of 2025, resulting in a total of 212 employees being affected.
According to the recent filing, the company initiated further layoffs starting May 15. The financial implications of these new cuts are projected to be between $4 million and $5 million, with costs expected to be realized in the second and third quarters of the current year.
The ongoing layoffs add to the challenges faced by the company, particularly following the recent leadership shakeup. Earlier this month, the board of directors made the decision to replace the CEO and board chair, citing an ethics inquiry as the reason for the resignation. The board has since appointed a new leader, a former executive from another tech firm, to steer the company forward.
In a related development, a board member also stepped down shortly after the leadership transition was announced. Regulatory filings indicated that this resignation was not due to any disagreements regarding the company’s operations or policies.
Despite the turmoil, the company has not provided any comments regarding these changes or the layoffs. The former CEO, who became a billionaire after the company went public in 2021, had seen the organization achieve a market valuation of $3.4 billion following a merger with a special purpose acquisition company.
As the company navigates these turbulent waters, industry observers are keenly watching how these changes will impact its future trajectory and market position.
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