Volta Slashes Workforce By 10%; Withdraws FY22 Forecast
- Volta Inc (NYSE: VLTA) has put forward an organizational realignment plan to reduce costs and drive strategic priorities. It is planning to reduce the current full-time employees by 10%.
- Volta has cut 18% of its full-time employees through other workforce reductions and organic attrition since June 1, 2022.
- The company intends to save costs by limiting the use of outside consultants and consolidating teams and its three San Francisco offices into one.
- It also revised its Q3 revenue guidance to $13.5 million - $14.5 million (prior guidance was $17 million - $18 million).
- Volta also withdrew its full-year 2022 revenue and install guidance until further notice.
- Vince Cubbage, Interim CEO of Volta, said, "Despite near-term challenges, there is significant opportunity ahead in the EV charging market as adoption accelerates and federal funding for EV infrastructure is deployed."
- Price Action: VLTA shares are trading lower by 9.22% at $1.42 on the last check Thursday.
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