Planet Layoffs
Industry Aerospace · Location SF Bay Area · United States · Subscribe (RSS)
Planet has 2 publicly reported layoff rounds on record between August 1, 2023 and June 26, 2024. A total of about 297 employees were affected across these rounds.
Layoff history
Planet announced on June 26, 2024 that it would cut 180 employees, or 17% of its workforce, as the satellite imaging company worked to bring costs in line with its path to profitability. The San Francisco Bay Area company expected to record $9.5 million to $10.5 million in severance and termination charges from the reductions. It was the second significant cut in under a year: Planet had already trimmed roughly 10% of staff in July 2023, when CEO Will Marshall cited the need to "prioritize our attention on the highest ROI opportunities" following rapid headcount growth from a SPAC merger. Despite the latest round, management did not revise financial guidance. Planet reported record Q1 FY2025 revenue of $60.4 million but a net loss of $29.3 million, and said it was targeting adjusted EBITDA profitability by the fourth fiscal quarter.
Reason: Operational efficiency and cost alignment toward profitability
Source: spacenews.com
Planet disclosed a workforce reduction affecting its SF Bay Area operations in August 1, 2023. Approximately 117 roles were eliminated.
Source: cnbc.com
Data for Planet is compiled from public WARN Act filings and reporting linked above. See our methodology.