Volta Slashes Workforce By 10%; Withdraws FY22 Forecast

Volta Inc 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.