Last week Volta Inc. (NYSE: VLTA) announced that it was letting go a number of employees. Billed as a strategic reprioritization it appears that Volta has reduced by 18% its number of full-time employees (through its most recent layoffs) and via other workforce reductions and organic attrition since June 1, 2022.
The press release was at pains to say they were implementing additional cost savings initiatives through tightening business processes, limiting the use of outside consultants, consolidating teams and its THREE (seriously, it had three?) San Francisco offices into one, and managing marketing and administrative costs.
Vince Cubbage, Interim Chief Executive Officer of Volta was quoted as saying “The Volta Board of Directors and senior executives are taking difficult but important steps to align the business with current market dynamics and position the company for long-term success. 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. We are evaluating every aspect of the business to set Volta up to capture this opportunity through disciplined management, preservation of capital, reduction of operating expenses, and an increased focus on public-private partnerships that more efficiently grow our network and satisfy the needs of all of our stakeholders.”
The company also revised its Q3 revenue guidance to between USD 13.5 million and USD 14.5 million and they withdrew its full year 2022 revenue and install guidance until further notice.