Allow me to refresh your memory.
It was stated in Q1 CC. Remember Q1? It was when you predicted ~$4M rev. when in fact they beat their own guidance of $6-$8M and delivered $8.3M.
"To address the changing industry environment, we right-sized our operations during the quarter to reflect near-term business trends. During the first quarter, in connection with our enterprise-wide cost reduction efforts, we reduced our staff by approximately 20%, reduced salaries across our leadership team and implemented other cost savings initiatives across all company operations.
As a result of these cost savings initiatives, we estimate an annual cash savings of more than 10 million across the organization."
"we'll start to see the benefit in a big way in Q2 and for the rest of the year."
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