15 Mar 2023

Up to 35 jobs to go at TradeWindow as company looks to cut costs

10:50 am on 15 March 2023
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Photo: 123RF

Logisitics software company TradeWindow is planning to cut up to one-third of its staff as it looks to cut costs.

The NZX listed company said the 25-35 jobs impacted were predominantly in research and development roles.

Chief executive AJ Smith said the cost-cutting measure reflected a more conservative approach to research and development investments in a challenging funding market for early-stage technology companies.

"This is a challenging time for the team at TradeWindow," he said.

"We are supporting our team members through this difficult time, particularly those impacted by these changes."

The company would provide updated financial projections for FY24 and FY25 after consultation with affected staff was completed, Smith said.

FY23 guidance remained in place, with TradeWindow expecting trading revenue to be approximately $4.8 million to $5.1m and total income to be approximately $5.5m to $5.8m.

Smith said the company remained focused on meeting the needs of its existing customers.

"Market demand for TradeWindow's solutions remains high," he said.

"We are confident in the future of TradeWindow and continue to invest in a targeted and focused way."

He confirmed the company had no exposure to the failed Silicon Valley Bank, or any other US financial institution.

In January the company announced it planned to raise up to $20 million in new capital to support growth.

It followed a $10m capital raise in July after TradeWindow previously said further investment would be necessary to achieve its goals.

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