Monarch Tractor laid off around 10% of its workforce amidst a restructuring, shifting focus to non-agricultural customers and licensing its autonomous technology.
CEO Praveen Penmesta indicated that layoffs were necessary due to a slower-than-expected third quarter, despite a significant fundraising effort earlier.
All of this happened pretty quickly," said Penmesta, attributing the urgency of the restructuring to a decline in California's vineyards and general investment pullback in agri-tech.
We're also looking at widening our customer base by targeting golf courses, solar farms, and municipalities, shifting focus toward diverse markets.
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