Zedge, Inc. announced additional restructuring initiatives, including the closure of its Norway operations, to increase cost reduction efforts to approximately $4 million annually. This target is relative to the first quarter fiscal 2025 run rate.
The total global restructuring efforts include a 22% workforce reduction, which is expected to generate approximately $2.6 million in annualized compensation-related cost savings pre-tax. An additional $0.1 million to $0.3 million in annualized non-employee cost reductions are also being targeted.
Furthermore, $1.2 million in annual cost reductions will stem from the completion of scheduled payments for GuruShots acquisition-related retention bonuses. These actions are a key milestone in the company's strategy to streamline operations and enhance profitability.
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