Restructuring |
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Apr. 30, 2025 | |||||||||||||||||||||||||
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| Restructuring | Note 5. Restructuring In September and November 2024, the Company undertook restructuring actions, which included reductions in force that collectively represented approximately 17% of the Company’s global workforce and also included reduced spending for product development, overhead and other costs. The restructuring sought to reduce operating costs and better align the Company’s workforce with the needs of the Company’s business and its customers. The workforce was reduced across our global operations including Calgary, Canada and at our North American production facility in Torrington, Connecticut, at our corporate offices in Danbury, Connecticut and at other remote locations. Restructuring expense relating to severance for eliminated positions of $0.01 million and $1.5 million was recognized in the three and six months ended April 30, 2025, respectively, which has been presented under a separate caption in the Consolidated Statements of Operations. As of April 30, 2025, $1.4 million of restructuring expense which had yet to be paid out is included within Accrued liabilities on the accompanying Consolidated Balance Sheets. The following table summarizes the activity in accrued severance costs (in thousands):
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