3D printing company Aurora, based in Western Australia, has set up a cost saving program to deliver over AUS$6 million in savings each year.
The company says that it plans to target a monthly cash burn rate of AUS$250,000 reduced from the recent monthly run rate of AUS$750,000.
As part of these measures, executive pay cuts will take effect, including Aurora’s interim CEO Peter Snowsill and Aurora’s founder and CTO, David Budge, who have respectively taken a 25% and 35% reduction in their fixed remuneration.
Aurora says that the program will also lead to a substantial reduction to Aurora’s staffing levels by 65%, and staff costs of up to 70%.
‘In light of COVID-19 there has been a pause in tradeshow activity which was one of Aurora’s principal commercialisation lead development initiatives,’ the company said in a press release. ‘This and other COVID 19 related issues have resulted in a current standby in active sales pursuits and production ready engineering design activities for the RMP-1 printer. The company will take the opportunity to further focus on A3D general technology development, and RMP-1 and Beta printer technological developments to improve performance, including parameter development and testing, whilst also continuing to work with existing and potential clients.’
This story uses material from Aurora Labs, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.