Venture-backed one-click checkout startup Bolt was unable to reach its revenue targets of $44M in 2022.

 As a result, the San Francisco-based firm has reduced its workforce strength by an additional 10%, making it the third layoff announcement the firm made in the past 12 months. 

• Per estimates, the firm's current headcount is half what it was in May 2022.
• CEO Maju Kuruvilla cited some failed partnerships, product launches, and acquisitions as the reason behind the layoffs. 
• Bolt was valued at $11B in January 2022 when it raised $355M in funding, 367 times over its annual revenue figure of $30M in 2021. 
• The firm raised nearly $1B in venture funding to date, of which it has already burned through $600M and has the remaining $400M in its bank. 
• Bolt reduced its monthly cash burn rate from $20M at the start of 2022 to currently $6M, per sources close to the matter. 
• The firm expects to break even in terms of cash flow by the end of 2023. 
• Bolt expects to generate between $35M to $40M in revenue this year.