Pangaia faced mounting losses in 2022 amid efforts to streamline

Material science company Pangaia reportedly saw net losses amount to 50.4 million dollars in 2022 amid restructuring efforts designed to streamline the business.

The start-up, launched in 2019 with backing from Miroslava Duma’s material innovation incubator Future Tech Labs, has been amping up on cost-saving measures in the past 12 months after facing a turbulent period over the year prior.

During this time, public filings seen by Business of Fashion (BoF) reported a 42 percent drop in year-on-year sales to 37.1 million dollars, sliding from a 2020 peak of 76 million dollars.

As such, Pangaia set about on a major restructuring path over the course of 2023, efforts of which it has since said have put it on track to return to profitability, according to BoF.

These included laying off a third of its workforce in May and closing its warehouse in the Netherlands in October, decisions which put the company on a seemingly more positive track for the future.

In a statement to the media outlet, Pangaia said: “With our ongoing commitment to building our brand while controlling our cost base, we remain confident that Pangaia is poised for success.”