I made a similar mistake once as a manager and experienced this kind of thing more than once as an employee. Certain words like "layoffs" or "merger" are so loaded because employees know that you know more than they do. Even if you think you're being totally transparent, employees are correct to assume that you're holding some things back because you are. It's your job to understand the state and direction of the company and give your employees the information they need to do their jobs. Employees, especially the smart ones, are going to try to infer additional information from what you tell them even when you think you've told them everything they need to know. Leaders need to be aware that a certain amount of "Kremlinology" happens in every company.
He made things worse by being vague about the company's real situation and contradicting himself a couple sentences later when he said, "...we'll survive (though not with much headroom..." If he's talking about layoffs, who is this "we"? Everybody? Rand and Sarah? If you're going to be transparent, you also need to be specific and direct. A better approach might have been, "Sarah and I modeled out some worst-case scenarios last week and this stretches our break-even point an extra six months, which will constrain our growth."