She has six missile launches, of which four are successful.
Virgin Orbit announced the termination of its activities and the layoff of most of the staff until April 3, after which the state of Virgin Orbit will be only 100 out of 775 people. In recent weeks, the company has sought to find funding to continue its activities, but it has not been successful. Virgin Orbit will pay approximately $15 million in severance pay and other expenses related to the winding down of the business.
“ Unfortunately, we were unable to find funding to provide a clear path for the company. We have no choice but to make immediate, dramatic and extremely painful change ,” said Virgin Orbit CEO Dan Hart.
Virgin Orbit – everything: the company ceases operations and lays off 85% of the staff
In its financial report for the third quarter of 2022, the company reported an operating loss of $50.5 million. To keep the business afloat, Richard Branson’s Virgin Group has invested $60 million in Virgin Orbit since November last year, but it hasn’t helped.
Recall that Virgin Orbit appeared as an offshoot of Richard Branson’s Virgin Galactic in 2017. Unlike its competitors (SpaceX in particular), Virgin Orbit did not launch rockets from the ground, but from the air – from a modified Boeing 747 called Cosmic Girl. Since 2020, Virgin Orbit has completed six missions, and four of them have been successful.
