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Benzinga
  • 2 years ago
Virgin Galactic laid off staff as part of a "strategic realignment" to focus resources on developing its Delta class vehicles for future suborbital spaceflights. CEO Michael Colglazier said the layoffs and expense reductions are meant to conserve funding for developing the Delta vehicles, which are intended to fly more frequently at lower cost than its current SpaceShipTwo. Virgin Galactic had about 1,166 employees reported at the end of 2022 and had $980 million in cash, though it reported a net loss of $134 million in Q2 2023. The company hopes to enter service with the Delta vehicles in 2026.
Transcript
00:00 It's Benzinga and here's what's on the block.
00:02 Virgin Galactic laid off staff as part of a strategic realignment to focus resources
00:06 on developing its Delta-class vehicles for future suborbital spaceflights.
00:10 CEO Michael Kogleiser said the layoffs and expense reductions are meant to conserve funding
00:14 for developing the Delta vehicles, which are intended to fly more frequently at lower cost
00:18 than its current spaceship, too.
00:20 Virgin Galactic had about 1,100 employees reported at the end of 2022 and had $980 million
00:26 in cash, although it reported a net loss of $134 million of Q2 of 2023.
00:31 The company hopes to enter service with the Delta vehicles in 2026.
00:34 For all things money, visit Benzinga.com.
00:36 [BLANK_AUDIO]
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