Virgin Orbit’s custom 747 “Cosmic Girl” jet unleashes the company’s LauncherOne rocket for a mission on January 13, 2022.
virgin job
virgin job Raised $25 million, the company announced Monday alongside its third-quarter results as the alternative rocket launcher faces dwindling cash reserves.
The company announced that Richard Branson’s Virgin Group, an existing shareholder, made the additional $25 million investment on Nov. 4. Virgin Orbit stressed in its report that it will remain “opportunistic in capital markets” as the company “focuses on cost and operational efficiencies to improve cash flow.”
Virgin Orbit, which uses a modified 747 jet to launch satellites with its rockets, reported an adjusted EBITDA loss of $42.9 million for the third quarter — a loss of 31% more than the same period a year ago.
The company had revenue of $30.9 million and had $71.2 million in cash at the end of the third quarter.
The stock is down 64% this year from Monday’s closing price of $2.92 per share.
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Virgin Orbit also lowered its forecast for 2022 launches: it now expects to make three launches – including an upcoming launch from the UK – against a forecast of between four and six the company gave earlier this year. Virgin Orbit said the fourth launch is currently progressing “at the pace of spacecraft readiness.”
The company’s backlog of binding contracts also declined from the prior quarter, down 12% to $143 million.
Virgin Orbit aims to “more than double” its 2022 launch rate next year, as well as expand its backlog of launches and spaceport deals, with the company announcing a multi-year launch agreement with satellite company earlier in the third quarter. spire.
