Virgin Galactic Shifts Focus to Next-Gen Spacecraft, Cuts Jobs and Expenses
Virgin Galactic plans to pause spaceflight operations in mid-2024 to focus on developing its next-generation Delta-class spacecraft. The company laid off 18% of its workforce, or about 185 employees, to decrease costs and realign resources. Despite posting a net loss of $104.6 million, Virgin Galactic generated $1.7 million in revenue during the quarter. The company aims to open a new factory in Phoenix by mid-2024 for Delta production and expects to achieve positive cash flow in 2026.