Capital crunch: Virgin Orbit confirms all ops on pause until Tuesday
Virgin Orbit has hit the pause button on the business to"conserve capital" while it seeks funding and explores strategic opportunities.this morning it was in"discussions with potential funding sources" and looking at strategy although it made"no assurance" the discussions would result in any transaction. Virgin Orbit currently expects the operational pause to continue through March 21, 2023. That's Tuesday next week.
The payload was a mix of civil and military satellites and while the exact financial impact of their failure to deploy is unknown, it will have been significant.this morning, Virgin Orbit said it was"initiating a company-wide operational pause, effective March 16, 2023, and anticipates providing an update on go-forward operations in the coming weeks."In its reported Q3 results for three months ended September 30, 2022, the company said it had $71.
Virgin Orbit's net losses were $139.5 million and $115.6 million for the nine months ended September 30, 2022 and 2021 respectively, and it warned it could not be sure"when or if our operations will generate sufficient cash to fully fund our ongoing operations."
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