Virgin Galactic cuts jobs to support production of next-gen spaceships
– but it almost certainly will come at no small cost. While Virgin Galactic has not publicly stated how much it anticipates it will spend to bring Delta ships online, the company has already spent many millions on research and development for the…
– but it almost certainly will come at no small cost. While Virgin Galactic has not publicly stated how much it anticipates it will spend to bring Delta ships online, the company has already spent many millions on research and development for the future fleet.
But having Delta ships operational will likely be key to the company ever hoping to achieve profitability. Those ships are being designed to fly more often – as in, up to 400 times per year – based on a “standardized production model” that will make them cheaper to produce and maintain.
The company reported a net loss of $134.4 million at the end of the second quarter and $1.9 million in revenues. Virgin Galactic ended the quarter with around $980 million of cash and securities on hand.
But having Delta ships operational will likely be key to the company ever hoping to achieve profitability.
Virgin Galactic did not provide further details on the layoffs, including the number of employees affected. More information will be provided during a third quarter earnings call scheduled for Wednesday, the company said.
Based on reporting by techcrunch.com.