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Virgin Orbit’s LauncherOne mission on 2023-01-09, its first launch from the United Kingdom, failed to reach orbit.
Virgin Orbit reported an operating loss of $149,500,000 for the first nine months of 2022.
Virgin Orbit reported an operating loss of $50,500,000 in the third quarter of 2022.
Virgin Orbit ended the third quarter of 2022 with $71,000,000 of cash on hand.
Virgin Orbit anticipates returning to Spaceport Cornwall for additional launches and is in discussions with UK government and commercial stakeholders to plan missions as soon as later 2023.
Virgin Orbit designs and manufactures its LauncherOne rockets in Long Beach, California and air-launches them from the wing of its converted Boeing 747-400 named Cosmic Girl.
Virgin Orbit’s air-launch platform can launch from any runway long enough to handle a Boeing 747, enabling launch operations without a traditional vertical-launch spaceport.
The first three NorthStar satellites were built by Spire Global and were slated to launch in mid-2023 on Virgin Orbit.
Virgin Orbit ended its fiscal third quarter with $71,000,000 in cash and negative free cash flow of $52,500,000.
Virgin Orbit retracted an initial claim that the upper stage had reached orbit nearly a half-hour after the 2023-01-09 launch.
Virgin Orbit expects to return to Spaceport Cornwall for future launches and is in active discussions with key government and commercial stakeholders in the U.K. to plan mission opportunities as soon as later 2023.
Virgin Orbit did not provide an estimate for how long the formal investigation into the 2023-01-09 failure will take.
Virgin Orbit has since raised $45,000,000 in two separate tranches from Virgin Group and Virgin Group’s investment arm.
Virgin Orbit’s shares fell 14% on the Nasdaq exchange on 2023-01-10, the first trading day after the 2023-01-09 failure, and rebounded slightly on 2023-01-11.
Virgin Orbit initiated a formal investigation into the 2023-01-09 failure led by Chad Foerster, chief engineer and vice president of technology, and Jim Sponnick, former vice president of Atlas and Delta programs at United Launch Alliance.
Virgin Orbit’s first LauncherOne mission from the United Kingdom failed to reach orbit on 2023-01-09 due to an anomaly that caused a premature shutdown of the rocket’s upper stage.
Virgin Orbit’s air-launch platform can operate from any runway long enough to handle a Boeing 747.
Virgin Orbit raised $25,000,000 from Virgin Group in early 2022-11-01 and an additional $20,000,000 from Virgin Investments Limited on 2022-12-20.
Virgin Orbit’s first launch from the United Kingdom failed to reach orbit on 2023-01-09.
Virgin Orbit reported having $71,000,000 in cash at the close of its third quarter as disclosed on 2022-11-07, and reported negative free cash flow of $52,500,000 for that period.