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Virgin Orbit’s cash problems continue

Because of endless delays getting a regulatory approval of a launch in the United Kingdom, Virgin Orbit has been unable to complete the 4 to 6 launches in 2022 that it had planned, and is thus experiencing serious cash shortages that has now caused it to cancel plans to sell “additional securities.”

Virgin Orbit reported third quarter revenues of $30.9 million, which exceeded the zero revenues reported in Q3 2021. The company’s net loss was $43.6 million, which was higher than the $38.6 million loss in Q3 2021.

While costs and losses have mounted, Virgin Orbit has experienced delays in increasing its launch rate. The company had planned to conduct four to six launches this year. Today, the total stands at only two with just over a month left in 2022.

Virgin Orbit’s third launch was originally scheduled to take place in last August from Spaceport Cornwall in England. The company is still awaiting a license from the UK government that would allow the launch to take place. It is the first time the government has licensed both an orbital launch and a spaceport, so the process it taking longer than anticipated.

The company had not only ramped up production of its LauncherOne rocket in anticipation of an increased launch rate, it also purchased two more 747s to act as the rocket’s first stage carrier. Those actions however were based on the ability to increase the launch rate, which has been stymied since the summer by Great Britain’s Civil Aviation Authority, which can’t seem to issue permission for Virgin Orbit to launch from a runway in Cornwall.

The canceled sale of securities appears part of the entire investment deal near the end of 2021. The cash shortages and this deal also appear connected to the decision by Richard Branson’s Virgin Group to invest $25 million in Virgin Orbit earlier this month.

Virgin Orbit officials say they intend to double their launch rate in 2023. I suspect that they have to. It is now sink or swim.

Genesis cover

On Christmas Eve 1968 three Americans became the first humans to visit another world. What they did to celebrate was unexpected and profound, and will be remembered throughout all human history. Genesis: the Story of Apollo 8, Robert Zimmerman's classic history of humanity's first journey to another world, tells that story, and it is now available as both an ebook and an audiobook, both with a foreword by Valerie Anders and a new introduction by Robert Zimmerman.

 
The ebook is available everywhere for $5.99 (before discount) at amazon, or direct from my ebook publisher, ebookit. If you buy it from ebookit you don't support the big tech companies and the author gets a bigger cut much sooner.


The audiobook is also available at all these vendors, and is also free with a 30-day trial membership to Audible.
 

"Not simply about one mission, [Genesis] is also the history of America's quest for the moon... Zimmerman has done a masterful job of tying disparate events together into a solid account of one of America's greatest human triumphs."--San Antonio Express-News

2 comments

  • Ray Van Dune

    Given that Branson is a UK citizen, and knighted, why would the UK not seek to facilitate the success of his company in the highly visible space launch marketplace?

    I don’t deny that his stock manipulation has been hinky, and VO is US-based, but that doesn’t explain why the UK would not want to support the success of Spaceport Cornwall, at least.

    Did he insult King Charles some years ago? That would count as a plus for him in the eyes of many.

  • James Street

    I worry Elon Musk may be condemning SpaceX to death by bureaucracy for his attacks on the swamp. But he realizes it’s a war that must be fought.

    Elon Musk @elonmusk
    This is a battle for the future of civilization. If free speech is lost even in America, tyranny is all that lies ahead.
    5:41 PM · Nov 28, 2022
    https://twitter.com/elonmusk/status/1597405399040217088

    Meanwhile Xi has brought in tanks against the Chinese people. One protester was shouting repeatedly “give me liberty or give me death”.

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