Cosmic Girl

It’s been a turbulent week for Virgin Orbit, headquartered out of Long Beach California. The company suspended all operations and furloughed most of its workforce for a week as it sought relief by raising funds to rescue its rocket-flying business, according to sources close to the matter on March 15.

During a 5 p.m. EDT meeting that day, company higher-ups explained that employees could cash in their paid time off as the furlough would be unpaid with a small team remaining in place continuing to work.

During the third quarter of 2022, Virgin Orbit reported a loss of $42.9 million as cash demands continued, with fourth quarter funding coming from an investment arm of its founder Richard Branson’s parent company, Virgin Group.

Notes in the amounts of $25 million, an unsecured convertible note secured in November of 2022, along with another $30 million in senior secured notes in December 2022 and January 2023 gives “first priority” access to assets by Branson’s parent company.

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In a press release Wednesday, Virgin Orbit announced that they were selected by geospatial analytics company Hypersat, and QinetiQ, a defense and security company, to launch 6 hyperspectral satellites into low earth orbit.

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Virgin Orbit attempted its second demonstration launch on Sunday after their first attempt failed shortly after the first stage ignition last year. This time around they didn’t just launch a mass simulator but actual payloads from NASA’s Educational Launch of Nanosatellites program ElaNa 20 which contained several CubeSats from universities across the nation.

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