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Virgin Orbit seeks cash infusion to reboost the company

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.

LauncherOne is a two-stage rocket — powered by liquid oxygen and rocket grade kerosene — that can send small payloads into low Earth orbit after being air-launched by a modified 747 aircraft. Credit: Virgin Orbit

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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Virgin Orbit successfully launches rocket to space from wing of a 747 plane in milestone mission

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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Virgin Orbit Launch Demo 2 mission targeting late 2020, will carry 11 NASA CubeSats

Virgin Orbit will return to flight as soon as late 2020 with a second demonstration mission aimed at dropping a space-bound LauncherOne rocket from the wing of a 747 plane named Cosmic Girl. The second orbital flight test will include NASA payload this time with 11 small satellites onboard for deployment.

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