The company will pause spaceflight operations in mid-2024.
The decision is driven by the goal to focus on developing the next-generation Delta-class spacecraft.
Virgin Galactic will reduce the rate of its VSS Unity spacecraft flights to a quarter rate.
This reduction precedes the planned pause in mid-2024.
About 185 employees (18% of the workforce) were laid off to decrease costs and realign resources.
This reduction is expected to generate approximately $25 million in annual cost savings.
Virgin Galactic posted a net loss of $104.6 million, or 28 cents a share.
Analysts had expected a loss of 43 cents a share. Revenue for the quarter was $1.7-
Million, Up From $767,000 The Previous Year. Virgin Galactic stock rose 8% in after-hours
Trading, Closing At $1.56 A Share. The stock is down 55% year-to-date.
Virgin Galactic had cash and securities totaling $1.1 billion at the end of the quarter.
The company is developing its Delta-class spacecraft to improve weekly flight rates.
A new factory for Delta production is planned in Phoenix, expected to be operational by mid-2024.
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