Astra lays off 16% of staff
Posted: Sat, Nov 12, 2022, 8:06 AM ET (1306 GMT)
Astra is laying off 16% of its staff as it focuses on producing spacecraft electric thrusters and developing a new launch vehicle. In financial results released Tuesday, the company said the layoffs were needed to extend its runway into 2024 as it ramps up production of Astra Spacecraft Engines and works on its Launch System 2, with test launches scheduled for the latter half of 2023. Astra did not disclose how many people would be laid off, but CEO Chris Kemp said it had "over 400" employees. The company, with $2.8 million in revenues in the third quarter from spacecraft thruster sales, reported a net loss of $199.1 million, which included $133.4 million in impairment charges on assets.
Astra is laying off 16% of its staff as it focuses on producing spacecraft electric thrusters and developing a new launch vehicle. In financial results released Tuesday, the company said the layoffs were needed to extend its runway into 2024 as it ramps up production of Astra Spacecraft Engines and works on its Launch System 2, with test launches scheduled for the latter half of 2023. Astra did not disclose how many people would be laid off, but CEO Chris Kemp said it had "over 400" employees. The company, with $2.8 million in revenues in the third quarter from spacecraft thruster sales, reported a net loss of $199.1 million, which included $133.4 million in impairment charges on assets.
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