Virgin Galactic to halt SpaceShipTwo flights by mid-2024
Posted: Sat, Nov 11, 2023, 8:06 AM ET (1306 GMT)
Virgin Galactic plans to halt flights of its VSS Unity suborbital spaceplane by the middle of next year. The company said Wednesday that it will move from a monthly to a quarterly cadence of flights starting in January, ending them by mid-year so the company can focus resources on development of its Delta class of next-generation suborbital vehicles. The company said the Unity flights this year have been successful, but acknowledged they cost more than the revenue they generate. The company is also laying off 18% of its workforce, or 185 people, as part of its cost-cutting measures. It said the $1.1 billion of cash and equivalents it has on hand should be sufficient to complete development of the Delta-class vehicles and get to positive cash flow in 2026.
Virgin Galactic plans to halt flights of its VSS Unity suborbital spaceplane by the middle of next year. The company said Wednesday that it will move from a monthly to a quarterly cadence of flights starting in January, ending them by mid-year so the company can focus resources on development of its Delta class of next-generation suborbital vehicles. The company said the Unity flights this year have been successful, but acknowledged they cost more than the revenue they generate. The company is also laying off 18% of its workforce, or 185 people, as part of its cost-cutting measures. It said the $1.1 billion of cash and equivalents it has on hand should be sufficient to complete development of the Delta-class vehicles and get to positive cash flow in 2026.
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