Virgin Galactic has unveiled plans to streamline its operations by implementing staff layoffs and cost-cutting measures to ensure the preservation of resources for the development of its next generation of suborbital spaceplanes.
In a statement released on November 7, Virgin Galactic disclosed its intention to strategically realign the allocation of the company’s resources and, as a result, reduce its workforce. The primary objective behind these actions is to direct the company’s attention and resources toward the Delta class of vehicles, which Virgin Galactic views as crucial for its future.
Specific details regarding the extent of the layoffs, including the number of affected employees, have not been provided in the statement. The company stated that it is currently in the process of individually notifying affected personnel and that more comprehensive information would be presented during an earnings call scheduled for November 8.
As part of this strategic adjustment, the company’s facilities will remain closed for the remainder of the week. According to an annual report filed with the Securities and Exchange Commission in February, Virgin Galactic had 1,166 employees as of the end of 2022. Virgin Galactic has unveiled
In a memo to employees, Michael Colglazier, chief executive of Virgin Galactic, said the layoffs and other reductions in expenses are intended to conserve the company’s funding so it can focus on development of the Delta vehicles, which are intended to fly more frequently and at a lower cost than its existing SpaceShipTwo suborbital vehicle, VSS Unity.