Virgin Orbit is already flying again despite its Chapter 11 bankruptcy. At least one test flight has taken place since the bankruptcy was put in place. However, Virgin Orbit’s CEO Dan Hart has admitted that he and the business had made mistakes. Hart said that some key financial and operational “missteps” meant the company had […]
A report from analysts at Quilty Space (the former Quilty Analytics) takes a forensic look at the reasons behind the collapse of Sir Richard Branson’s Virgin Orbit, and reports on what contributed to the project’s failure and entry into Chapter 11 reconstruction. Quilty reminds readers that Virgin Orbit was unveiled back in 2012 and has […]
The Randox Grand National at Aintree on April 15th will be available to watch in all corners of the globe – and above it – with live coverage of the world’s most famous Jumps race also available on airlines. Working with The Jockey Club, which owns and operates Aintree Racecourse and stages the Randox Grand […]
Virgin Orbit’s outgoing COO Tony Gingiss had some tough words for his fellow company leaders in a company-wide email obtained by news channel CNBC. The New York NASDAQ index is also suspending the company’s stock listing, effective April 13th. Although Gingiss doesn’t name CEO Dan Hart by name in his memo, or main backer Sir […]
Barely 18 months ago, Virgin Orbit was valued at $3.7 billion. Its share price on March 31st valued the aircraft-based rocket launch business as being worth just $0.20 per share, and a market capitalisation of just $66 million. There seems little prospect of the business escaping bankruptcy. Virgin Orbit has laid off almost all of […]
Sir Richard Branson’s Virgin Galactic business has reported a significant trading loss for 2022. The company said it remained “on track” to start carrying paying passengers in its space tourism business despite racking up $500 million in losses last year. The losses, specifically at Virgin Galactic Holdings, amount to $500 million compared to a loss […]
A UK all-party parliamentary Science and Technology Select Committee, headed by Greg Clark MP, heard witnesses describe the British approach to satellite launches as being “toxic” and a “disaster” with regards to future space launches. The committee heard from senior figures at Wales-based Space Forge which lost one of its small satellites on the recent […]
Virgin Orbit lost its LauncherOne rocket on January 9th when its second stage failed to operate correctly. CEO Dan Hart – speaking on a panel at the SmallSat Symposium in California – said that a small, and inexpensive part, might have been the cause. The problem flight took place from Spaceport Cornwall in Newquay, Cornwall […]
Virgin Orbit has won an extra launch contract from nano-satellite satellite builder SatRev. Virgin has already successfully orbited four craft for SatRev from Virgin’s base in the Mojave Desert. The new launch agreement covers a number of satellites and provides Poland-based SatRev with the flexibility to launch 500 kg. over multiple launches to a variety […]
Sir Richard Branson’s Virgin Orbit satellite launch business has raised a financial stop-gap of $10 million (€9.1m), according to a filing with the US Securities & Exchange Commission (SEC) on January 30th. The cash comes from a sister – but separate – company, Virgin Investments Limited (VIL), the investment arm of the Branson’s Virgin Group. […]