Virgin Orbit raises $25 million from Branson's conglomerate as cash reserve dwindles [CNBC]
Virgin Orbit Holdings, Inc. (VORB)
Company Research
Source: CNBC
The company disclosed that Richard Branson's Virgin Group, an existing shareholder, made the additional $25 million investment on Nov. 4. Virgin Orbit emphasized in its report that it will “continue to be opportunistic in the capital markets,” as the company is “focusing on cost and operational efficiency to improve cash flow.” Virgin Orbit, which uses a modified 747 jet to launch satellites with its rockets, reported an adjusted EBITDA loss of $42.9 million for the third quarter – a 31% larger loss than the same period a year ago. The company brought in revenue of $30.9 million and had $71.2 million in cash on hand at the end of the third quarter. Its stock is down 64% this year as of Monday's close of $2.92 a share. Sign up here to receive weekly editions of CNBC's Investing in Space newsletter Virgin Orbit also lowered its forecast for launches in 2022: It now expects to achieve three launches – including an upcoming launch from the U.K. – down from a forecast of between
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