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Virgin Orbit is preparing for its fourth launch mission, Straight Up, with the launch window opening on June 29 at 10 PM PDT. The mission will support the U.S. Space Force and carry payloads for the Department of Defense's Space Test Program, aiming for an orbit of approximately 500 km at a 45-degree inclination. Following successful dress rehearsals and payload-rocket mating, the company is on track for a historic U.K. launch scheduled later this year. Vice President
Virgin Orbit has appointed Stephen Zhang as its first Vice President of Investor Relations, bringing valuable public finance experience, particularly in the aerospace and defense sectors. His role includes managing the earnings process and serving as the primary liaison with the investor community. Prior to joining Virgin Orbit, Zhang was Director of Investor Relations at Raytheon Technologies, where he supported significant corporate initiatives. Zhang emphasized the importance of effectively communicating Virgin Orbit's vision of accessible space launch services to investors.
Virgin Orbit (Nasdaq: VORB) announced a joint mission with the UK’s Defense Science and Technology Laboratory and the US Naval Research Laboratory, set for launch from Spaceport Cornwall later this year. The mission, named CIRCE, will utilize two 6U CubeSats to explore the ionosphere and support civil and defense applications like GPS and radar. This marks Virgin Orbit's first overseas flight and its fifth consecutive mission since 2021, further demonstrating its ability to launch from various locations. CEO Dan Hart emphasized the collaborative nature of this mission.
Virgin Orbit (VORB) reported Q1 2022 financial results showing a revenue of $2.1 million, down from $5.5 million in Q1 2021. The company experienced a net loss of $62.6 million, compared to a loss of $32.3 million the previous year, attributed to low-rate production and increased expenses. Despite these challenges, Virgin Orbit successfully completed its third launch on January 13, 2022, securing contracts with the DoD and NASA. The company highlighted a total backlog of $575.6 million, signaling potential growth amidst rising geopolitical interest.
Virgin Orbit announces a significant partnership with L3Harris Technologies to acquire two Boeing 747-400 airframes, enhancing its satellite launch capabilities for U.S. national security and allied demands. The modifications will allow for the delivery of rockets and support equipment from foreign spaceports, with the second airborne launcher expected to be operational by 2023. This strategic move aims to double Virgin Orbit's fleet capacity, ensuring greater mission flexibility and expanding its global service reach in the low Earth orbit market.
Virgin Orbit (Nasdaq: VORB) is preparing for its upcoming launch, Straight Up, supporting the U.S. Space Force’s STP-28A mission. The LauncherOne rocket has arrived at Mojave Air and Space Port after departing from Long Beach on
Virgin Orbit (Nasdaq: VORB) has signed a launch services agreement with Japanese firm iQPS to deploy the QPS-SAR-5 satellite. This satellite is part of iQPS's effort to expand its earth observation capabilities through a constellation of 36 satellites. The flexibility of Virgin Orbit's LauncherOne is expected to facilitate rapid deployment and real-time data collection for various applications. Notably, iQPS has achieved impressive imaging resolution with previous satellites, enhancing its service offering in disaster management and infrastructure monitoring.
Virgin Orbit (Nasdaq: VORB) has appointed Maj. Gen. Kim Crider to its National Systems Board, expanding the board to three members. Virgin Orbit National Systems, formerly VOX Space, provides affordable launch services for small satellites for the U.S. national security community and allies. Crider, a military and cybersecurity expert with over 35 years of experience, aims to enhance the company's strategic objectives in national security missions. The CEO and President expressed optimism about Crider's contributions in supporting vital missions for national security.
Virgin Orbit (Nasdaq: VORB) will report its financial results for Q1 2022 on May 11, 2022, after market close. A conference call will follow at 4:30 PM ET to discuss the results. Participants can join via telephonic access or a live webcast. A replay will be available until May 25, 2022. Virgin Orbit operates a flexible space launch system, having initiated commercial services in 2021, and has successfully delivered various satellites into orbit.
Virgin Orbit has rebranded its national security subsidiary from VOX Space to Virgin Orbit National Systems. This change reflects the company's commitment to supporting the U.S. national security and intelligence communities. Since its inception in 2017, the subsidiary has launched ten national security payloads. The board welcomes Major General Craig R. Cooning (USAF, Ret.), a former Boeing executive, to strengthen its leadership team. CEO Dan Hart emphasized the importance of this unit in Virgin Orbit's overall mission and future growth.
