Virgin Galactic will reduce the frequency of flights for its current suborbital vehicle, VSS Unity, and cease operations by mid-2024. The company is focusing on developing its next generation of vehicles, the Delta class. To prioritize the development of Delta, Virgin Galactic is laying off 185 employees, or 18% of its workforce, and cutting expenses. The company plans to redirect resources to complete the Delta ships, which are expected to begin commercial flights in 2026 and significantly increase revenue. Virgin Galactic still has funding available from a stock offering and expects to achieve positive cash flow in 2026. However, the company reported a net loss of $105 million in the third quarter.
