Virgin Orbit trims losses, eyes two final launches for the year
- Reference: 1660562948
- News link: https://www.theregister.co.uk/2022/08/15/virgin_orbit_financials/
- Source link:
[1]Losses for the company's second quarter of 2022 were $33.3m, down from $44.6m for the same period last year, but revenues stood at zero, down from $1.7m for the second quarter of 2021.
The company was quick to point out that revenues would jump for the third quarter as it recognized more than $12m in revenue following its fourth consecutive successful launch.
[2]
After the failure of its first orbital launch attempt in May 2020, Virgin Orbit managed two successful flights of its LauncherOne rocket in 2021, and another two so far this year. There were mutterings earlier in 2022 that the company might manage six flights in 2022, but during last week's earnings call, CEO Dan Hart [3]said Virgin Orbit was "on track to have delivered four total by the end of the year."
[4]
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The next launch will start from Spaceport Cornwall, where the company's Boeing 747 will depart ahead of dropping the LauncherOne rocket for a first orbital jaunt from UK soil (or the airspace nearby).
The $12m figure is a reflection of both higher-value spacecraft being launched and efficiencies in the company's processes. "On our most recent mission," said Hart, "manufacturing labor hours were reduced by approximately 25 percent compared to the previous rocket."
[6]Aviation body wants views on rocket plans of Virgin Orbit
[7]Aerospace biz Orbex shows off a prototype Prime on its Scottish stand
[8]First rocket launch from UK soil now has... a logo
[9]UK space firm Skyrora opens rocket testing site in Scotland
"Looking ahead, we continue to implement affordability measures to drive greater efficiency."
As well as the UK, the company has also established a Brazilian presence and received a launch operator's license. [10]The company has also buddied up with J-Space for sovereign air-launch capability in South Korea.
[11]
"We expect the UK experience will be an applicable blueprint to share with other allied nations," said Hart, "and will help expedite international launch as we continue to work with global leaders to support civil space, national security and their local space economies."
British regulators are hard at work on a new licensing regime with both space port and launcher operators. "It's not like with the FAA where they're used to licensing," remarked Hart. "It's a new process and it takes a bit of time to go through it."
Once the Cornwall launch is out of the way (possibly in September or October), one more is expected this year from the company's Mojave base. ®
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[1] https://investors.virginorbit.com/news-events/press-releases/detail/50/virgin-orbit-announces-second-quarter-2022-financial-results
[2] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offbeat/science&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2Yvpto7Gzo0k2w6H68s2uPQAAAJA&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[3] https://seekingalpha.com/article/4533786-virgin-orbit-holdings-inc-vorb-ceo-dan-hart-on-q2-2022-results-earnings-call-transcript
[4] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offbeat/science&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44Yvpto7Gzo0k2w6H68s2uPQAAAJA&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[5] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offbeat/science&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=3&c=33Yvpto7Gzo0k2w6H68s2uPQAAAJA&t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0
[6] https://www.theregister.com/2022/07/25/virgin_orbit_caa/
[7] https://www.theregister.com/2022/05/11/orbex_prototype/
[8] https://www.theregister.com/2022/04/12/rocket_result/
[9] https://www.theregister.com/2022/03/17/skyrora_testing/
[10] https://virginorbit.com/the-latest/j-space-partners-with-virgin-orbit-to-bring-sovereign-air-launch-capability-to-south-korea/
[11] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offbeat/science&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44Yvpto7Gzo0k2w6H68s2uPQAAAJA&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[12] https://whitepapers.theregister.com/
Re: Purpose
"Of what use is a newborn baby?" -- [some old fart]
Re: Purpose
[some old rich fart] would certainly pay for a transfusion of baby's blood. Some do it regularly as they believe it will prolong their miserable life.
Re: Purpose
Name one.
Re: Purpose
Vladimir Putin.
Re: Purpose
[1]The super rich are injecting blood from teenagers to gain ‘immortality’
It's not too far fetched to suggest that if rich believe the teenage blood is great, then obviously baby's blood is the top stuff no? They have means to do that and won't be advertising it for obvious reasons.
[1] https://www.bbc.co.uk/bbcthree/article/347828f8-6e7f-4a9b-92ab-95f637a9dc2e
Re: Purpose
[1]Peter Thiel .
[1] https://www.latimes.com/business/lazarus/la-fi-lazarus-fda-vampires-using-the-blood-of-the-young-20190219-story.html
Re: Purpose
Virgin Orbit is not to be confused with Virgin Galactic.
The former will launch satellites into orbit, the latter will launch rich people on sub-orbital flights.
Re: Purpose
Last time I read Virgin Orbit was building ventilators?
[1]Branson Shifts $1.1 Billion Galactic Holding Between Tax Havens - at the end of article.
I wouldn't be surprised if this was another scheme to fleece the tax payer and sending anything to orbit was just a window dressing.
That being said, why don't they set up a business in the UK like normal people do and pay taxes like normal people do?
[1] https://www.bloomberg.com/news/articles/2020-04-06/branson-shifts-1-1-billion-galactic-holding-between-tax-havens
Re: Why
Why they do not set up in the UK: The three biggest launch customers in the world are Starlink, the US Military and NASA. Starlink requires a lower cost/ton to orbit than VO can achieve and the next two will only launch with a US provider. Small launch has a massive problem with too many providers chasing too few launches. Throwing away the two biggest opportunities would guarantee VO a place among the long list of failed small launch companies.
Why they do not pay taxes: Because they are making a loss and they are not completely stupid.
It is almost as if VO is not the same company as VG or VA.
Re: Why
You don't have to be US company to have customers in the US. That's ridiculous.
They are making loss to avoid paying Corporation Tax or is it a genuine loss and not creative accounting?
Are they paying licence fees to use Virgin name (one of the oldest tax avoidance schemes)?
Re: Purpose
"Virgin Orbit is not to be confused with Virgin Galactic..."
"Meta" is not to be confused with "Facebook";
"Alphabet" is not to be confused with "Google"...
And 'doublespeak' is virulently rampant nowadays---in the private, commercial, and political sectors. Most particularly in the political arena.
Seriously consider reading [1]this book.
[1] https://en.wikipedia.org/wiki/Nineteen_Eighty-Four
Re: Purpose
Read 1984 years ago. Meta/Facebook and Alphabet/Google are very different issues from VO and VG. Meta and Alphabet are attempts to hide relationships where as Virgin is a very successful scheme to imply a much stronger relationship than now actually exists. When VO puts something in orbit clueless idiots buy VG because they think it is the same thing and Beardy takes the opportunity to cash out a bit more of the valueless VG.
My personal bet is that after VG has crashed and burned Beardy will do something similar with VO and Vox Space: one will hold the assets and the other will hold the liabilities. Achievements by one will be used to dump shares in the other at a high price.
Re: Purpose
Depends what satellites are being thrown up. There are lots of things in orbital space that we use that save money compared to alternatives.
Stereoscopic imaging of infrastructure is useful for condition monitoring in lieu of ground based foot patrols.. It is competitive on all-up cost with the alternatives like helicopter or fixed wing patrols, and often has much higher frequency, meaning more chance of spotting risks in timely manner. There are compelling police applications too e.g. image comparisons when searching an area for disrupted ground (perhaps to find where someone has been buried... Grim, but is a real application in live use).
Infra-red detailed ground observations cameras aren't quite there yet with resolution to throw up to orbit but the tech is coming. Next couple of years are mooted. Because Physics, that capability won't be flying on virgin Orbit. (IR cameras with high resolutions will be big machines).
On a single point basis satellite services are dumb, but where more than one buyer uses such a system it's not hard to find value in them. Communications capability is self explanatory.
The major problem for Virgin Orbit is that as their payload is limited, like the Pegasus launcher before it, it's commercial value is quite tricky to place. "low" cost but not capable enough either for where the real commercial applications are.
Purpose
What is the purpose of Virgin Orbit? The rich people playground?
It seems like they are spaffing money and emissions left and right while we "enjoy" cost of living crisis.
What benefit that company brings to average person struggling to get by?