. 24/7 Space News .
Astra laying off 16% of workforce, honing focus on development
by Joe Fisher
Washington DC (UPI) Nov 9, 2021

California-based rocket company Astra will lay off 16% of its workforce, it announced with its quarterly financial report Tuesday.

The company reported a net loss of $199.1 million in the third quarter, including $133 million in impairment charges, and an adjusted EBITDA loss of $41.4 million. Its revenue was $2.8 million.

Reducing the workforce will help Astra save funds, a portion of which will be dedicated to resources for its core launch services and space products business. The company plans to begin layoffs in the first quarter of 2023. The company employs about 400 people, meaning about 60 would be expected to be terminated.

"Given the challenging macroeconomic environment, we made the difficult but prudent decision to reduce our operating expenses to support our primary near-term objectives,"said Chris Kemp, Astra co-founder, chairman and CEO.

The third quarter was the first in company history with a GAAP gross profit ($1.7 million). It ended with $151 million in cash on hand and securities. It has taken 237 orders for Astra Spacecraft Engines, an increase of 130% since June 30.

"We continue to focus on executing our long-term strategic plan," Kemp said. "Specifically, a successful test flight of Rocket 4 and scaling delivery of our Astra Spacecraft Engines are our primary near-term objectives."

The focus of the company in the fourth quarter will be developing Launch System 2, a hardware upgrade meant to be more reliable than its predecessor.

Stock in Astra is floundering in 2022, falling 94% to $0.58 per share at close on Tuesday. The situation may become even more dire with the NASDAQ threatening to de-list the stock last month. It is also being investigated by the Federal Aviation Administration after a failed launch in June. NASA attempted to launch a rocket carrying two small weather satellites when the second stage of the launch failed before reaching orbit.

Related Links
The latest information about the Commercial Satellite Industry

Thanks for being there;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Monthly Supporter
$5+ Billed Monthly

paypal only
SpaceDaily Contributor
$5 Billed Once

credit card or paypal

Making History in Space
Paris (ESA) Nov 03, 2022
When the world thinks of space pioneering companies with a long, proven track record of success, Northrop Grumman is top of mind. With over six decades of history in space leadership supporting multiple civil, commercial and national security space missions, the company now supports various customer launch requirements ranging from human exploration to scientific discovery, commercial communications, and national security. Backed by this long legacy of expertise, the company is working on launchin ... read more

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Calnetix Technologies' high-speed blower system delivered to ISS

SmartSat CRC and NASA team up to collaborate on astronaut emergency communications

NASA Moon rocket launch delayed again, this time by storm

S.S. Sally Ride delivers experiments to International Space Station

Artemis I rocket received only minimal damage from Hurricane Nicole, NASA says

NASA sticks to plan to launch Moon rocket Wednesday

Piece of Challenger space shuttle found off Florida coast

Splashdown is Just the Start for NASA Heat Shield Recovery Team

Gediz Vallis Ridge Rising: Sols 3650-3652

A rover for Mars' moon Phobos

Losing the Rhythm - Sols 3648-3649

Mars Express sets data relay record

China launches spacecraft carrying cargo for space station

China's cargo spacecraft sets new world record

Next-generation rocket for astronauts expected in 2027

Astronauts enter China's Mengtian lab module for first time

Maxar-built Galaxy 31 and Galaxy 32 for Intelsat performing properly after launch

Rocket Lab to launch HawkEye 360's Cluster 6 satellites in December

Rocket Lab to supply satellite separation systems for Tranche 1 Transport Layer vendors

Astra laying off 16% of workforce, honing focus on development

Satellogic completes investment in Officina Stellare

L3Harris infrared weather forecasting technology launches on NOAA satellite

D-Orbit signs Framework Agreement with NPC Spacemind

Arralis to launch new beam steering antenna

Early planetary migration can explain missing planets

Oldest planetary debris in our galaxy found from new study

Do you speak extra-terrestrial?

Starshade competition challenges students to block starlight for observing exoplanets

Mars and Jupiter moons meet

NASA studies origins of dwarf planet Haumea

NASA study suggests shallow lakes in Europa's icy crust could erupt

Sharpest Earth-based images of Europa and Ganymede reveal their icy landscape

The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.