Rocket startup Astra lays off 16% of its workforce
With 237 committed orders for its spacecraft engines from companies like Maxar, OneWeb, and Astroscale, which represents an increase of 130 per cent from the previous quarter, Astra reported that this latter segment in particular has become a growing source of revenue.
Astra is also developing Launch System 2, which includes a new rocket, software suite, and ground system, to replace the lightweight Rocket 3 vehicle, which experienced a number of launch failures this year.
The company expects to conduct initial flight tests in late 2023, according to the report.
The layoffs shine an unflattering light on Astra's quick growth: CEO
However, the company concluded the quarter with $151 million in cash.
It reported a net loss of $199.1 million and $2.8 million in revenue from its spacecraft engines. Astra expects payroll savings from the layoffs to be realised in the first quarter of next year, said the report.
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