Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic”
or the “Company”), notified all employees today, Tuesday, November
7 of a strategic realignment of the Company’s resources and a
related workforce reduction to support the production of its Delta
Class spaceships.
Virgin Galactic’s senior leadership will share additional
details on the Company’s third-quarter earnings call, scheduled for
2:00 PM PT Wednesday, November 8, 2023.
Please refer to internal memo below sent to all employees at
Virgin Galactic from CEO, Michael Colglazier.
About Virgin Galactic
Virgin Galactic is an aerospace and space travel company,
pioneering human spaceflight for private individuals and
researchers with its advanced air and space vehicles. It has
developed a spaceflight system designed to connect the world to the
love, wonder and awe created by space travel and to offer customers
a transformative experience. You can find more information at
https://www.virgingalactic.com/.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. We intend such forward-looking statements to be covered by
the safe harbor provisions for forward looking statements contained
in Section 27A of the Securities Act of 1933, as amended (the
“Securities Act”) and Section 21E of the Securities Exchange Act of
1934, as amended (the “Exchange Act”). All statements contained in
this press release other than statements of historical fact,
including, without limitation, statements regarding timing and
scope of the workforce reduction, intended objectives and benefits
of the workforce reduction, intent to announce future plans, and
objectives for the Delta class spaceships are forward-looking
statements. The words “believe,” “may,” “will,” “estimate,”
“potential,” “continue,” “anticipate,” “intend,” “expect,”
“strategy,” “future,” “could,” “would,” “project,” “plan,”
“target,” and similar expressions are intended to identify
forward-looking statements, though not all forward-looking
statements use these words or expressions. These statements are
neither promises nor guarantees, but involve known and unknown
risks, uncertainties and other important factors that may cause our
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements, including
but not limited to the factors, risks and uncertainties included in
our Annual Report on Form 10-K for the fiscal year ended December
31, 2022, as such factors may be updated from time to time in our
other filings with the Securities and Exchange Commission (the
“SEC”), accessible on the SEC’s website at www.sec.gov and the
Investor Relations section of our website at
www.virgingalactic.com, which could cause our actual results to
differ materially from those indicated by the forward-looking
statements made in this press release. Any such forward-looking
statements represent management’s estimates as of the date of this
press release. While we may elect to update such forward-looking
statements at some point in the future, we disclaim any obligation
to do so, even if subsequent events cause our views to change.
The following email was sent to all Virgin Galactic employees
today, November 7, 2023 by Virgin Galactic CEO Michael
Colglazier.
Hi Team,
We spoke in our town halls last month about the success of our
recent spaceflights and the incredible experience that is being
delivered to our early astronauts. We also spoke about the need to
focus our resources on the work that will create long-term
financial health and success for our company. As we discussed, our
Delta Class ships will drive the capacity, growth, and
profitability of our company, and we must focus our efforts on
bringing these ships into service.
I’m writing today to share news that we will be streamlining our
work outside of the Delta program, and we will be making related
reductions in both staff and expenses. This is a difficult
decision, as reductions in our workforce have direct and indirect
impacts on our team, our co-workers, and our friends. I want to
share how I arrived at this decision, what the process will be for
those who are leaving, and what happens next.
Why are we making this decision?
To profitably scale our business, we must first invest upfront
capital to create a fleet of ships based on a standardized
production model — the Delta Class ships. At the same time, it has
been imperative for us to demonstrate the value and potential of
our product by bringing our initial ships, Unity and Eve, into
commercial service. Both of these initiatives consume substantial
resources, and both have been critical to our company. We have
successfully advanced both of these important efforts in parallel,
and we have been able to support our funding needs along the way
with access to capital markets.
Recently, however, uncertainty has grown in the capital markets.
Interest rates remain high, which adds pressure to companies who
are investing today for profits that will come in the future.
Geopolitical unrest continues to expand, and the combination of
these factors makes near-term access to capital much less
favorable. We are going to succeed in this environment by focusing
our full company efforts on the safe, efficient, and successful
completion of our Delta program that will allow us to create
positive cash flow.
The Delta ships are powerful economic engines. To bring them
into service, we need to extend our strong financial position and
reduce our reliance on unpredictable capital markets. We will
accomplish this, but it requires us to redirect our resources
toward the Delta ships while streamlining and reducing our work
outside of the Delta program.
By taking these actions now, we ensure Virgin Galactic continues
to have access to the funding needed to deliver on our mission —
bringing the wonder of space to both our existing customers and to
the generations of customers who will follow.
What is the process for letting me know if I am being
impacted?
Beginning this afternoon and extending through Thursday, we will
be making phone calls to each of you to confirm your employment
status. It will take a bit longer to reach everyone vs. simply
sending an email, but we want to have personal discussions as much
as possible. As a company, we will be working from home during the
remainder of this week, as on-site work locations will be
unavailable through the end of the week.
What happens next?
These actions, while necessary, come with great impact. Our
teammates who will be leaving Virgin Galactic are talented,
purpose-driven, and they excel in their professions… and it is
deeply unfortunate to part ways with some of our co-workers and
friends.
To those who will be leaving, I am very sorry these changes will
impact you so directly. I want to thank each of you for the talent,
passion, and perseverance you have put into our company each day —
we became a commercial Spaceline this year thanks to your efforts,
and I am grateful to you for the work you have done to advance the
dream of opening access to space for generations to come.
To the larger teams who are not directly impacted, I know these
changes can be unsettling and disruptive. Our friends and
co-workers who are leaving are part of Virgin Galactic’s story and
success, and while they will become a part of our history, we will
miss them in our day to day interactions.
This is a tough moment… but these actions are being taken to
remove reliance on unpredictable capital markets, and these actions
protect our ability to succeed as we build and lead our industry
through the long term. I ask for your understanding and continued
engagement as we adjust our operating focus and move forward.
We will be sharing more about the plans that will take us
successfully forward during our earnings call tomorrow afternoon.
Next week, we will gather both in larger groups and smaller teams
to answer your questions about program plans, share company
economics in greater detail, and align our focus towards profitably
scaling up our spaceship fleet for a global audience.
Michael
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version on businesswire.com: https://www.businesswire.com/news/home/20231107369107/en/
For media inquiries: Aleanna Crane – Vice President,
Communications news@virgingalactic.com 575.800.4422
For investor inquiries: Eric Cerny – Vice President,
Investor Relations vg-ir@virgingalactic.com 949.774.7637
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