Virgin Orbit Suffers Net Loss of $157.3 Million in 2021

LauncherOne ignites after being dropped from Cosmic Girl. (Credit: Virgin Orbit)
  • Successfully launched 7 customer satellites onboard its LauncherOne rocket during the Above the Clouds mission on January 13, 2022, the company’s third successful launch.
  • Full year 2021 revenue increased to $7.4 million, up from $3.8 million in the prior year period.
  • Growing backlog of contracts, including selection by NASA’s launch service program to support the agency’s VADR missions.
  • Completed its going public transaction and began trading on the Nasdaq stock exchange on December 30, 2021.

LONG BEACH, Calif. (Virgin Orbit PR) — Virgin Orbit (Nasdaq: VORB) (“Virgin Orbit” or the “Company”), the responsive launch and space solutions company, today announced its financial results for the fourth quarter and full year ended December 31, 2021.

Virgin Orbit’s Chief Executive Officer, Dan Hart, commented, “2021 marked a transformational year for Virgin Orbit as we completed several strategic milestones, including successful launches in 2021 and January 2022, the completion of our going public transaction and significant expansion of our global partners and customers. We are rapidly growing our backlog which provides launch visibility, and we continue to see a favorable response in the market for our services and launch capabilities.”

Mr. Hart continued, “As we look ahead to 2022, we are well-positioned to execute on multiple launches with a diverse set of customers and geographies. This includes the first ever space launch from the United Kingdom, which is made possible by our flexible launch capabilities. Our pipeline of opportunities has continued to grow as governments and private companies recognize the value proposition of our services.”

Recent Business Highlights:

  • Flew three launches with 100% mission success since January 2021, carrying 26 satellites to space serving all key customer groups.
  • Signed a new launch contract with Arqit Quantum Inc. that covers five dedicated launches.
  • Signed an MOU with Astroscale Holdings Inc. to establish a new partnership to seek opportunities to cooperate on a series of space initiatives.
  • Selected by NASA to provide launch services for the VADR missions.
  • Signed an MOU with ANA Holdings to provide up to twenty launches.
  • Participated in the G7 Summit and met with the British and Australian Prime Ministers.
  • Awarded a funded study with the Missile Defense Agency.
  • Signed several strategic investment agreements to enhance the Company’s space activities.
  • Completed a going public transaction with NexGen Acquisition Corp. II and began trading on the Nasdaq exchange on December 30, 2021.

2021 Financial Highlights:

  • As of December 31, 2021, our binding and non-binding backlog was $575 million, an increase of over 500% from $86 million at the end of 2020. Of this, binding agreements was $152 million, an increase of more than 75% from $86 million at the end of 2020.
  • Full year revenue of $7.4 million, up from $3.8 million in prior year period.
  • Full year operating loss of $(171.4) million, compared to an operating loss of $(179.5) million in the prior year period.
  • Full year net loss of $(157.3) million, compared to a net loss of $(121.7) million in the prior year period.
  • Full year Adjusted EBITDA of $(140.4) million, improved from $(157.5) million in the prior year period.
  • Cash and cash equivalents of $194.2 million as of December 31, 2021, up from $22.4 million as of December 31, 2020.
  • Capital Expenditures totaled $25.3 million for the year ended December 31, 2021, up from $13.3 million as of December 31, 2020.

Conference Call Information:

The Company will conduct a conference call starting at 4:30 pm ET on Tuesday, March 29, 2022 to review the results for the fourth quarter and full year ended December 31, 2021.

Participants may access the call at 1-877-407-0792, international callers may use 1-201-689-8263, and request to join the Virgin Orbit earnings call. A live webcast along with supplemental information will also be available at https://investors.virginorbit.com/news-events/ir-calendar.

A telephonic replay will be available shortly after the conclusion of the call and until Tuesday, April 12, 2022. Participants may access the replay at 1-844-512-2921, international caller may use 1-412-317-6671 and enter access code 13727987. An archived replay of the call will be available on the investors portion of the Virgin Orbit website at https://investors.virginorbit.com/.

ABOUT VIRGIN ORBIT

Virgin Orbit operates one of the most flexible and responsive space launch systems ever built. Founded by Sir Richard Branson in 2017, the company began commercial service in 2021, and has already delivered commercial, civil, national security, and international satellites into orbit. Virgin Orbit’s LauncherOne rockets are designed and manufactured in Long Beach, California, and are air-launched from a modified 747- 400 carrier aircraft that allows Virgin Orbit to operate from locations all over the world in order to best serve each customer’s needs.