Company Directory - Virgin Galactic
Company Details - Virgin Galactic
Virgin Galactic
WebsiteLas Cruces, United States
Virgin Galactic is a pioneering spaceflight company within the Virgin Group, dedicated to providing suborbital spaceflights to space tourists. The company aims to revolutionize space travel by making it accessible to a broader audience, offering unique experiences that include views of Earth from space and the sensation of weightlessness.
CCI Score
CCI Score: Virgin Galactic
-39.66
0.04%
Latest Event
Virgin Galactic Layoffs Impact Workers
On November 12, 2023, Virgin Galactic laid off 73 technical operators in Las Cruces, New Mexico, stating that the cuts were necessary for future growth. A company representative noted that the layoffs mainly involved eliminating some shifts rather than entire departments, with affected employees continuing to receive their salary through early January.
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TOADIE
Virgin Galactic is currently rated as a Toadie.
Latest Events
- NOV122023
On November 12, 2023, Virgin Galactic laid off 73 technical operators in Las Cruces, New Mexico, stating that the cuts were necessary for future growth. A company representative noted that the layoffs mainly involved eliminating some shifts rather than entire departments, with affected employees continuing to receive their salary through early January.
-40
Labor Relations and Human Rights Practices
April 14
The layoffs of 73 technical operators reflect a decision that adversely affects worker stability and rights. By eliminating shifts under the banner of future growth, the company has taken a step that undermines fair labor practices, raising concerns about its commitment to employee welfare and long-term job security.
Virgin Galactic says layoffs were necessary for future growth
- NOV102023
Virgin Galactic announced the layoff of 185 employees, including non-unionized workers in New Mexico, as part of a strategic pause in near-space tourism flights to redirect resources towards developing its new Delta-class spaceplanes.
-50
Labor Relations and Human Rights Practices
April 14
The decision to lay off 185 employees, with a significant portion of those from New Mexico and lacking union representation, reflects a disregard for worker rights and labor stability. Such cost-cutting measures, ostensibly aimed at redirecting resources to future projects, exemplify business practices that undermine ethical labor relations and contribute to the precarious situation of workers, thereby aligning with authoritarian corporate behavior.
- NOV092023
Virgin Galactic laid off 185 employees, about 18% of its workforce, as the company shifts resources to develop next-generation spacecraft while attempting to preserve cash flow. The decision, announced during an earnings call and accompanied by severance payments, raises concerns about the company's commitment to protecting worker rights amid financial pressures.
-40
Labor Relations and Human Rights Practices
April 14
The mass layoffs, which reduce the workforce by 18%, reflect a troubling disregard for worker security and stability. This action undermines labor rights and is indicative of a broader pattern of prioritizing financial expediency over ethical treatment of employees.
- NOV072023
Virgin Galactic announced a realignment of its resources, including a planned workforce reduction to support production of its Delta Class spaceships. The move was explained as a response to capital market uncertainty, though it raises concerns regarding the impact on workers' rights.
-40
Labor Relations and Human Rights Practices
April 14
The planned workforce reduction indicates a move that negatively impacts labor relations and worker security. Cutting jobs to realign resources, particularly without clear safeguards or reassurances for remaining workers, reflects poorly on the company’s commitment to fair labor practices and human rights.
Virgin Galactic Plans Workforce Reduction - Bloomberg Law News
- NOV072023
Virgin Galactic announced a strategic realignment of its resources accompanied by a significant workforce reduction, as the company shifts focus to developing its next-generation Delta-class suborbital vehicles. The decision, outlined in a statement on November 7, 2023, comes amid efforts to conserve resources and reduce reliance on volatile capital markets, raising concerns about the impact on employee job security.
-60
Labor Relations and Human Rights Practices
April 14
The decision to lay off an unspecified number of employees under the guise of a 'strategic realignment' highlights a disregard for workers' rights. From an anti-fascist perspective that prioritizes fair labor practices and job security, such workforce reduction tactics amplify vulnerabilities among employees and contribute negatively to labor relations and human rights practices.
Virgin Galactic lays off staff as it focuses on next-generation suborbital vehicle
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Corporate Financials
- Revenue
- 2025
- $100.00M
- Total Assets
- 2025
- $600.00M
- Total Equity
- 2025
- $95.00M
Industries
- 336415
- Guided Missile and Space Vehicle Propulsion Unit and Propulsion Unit Parts Manufacturing
- 481212
- Nonscheduled Chartered Freight Air Transportation
- 488190
- Other Support Activities for Air Transportation
- 541715
- Research and Development in the Physical, Engineering, and Life Sciences (except Nanotechnology and Biotechnology)