Struggling space firm Astra has reduced its overall workforce by approximately 25 per cent, including a reduction of approximately 70 employees.
The affected employees primarily supported the company's launch, SG&A, and shared services functions.
Astra Space announced a strategic reallocation of its workforce from its Launch Services organisation to its Astra Spacecraft Engines business to support its growing customer base and order backlog of its spacecraft engines.
Astra last announced 278 cumulative committed orders of the Astra Spacecraft Engine, representing approximately $77 million of contract value.
In support of the Astra Spacecraft Engine business, Astra has reallocated approximately 50 engineering and manufacturing personnel from Launch Services to Space Products, it said in a statement.
"We are intensely focused on delivering on our commitments to our customers, which includes ensuring we have sufficient resources and an adequate financial runway to execute on our near-term opportunities," said Chris Kemp, Founder, Chairman and CEO.
According to preliminary second-quarter financial results, Astra is expected to have revenues between $0.5-$1 million, while having just $26-$26.5 million in cash on hand.
Astra, a rocket startup based in the US that went public in 2021, fired 16 per cent of its staff last year as part of a wider strategy to increase the shrinking financial runway and decrease expenses.
The company expected to conduct initial flight tests in late 2023.
Eager to join Assam’s transformational journey: Gautam Adani
Assam is on a path to greatness amid several ongoing transformative projects and we are honoured to walk this path alongside you, Gautam Adani, Chairman of the Adani Group, said here on Tuesday.
Andhra announces Rs.10 lakh each for kin of three people killed by elephants
The government of Andhra Pradesh has announced Rs.10 lakh compensation each for the kin of the three devotees trampled to death by a herd of wild elephants in Annamayya district in the early hours of Tuesday.
Delhi CM Rekha Gupta tables CAG report in Assembly; Speaker says 'blocking it a criminal offence'
Delhi Chief Minister Rekha Gupta on Tuesday tabled the Comptroller and Auditor General (CAG) report in the Assembly, amid constant rounds of political sparring and squabbling between Aam Aadmi Party (AAP) and the BJP.
Crime rate in Bangladesh surges under Yunus-led interim government
The crime rate in Bangladesh is increasing at an alarming rate, according to the police data, which shows that in January, cases of murder, abduction, robbery, burglary, and theft have all seen a spike across the country and have been the worst compared to the last six years.
Adani Group to invest Rs 50,000 crore in Assam to boost infra, create jobs
The Adani Group on Tuesday announced a massive Rs 50,000 crore investment in Assam, marking one of the highest-ever investment commitments by a business group to the state.
Today, the world trusts India's governance which is constantly reforming: PM Modi
Prime Minister Narendra Modi, while addressing the Advantage Assam Summit in Guwahati on Tuesday, highlighted India’s growing global influence, robust economic policies, and the state's rapid development under the double engine government of the BJP.
Advantage Assam: PM Modi hails role of Northeast in building prosperous India
Prime Minister Narendra Modi inaugurated the Advantage Assam 2.0 investors' summit in Guwahati on Tuesday, emphasizing that Eastern India has always played a crucial role in shaping a prosperous India.
Delhi Assembly: 12 AAP MLAs suspended for the day
A total of 12 Aam Aadmi Party (AAP) MLAs were suspended from the Delhi Assembly for unruly behaviour during the Lt. Governor's address on Tuesday.