Struggling space company Astra is cutting 25% of its workforce and restructuring to focus more on its spacecraft engine business.
is cutting 25% of its workforce, the company announced on Friday, and restructuring to focus more on its spacecraft engine business, which will delay progress on the small rocket it has been developing.
Astra is cutting about 70 employees, as well as reallocating about 50 personnel from its rocket development program over to its space products unit, which builds the company's spacecraft engines."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," Astra chairman and CEO Chris Kemp said in a statement.
The workforce reductions are expected to result in $4 million in quarterly cost savings, beginning in the fourth quarter. Astra noted that it had 278 total orders for spacecraft engines, as of four months ago, worth about $77 million in contracts. It expects to deliver on "a substantial majority" of those orders by the end of 2024.
In a separate filing Friday, Astra said it raised $10.8 million in net proceeds from selling debt to investment group High Trail Capital.
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