By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

News Junction

Notification Show More
Font ResizerAa
  • Home
  • World News
    World NewsShow More
    A book points to Biden’s decline and Democrats’ cowardice: 6 takeaways
    A book points to Biden’s decline and Democrats’ cowardice: 6 takeaways
    May 14, 2025
    In one Indian city, reflective paint and bus stop sprinklers offer relief from killer heat
    In one Indian city, reflective paint and bus stop sprinklers offer relief from killer heat
    May 14, 2025
    Ousted Bangladesh PM Hasina’s party barred from election as party registration suspended
    Ousted Bangladesh PM Hasina’s party barred from election as party registration suspended
    May 14, 2025
    Cassandra Ventura testifies, tells jury freak offs became a job
    Cassandra Ventura testifies, tells jury freak offs became a job
    May 13, 2025
    White South Africans arrive in US after Trump administration granted them refugee status | World News
    White South Africans arrive in US after Trump administration granted them refugee status | World News
    May 13, 2025
  • Business
    BusinessShow More
    Ukraine blows up bridges to consolidate its positions in Russia
    Ukraine blows up bridges to consolidate its positions in Russia
    August 18, 2024
    Commentary: AI phones from Google and Apple will erode trust in everything
    Commentary: AI phones from Google and Apple will erode trust in everything
    August 18, 2024
    The most famous Indian Dishes – Insights Success
    The most famous Indian Dishes – Insights Success
    August 18, 2024
    Life on the road as a female long rides cyclist
    Life on the road as a female long rides cyclist
    August 18, 2024
    UK inflation rises to 2.2%
    UK inflation rises to 2.2%
    August 18, 2024
  • Cryptocurrency
    CryptocurrencyShow More
    Dogecoin Price Completes Weekly Close Above Pre-Halving Highs, Next Stop Above alt=
    Dogecoin Price Completes Weekly Close Above Pre-Halving Highs, Next Stop Above $0.2?
    May 14, 2025
    Cantor Equity Partners (CEP) News: 4,812 Bitcoin Purchased
    Cantor Equity Partners (CEP) News: 4,812 Bitcoin Purchased
    May 14, 2025
    BTC, ETH, XRP, BNB, SOL, ADA, DOGE, PI, LEO, HBAR
    BTC, ETH, XRP, BNB, SOL, ADA, DOGE, PI, LEO, HBAR
    May 14, 2025
    Altcoins’ roaring returns and falling USDT stablecoin dominance suggest ‘altseason’ is here
    Altcoins’ roaring returns and falling USDT stablecoin dominance suggest ‘altseason’ is here
    May 14, 2025
    How to Use tsUSDe on TON for Passive Dollar Yield in 2025
    How to Use tsUSDe on TON for Passive Dollar Yield in 2025
    May 13, 2025
  • Technology
    TechnologyShow More
    How to Improve Your Spotify Recommendations
    How to Improve Your Spotify Recommendations
    August 18, 2024
    X says it’s closing operations in Brazil
    X says it’s closing operations in Brazil
    August 18, 2024
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    August 18, 2024
    Scientists Want to See Videos of Your Cat for a New Study
    Scientists Want to See Videos of Your Cat for a New Study
    August 18, 2024
    OpenAI’s new voice mode let me talk with my phone, not to it
    OpenAI’s new voice mode let me talk with my phone, not to it
    August 18, 2024
  • Entertainment
  • Sports News
  • People
  • Trend
Reading: Astra lays off 25% of workforce, reallocates engineers, in an effort to fight dwindling cash reserves
Share
Font ResizerAa

News Junction

  • World News
  • Business
  • Technology
  • Cryptocurrency
  • Trend
  • Entertainment
Search
  • Recent Headlines in Entertainment, World News, and Cryptocurrency – NewsJunction
  • World News
  • Business
  • Cryptocurrency
  • Technology
  • Entertainment
  • Sports News
  • People
  • Trend
Have an existing account? Sign In
Follow US
News Junction > Blog > Technology > Astra lays off 25% of workforce, reallocates engineers, in an effort to fight dwindling cash reserves
Astra lays off 25% of workforce, reallocates engineers, in an effort to fight dwindling cash reserves
Technology

Astra lays off 25% of workforce, reallocates engineers, in an effort to fight dwindling cash reserves

Published August 5, 2023
Share
3 Min Read
SHARE

Astra has laid off 25% of its workforce since the beginning of the quarter and is reallocating at least 50 engineers and manufacturing staff away from its launch business to focus on spacecraft production, the company said Friday.

The reallocation and layoffs are expected to delay testing of the under-development Rocket 4 and Launch System 2.0, Astra said. The affected employees worked in the company’s launch, sales and administration and “shared services” departments. Workforce reductions are expected to save the company over $4 million per quarter beginning in the fourth quarter of this year.

Astra, which is facing dwindling cash reserves, is no doubt looking for a way to further reduce operating expenses while also bolstering its spacecraft engine business, the only business unit that currently has a near-term chance of generating revenue. The spacecraft engine technology is sourced from Astra’s acquisition of propulsion developer Apollo Fusion, which closed the day Astra went public in July 2021.

Indeed, Astra said that it had closed 278 committed orders of the Astra Spacecraft Engine product through the end of March, which totals around $77 million in contracts once the engines are delivered. A “substantial majority” of these orders will be delivered through the end of 2024, the company said.

“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,” Chris Kemp, CEO and founder, said in a statement.

Astra also said that it had engaged investment bank PJT Partners as a financial advisor as it looks for more capital to continue operations. That includes “potential strategic investments in the Astra Spacecraft Engine business to strengthen Astra’s balance sheet,” the company said. Separately, Astra said it had raised $10.8 million in a debt sale to investment group High Trail Capital.

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.

This is not the first time major layoffs have hit the space company. Last November, Astra announced it had let go of 16% of its employees, also to focus on launch and spacecraft engines.

#Astra #lays #workforce #reallocates #engineers #effort #fight #dwindling #cash #reserves

TAGGED:AstracashdwindlingeffortengineersfightLaysreallocatesReservesworkforce
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article welcome to the engine room welcome to the engine room
Next Article Block reports a 34% increase in its second-quarter Bitcoin revenue Block reports a 34% increase in its second-quarter Bitcoin revenue
- Advertisement -

Latest Post

A book points to Biden’s decline and Democrats’ cowardice: 6 takeaways
A book points to Biden’s decline and Democrats’ cowardice: 6 takeaways
World News
Dogecoin Price Completes Weekly Close Above Pre-Halving Highs, Next Stop Above alt=
Dogecoin Price Completes Weekly Close Above Pre-Halving Highs, Next Stop Above $0.2?
Cryptocurrency
In one Indian city, reflective paint and bus stop sprinklers offer relief from killer heat
In one Indian city, reflective paint and bus stop sprinklers offer relief from killer heat
World News
Cantor Equity Partners (CEP) News: 4,812 Bitcoin Purchased
Cantor Equity Partners (CEP) News: 4,812 Bitcoin Purchased
Cryptocurrency
BTC, ETH, XRP, BNB, SOL, ADA, DOGE, PI, LEO, HBAR
BTC, ETH, XRP, BNB, SOL, ADA, DOGE, PI, LEO, HBAR
Cryptocurrency
Ousted Bangladesh PM Hasina’s party barred from election as party registration suspended
Ousted Bangladesh PM Hasina’s party barred from election as party registration suspended
World News
- Advertisement -

You Might Also Like

Meta won’t recommend political posts on Instagram and Threads
Technology

Meta won’t recommend political posts on Instagram and Threads

February 11, 2024
Investors: Discover pipeline possibilities at TechCrunch Disrupt 2023
Technology

Investors: Discover pipeline possibilities at TechCrunch Disrupt 2023

August 8, 2023
Nintendo Turned Gary Bowser Into a Real-Life Villain
Technology

Nintendo Turned Gary Bowser Into a Real-Life Villain

February 2, 2024
Bitcoin Miner Reserves Fall To Lowest Level Since 2018 – A Worry For BTC Price?
Cryptocurrency

Bitcoin Miner Reserves Fall To Lowest Level Since 2018 – A Worry For BTC Price?

February 3, 2024

About Us

NEWS JUNCTION (NewsJunction.xyz) Your trusted destination for global news. Stay informed with our timely and accurate reporting on diverse topics, including politics, technology, science, entertainment, sports, and more. Count on us for unbiased and reliable updates at your fingertips.

Quick Link

  • About
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • Contact

Top Categories

  • World News
  • Business
  • Technology
  • Entertainment
  • Cryptocurrency
  • Sports News
  • Trend
  • People

Subscribe

Subscribe to our newsletter to get our newest articles instantly!

    © 2023 News Junction.
    • Blog
    • Advertise
    • Contact
    Welcome Back!

    Sign in to your account

    Username or Email Address
    Password

    Lost your password?