Virgin Orbit back in business after furloughing staff

Richard Branson's Virgin Orbit is back in business after temporarily halting operations and furloughing employees, sending shares skyward. The launch services company said in a regulatory filing that the company is beginning an incremental resumption of its operations beginning on Thursday to prepare for its next mission.

Last week, Virgin Orbit temporarily paused all work and temporarily laid off most of its employees, about two months after the aerospace firm suffered a mid-flight rocket failure while trying to send several satellites into space.

The last year, the shares were down 90%.

John Lonski, president of Thru the Cycle, said FOX Business Virgin Orbit's rally is still low compared to the $8.04 earnings per share the company reached at the end of 2021. He said that Virgin Orbit was able to recall employees, but the company remains a highly speculative play. Only buy as much as you can afford to lose, but there may be better long shots out there as questions about the company's technology persists. The cash-starved Virgin Orbit is nearing a $200 million investment from Texas-based venture capital investor Matthew Brown via private share placement, according to a term sheet seen by Reuters.

Virgin Orbit, one of several companies competing to commercialize the space industry, uses a modified Boeing 747 dubbed Cosmic Girl to launch rockets mid-air and carry its payload to orbit.