Virgin Orbit’s carrier aircraft Cosmic Girl takes off from Mojave Air and Space Port with LauncherOne underwing for the Tubular Bells: Part One mission on June 30, 2021. Photo: Virgin Orbit.

Virgin Orbit’s revenue was up in 2021, but the company’s net loss increased as well. The smallsat launcher released its first-ever, full year financial results on March 29, after becoming a public company at the end of 2021. 

2021 was a crucial year for Virgin Orbit. Not only did the company go public, but it also flew its first two launches, followed by a third launch in early 2022. The January 2021 launch made its LauncherOne rocket the first orbital class, air-launched, liquid-fueled rocket to successfully reach space. 

Revenue grew 95% compared to 2020 — full year revenue was $7.4 million, up from $3.8 million in the prior year, due to the successful launches. Full year net loss was $157.3 million, compared to a net loss of $121.7 million in 2020. Operating loss in 2021 was $171 million. 

Capital expenditures totaled $25.3 million in 2021, up from $13.3 million in 2020. 

The company reports a backlog of $575 million including binding and non-binding contracts. This is an increase of over 500% from the end of 2020. Binding agreements accounted for $152 million, an increase of more than 75% at the end of 2020.

Virgin Orbit did not provide guidance for 2022. On a Tuesday conference call with investors, CEO Dan Hart said Virgin Orbit is targeting its second launch of 2022 in the second quarter, followed by its first international launch from Spaceport Cornwall in the U.K. later this year. Virgin Orbit plans to “at least double” its launch rate to between four and six launches, Hart said. 

“We expect increasing demand for launch and the associated space services that support it, coming from commercial space, national security and civil space, both within the U.S. and across the world,” Hart said on the call. “We believe Virgin Orbit is well-positioned at this critical time, having proven our system and moved into operations. This is a notable differentiator, as many of our competitors vying to enter the industry do not have demonstrated technology or demonstrated repeatable operations.”