Virgin Orbit, a California-based launch services provider, announced it will be halting operations for the duration of one week, along with furloughing nearly all staff as the company seeks funding for business activity.

A small number of employees are to remain onboard during this operational pause. Employees on furlough will not be paid, but will be given the option to cash in their PTO.

An update on the status of operating going forward is to be released in the coming weeks with no further information disclosed at the time of writing this update.

Analyst QuickTake: Crises faced by Virgin Orbit don’t come at a surprise, with the company reportedly struggling financially over the past few months. The company got off to a bad start for the year with the failure of its LauncherOne mission from the UK . Further, over the past four months, Virgin Orbit has received infusions from Virgin Investments Ltd (VIL) totaling USD 60 million in the form of convertible notes carrying interest rates ranging from 10%–16%. While the operational pause is temporary, without a significant lifeline, the company’s outlook remains bleak, given its less than impressive track record of launches which has hindered its ability to generate revenue.