After tripling their workforce over the course of the last year, Astra formally told investors on Tuesday that it laid off 16% of its workforce as part of a wider strategy to increase shrinking financial runway and decrease their expenses.
Astra also said it would reduce near-term investments in space services to grow its core businesses, specifically launch and spacecraft engines.
Astra ended the quarter with $151 million in cash, reporting $2.8 million in revenue from its spacecraft engines and a net loss of $199.1 million, and adding that it anticipates payroll savings from the layoffs to be evident during the first quarter of 2023.
