Virgin Orbit Holdings Inc (NASDAQ:VORB) said it will make its next flights in "coming weeks" after an investigation into the failed UK space flight last week found the fault was a "$100 part" that had become dislodged.
Worries about the company after the UK failure and its dependence on a series of top-up fundraisings from founder Sir Richard Branson - the latest last week - has resulted in the share price plunging 55% over the past six months.
Chief executive Dan Hart said at a satellite conference in California that the reason the LauncherOne rocket's second-stage prematurely shut down and resulted it not achieving its first commercial mission was linked to a relatively cheap filter.
“Everything points to, right now, a filter that was clearly there when we assembled the rocket but was not there as the second stage engine started, meaning it was dislodged and caused mischief downstream,” he said, according to a report in SpaceNews.
Virgin was now looking at replacements for future missions, with the investigation still ongoing and jointly overseen by the UK Air Accidents Investigation Branch and the US Federal Aviation Administration.
Hart said preparation are ongoing for the next LauncherOne launch from the Mojave Air and Space Port in California, the company's base.
And he said the company was focused on "ramping this year" as demand grows.