Following a failed mission to launch a payload into orbit, Richard Branson’s satellite launch company has announced it will be slashing 675 jobs, almost the entirety of its workforce, due to an inability to secure funding.

In a filing with the US Securities and Exchange Commission Friday, the California-based company announced it would be eliminating all but 100 positions. It said the layoffs would affect every department and team in the company.

On Thursday afternoon, during an all-hands meeting with employees, CEO Dan Hart said, “Unfortunately, we’ve not been able to secure the funding to provide a clear path for this company. We have no choice but to implement immediate, dramatic and extremely painful changes.” He emphasized it was, “probably the hardest all-hands that we’ve ever done in my life.”

The chief executive noted Virgin Orbit will be ceasing operations, “for the foreseeable future.” He promised the firm will “provide a severance package for every departing” worker with a cash payment, an extension of benefits, and assistance finding a new job. He noted that a “direct pipeline” was already arranged with Richard Branson’s sister company Virgin Galactic for hiring Virgin Orbit’s workers.

The company’s difficulties come on the heels of Virgin Orbit’s failure in January, when it attempted to launch the first satellite from British soil. In February the firm released the results of an investigation into the incident, which showed that a fuel filter on the rocket had become dislodged. That led to an engine overheating and other components malfunctioning as it flew over the Atlantic Ocean.

It was Virgin Orbit’s first launch of a commercial satellite from Western Europe. The company, a subsidiary of Richard Branson’s Virgin Group had conducted several successful launches from US soil, delivering satellites into Earth orbit, after the firm’s initial first launch in 2020, which had ended in failure.