Virgin Galactic Holdings (NYSE: SPCE) achieved a major milestone earlier this year when it finally launched space tourists into orbit. But the company's challenges didn't end there, and the grim realities of the business have set in in the months since that launch.

Shares of Virgin Galactic were down about 8% at 10 a.m. ET Wednesday on word the company is cutting workers as it tries to conserve cash and push toward profitability.

Virgin Galactic was one of the original SPAC stocks, going public in 2019 to great fanfare with a plan to routinely shuttle space tourists into orbit. The company faced several engineering and pandemic-related delays in the years since but has finally established a regular launch cadence and is finally generating revenue.

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Source Fool.com