Virgin Orbit is laying off 90% of its workforce and ceasing operations after failing to secure needed funding.

According to CNBC, CEO Dan Hart broke the news to the company’s employees late Thursday afternoon.

“Unfortunately, we’ve not been able to secure the funding to provide a clear path for this company,” Hart said, according to audio of the 5 p.m. ET meeting obtained by CNBC.

“We have no choice but to implement immediate, dramatic and extremely painful changes,” Hart said, clearly becoming emotional during the call. He said the meeting would be “probably the hardest all-hands that we’ve ever done in my life.”

The company is evidently eliminating 90% of its positions, leaving only 100 employees. The employees being laid off will receive severance packages and have a “direct pipeline” for applying to jobs at sister company Virgin Galactic.

“This company, this team — all of you — mean a hell of a lot to me. And I have not, and will not, stop supporting you, whether you’re here on the journey or if you’re elsewhere,” Hart said.