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An aerial view of the VMS Eve carrier aircraft, left, and the VSS Unity spacecraft, at Spaceport America in New Mexico on February 27, 2023.
Virgo galaxy
Virgo galaxy It aims to launch its first spaceflight in nearly two years later this month, but the company’s first-quarter loss widened dramatically as it funds growth for its fleet.
For the quarter ended March 31, Virgin Galactic reported a net loss of $159.4 million, or 57 cents per share, compared to a loss of $93.1 million, or 36 cents per share, a year earlier.
Virgin Galactic had cash and securities totaling $874 million at the end of the quarter, down from about $980 million at the end of the fourth quarter. I reported the minimum revenue.
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Virgin Galactic cited “increases in research and development expenditures,” in a press release. CEO Michael Colglazier said the company is “making steady progress in developing Delta-class spaceships.”
The company is preparing to launch its VSS Unity vehicle for the first time since its flyby of Sir Richard Branson in July 2021. The upcoming spaceflight, scheduled for the end of May, will carry a crew of company employees on a mission to verify its operation. It has held up launches for an extended refurbishment of its vehicles, with Virgin Galactic aiming to fly its first commercial mission in “late June.”
The space tourism company reported an adjusted EBITDA loss of $140 million, compared to a loss of $77 million in the same period last year.
Shares of Virgin Galactic fell more than 1% in after-hours trading, from closing at $4.09 a share. The stock is up about 17% since the start of the year.
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