Virgin Galactic once more delays house tourism flights, to second quarter 2023


Service plane VMS Eve takes off from Spaceport America in New Mexico, carrying spacecraft VSS Unity on July 11, 2021.

Virgin Galactic

House tourism firm Virgin Galactic on Thursday postponed the start of its industrial flights by one other three months, citing delays in work refurbishing its service plane.

Virgin Galactic introduced that industrial service is being pushed again to the second quarter of 2023, the most recent setback for the debut of its house tourism enterprise. The corporate had beforehand pushed again the date from the fourth quarter of this yr to the primary quarter of subsequent yr.

Its inventory dropped greater than 10% in after-hours buying and selling from its shut of $8.19 a share. The inventory is down greater than 70% over the previous 12 months.

The corporate presently has one service plane, or “mothership,” known as VMS Eve, which is about 14 years previous and is undergoing a lengthy refurbishment. The jet-powered mothership performs a key function in Virgin Galactic’s flights by carrying the corporate’s spacecraft as much as about 50,000 ft altitude for launch.

Virgin Galactic reported a second-quarter adjusted EBITDA lack of $93 million, wider than the lack of $77 million within the earlier quarter. The corporate has $1.1 billion in money available. It additionally stated it plans to promote as much as $300 million in frequent inventory, which the corporate stated is meant so as to add “monetary flexibility going ahead.”

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