The launch vehicle VMS Eve lifts off from Spaceport America in New Mexico carrying the VSS Unity spacecraft on July 11, 2021.
Virgin Galactic
Space tourism company Virgin Galactic on Thursday delayed the start of commercial flights by another three months, citing delays in work to refurbish its launch vehicles.
Virgin Galactic has announced that commercial service is being pushed back to the second quarter of 2023, the latest setback for the debut of its space tourism business. The company had previously pushed back the date from the fourth quarter of this year to the first quarter of next year.
Its shares fell more than 10% in after-hours trading from closing at $8.19 a share. Shares are down more than 70% in the past 12 months.
The company currently has one aircraft carrier, or “mother ship,” called VMS Eve, which is about 14 years old and undergoing extensive refurbishment. The jet-powered mothership plays a key role in Virgin Galactic’s flights, carrying the company’s spacecraft to about 50,000 feet above sea level for launch.
Virgin Galactic reported a second-quarter adjusted EBITDA loss of $93 million, larger than a loss of $77 million in the prior quarter. The company has $1.1 billion in cash. The company also said it plans to sell up to $300 million in common stock, which the company said is intended to add “financial flexibility going forward.”
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