Virgin Galactic is planning to conduct its first spaceflight in nearly two years later this month, although the company’s first-quarter loss has significantly increased as it invests in fleet expansion.
For the quarter ending March 31, Virgin Galactic reported a net loss of $159.4 million, or 57 cents per share, compared with a loss of $93.1 million, or 36 cents per share, in the same period the previous year.
Virgin Galactic’s cash and securities totaled $874 million at the end of the quarter, down from approximately $980 million at the end of the fourth quarter. The company reported minimal revenue.
Virgin Galactic attributed the increased loss to “increases in research and development expenses,” according to a press release. CEO Michael Colglazier stated that the company is “making steady progress on the development of our Delta Class spaceships.”
The company is preparing to launch its VSS Unity spacecraft for the first time since flying Sir Richard Branson in July 2021. The next spaceflight, scheduled for the end of May, will carry a crew of company employees on a mission to verify its work.
Virgin Galactic paused launches for an extensive refurbishment period of its vehicles and aims to fly its first commercial mission in “late June.”
The space tourism company reported an adjusted EBITDA loss of $140 million, compared with a $77 million loss in the same period a year ago.
Shares of Virgin Galactic stock dropped more than 1% in after-hours trading, from a closing price of $4.09 per share. Despite this, the stock has risen about 17% since the beginning of the year.
