Virgin Galactic, a space tourism firm, announced on Thursday that the start of its commercial flights would be delayed by an additional three months due to delays in the refurbishment of its carrier aircraft.
The latest delay for the launch of Virgin Galactic’s space tourism company is the delay of commercial service until the second quarter of 2023. Previously, the corporation had moved the deadline from the fourth quarter of this year to the first quarter of the following year.
After-hours trading saw the shares fall more than 10% from their $8.19 closing per share. Over the last 12 months, the stock price has decreased by more than 70%.
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VMS Eve, the company’s sole carrier aircraft or “mothership,” is around 14 years old and undergoing a thorough renovation. The jet-powered mothership is a crucial component of Virgin Galactic’s missions since it raises the company’s spacecraft to a launch altitude of around 50,000 feet.
Virgin Galactic reported an adjusted EBITDA loss of $93 million for the second quarter, which was a larger loss than the $77 million loss in the prior quarter. There is $1.1 billion in cash on hand for the business. Additionally, it stated that it intended to sell up to $300 million worth of ordinary shares to increase its “financial flexibility moving ahead.”