The aircraft carrier VMS Eve lifts off from Spaceport America in New Mexico, carrying the spacecraft VSS Unity on July 11, 2021.
Virgin Galactic
The space tourism company Virgin Galactic postponed the start of its commercial flights for another three months on Thursday, citing delays in renovation work on its transport planes.
Virgin Galactic announced that commercial service will be delayed 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% over the past 12 months.
The company currently has one transport aircraft, or “mother ship,” called VMS Eve, which is about 14 years old and undergoing a lengthy refurbishment. The jet-powered mothership plays a key role in Virgin Galactic flights by carrying the company’s spacecraft up to about 50,000 feet in altitude for launch.
Virgin Galactic reported a second-quarter adjusted EBITDA loss of $93 million, up from a loss of $77 million in the previous quarter. The company has $1.1 billion in cash on hand. It 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.”