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Virgin Galactic SPCE earnings Q1 2021 outcomes 


Virgin Galactic’s service plane releases its spacecraft Unity throughout a glide flight take a look at.

Virgin Galactic

Virgin Galactic delivered first quarter outcomes after the market closed on Monday, saying that it has but to set a goal date for its subsequent spaceflight take a look at, which the corporate beforehand deliberate for this month.

“Timing of subsequent flight take a look at is presently being evaluated,” the corporate mentioned in a press launch.

The area tourism firm reported an adjusted EBITDA lack of $55.9 million, down barely from a lack of $59.5 million million within the earlier quarter and under the adjusted EBITDA lack of $63.6 million anticipated by analysts surveyed by FactSet.

The corporate booked zero {dollars} of income within the quarter, because it did within the prior quarter. Virgin Galactic has about $617 million in money available on the finish of the primary quarter, down from about $666 million within the fourth quarter.

Shares of Virgin Galactic fell greater than 3% in after hours buying and selling, having closed down 8% at $17.95 a share on Monday.

The inventory has fallen 24% yr to this point – having dropped greater than 70% from highs above $60 a share hit in February.

Virgin Galactic’s inventory losses accelerated over the previous two months after delays to its take a look at program, in addition to share gross sales by chairman Chamath Palihapitiya, founder Richard Branson, and Cathie Wooden’s new area ETF. The inventory additionally fell after Jeff Bezos’ enterprise Blue Origin introduced plans to launch the primary crewed flight of its area tourism rocket on July 20, a transfer which UBS warned doubtless removes Virgin Galactic’s first-mover benefit.

The corporate is working to finish growth of its SpaceShipTwo system, with 4 take a look at flights remaining earlier than Virgin Galactic begins business service in 2022.

Virgin Galactic tried the primary of these 4 spaceflight checks in December, however the mission was lower brief by an engine anomaly. The corporate scheduled a repeat of the flight try for February, however then delayed to Might to offer extra time to handle an electromagnetic interference challenge with the spacecraft’s flight laptop.

Within the meantime, Virgin Galactic unveiled the subsequent spacecraft addition to its fleet, VSS Think about, which is the primary of its next-generation SpaceShip III class.

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