Virgin Galactic earnings for the third quarter of 2022

Virgin Galactic pilots walk towards the SpaceShipTwo Unity spacecraft attached to the Eve jet carrier.

Virgin Galaxy

Virgin Galaxy on Thursday reported larger losses in the third quarter compared to last year, and CEO Michael Colglazier outlined the remaining steps before the space tourism company intends to launch its long-delayed service next year.

“As we move closer to commercial services, we are realizing the importance of returning to spaceflight,” Colglaser said on a conference call.

The company said it was almost done with a long period of downtime to repair and upgrade its vehicles. Colglazier said work on the VSS Unity spacecraft has been completed and work on the VMS Eve carrier aircraft should be completed by the end of December.

Virgin Galactic will then move on to a series of test flights in the first quarter, which Colglaser said will begin with a VMS Eve test flight in early January. The company will then conduct a “gliding flight” test with both VMS Eve and VSS Unity, before moving on to test space flight with a Virgin Galactic mission specialist.

The commercial service will be marked by the launch of a previously announced flight with members of the Italian Air Force scheduled for the second quarter before moving on to further private client flights. There are about 800 clients in the company’s portfolio.

Shares of Virgin Galactic are down 66% this year as of the end of Thursday at $4.58.

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For the quarter, the company reported an adjusted EBITDA loss of $129 million, compared to a loss of $68 million a year ago on negligible revenue. The company has about $1.1 billion in cash and has completed an “on the market” placement of common stock that has raised $100 million.

Virgin Galactic is highlighting the potential of its Delta-class spacecraft series, which is due to begin work next year. But Colglaser noted that as the company prioritizes launching commercial services and building Delta-class spacecraft, this “is likely to affect the pace of work on our second VSS Imagine spacecraft,” which was supposed to bolster Virgin Galactic’s short-term outlook. capabilities.

“We are revisiting its commercial commissioning schedule,” Colglazier said.

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