Virgin Galactic Reports Q3 Net Loss of $48 Million

A view from inside the cockpit. (Credit: Virgin Galactic)
  • Commercial Service on Track for Q4 2022
  • Strong Ticket Sales at Updated Pricing of $450,000 per Seat
  • Demonstrates Value of Differentiated Community Experience
  • Commenced Fleet Enhancement Program to Increase Flight Rate and Extend Vehicle Service Life Ahead of Commercial Launch

LAS CRUCES, N.M., November 8, 2021 (Virgin Galactic PR) — Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or the “Company”) today announced its financial results for the third quarter ended September 30, 2021.

(more…)

Virgin Galactic Delays Italian Flight Test; Start of Commercial Service Delayed to Q4 2022

Richard Branson celebrates the first Virgin Galactic trade on the New York Stock Exchange. (Credit Virgin Galactic)
  • Recent material testing returned new data that requires further analysis
  • Italian Air Force mission to follow enhancement period
  • Potential supplier component issue has been resolved
  • Commercial service expected to commence in Q4 2022

LAS CRUCES, NM (Virgin Galactic PR) — Virgin Galactic today announced that it will now begin its planned enhancement program for VMS Eve and VSS Unity and will conduct the Unity 23 test flight after this work is complete.

(more…)

Virgin Galactic Brings Disney VP to Serve as Chief People Officer

LAS CRUCES, N.M. (Virgin Galactic PR) — Virgin Galactic Holdings, Inc. (NYSE: SPCE) (the “Company” or “Virgin Galactic”), a vertically integrated aerospace and space travel company, today announced that veteran human resources executive Aparna Chitale will join the company as its Chief People Officer (CPO) on September 30, 2021.

Chitale brings over 20 years of strategic experience at multi-national organizations, where she has scaled and led global teams at both public and privately held companies. Most recently, she served as Vice President of Human Resources at Disney Parks Experiences and Products.

Michael Colglazier, Chief Executive Officer of Virgin Galactic, said, “I’m delighted to welcome Aparna to the Virgin Galactic team. She has an outstanding track record building and supporting highly skilled teams across engineering, maintenance, safety, and technical services. Aparna also brings deep experience hiring and developing top talent in global destinations around the world to support rapid growth. This unique background, combined with her proven ability to foster a high performance culture rooted in a diverse and inclusive work environment, will support Virgin Galactic’s ambitious growth strategy.”

(more…)

Virgin Galactic Delays Next SpaceShipTwo Flight

VSS Unity in flight on July 11, 2021. (Credit: Virgin Galactic)

LAS CRUCES, N.M. (Virgin Galactic PR)– Virgin Galactic Holdings, Inc. (NYSE:SPCE) (the “Company” or “Virgin Galactic”), a vertically integrated aerospace and space travel company, today announced an update regarding the timing of its next test flight “Unity 23” with the Italian Air Force.

(more…)

Virgin Galactic Announces First Commercial Research Mission

A view from inside the cockpit. (Credit: Virgin Galactic)
  • “Unity 23” Test Flight Will Mark First Research Customer Mission
  • Partnership with Italian Air Force Marks First Mission of Its Kind led by European Country

LAS CRUCES, N.M. (Virgin Galactic PR) — Virgin Galactic Holdings, Inc. (NYSE: SPCE) (the “Company” or “Virgin Galactic”), a vertically integrated aerospace and space travel company, today announced the manifest for the next rocket-powered test flight of SpaceShipTwo Unity from Spaceport America, which will be the first commercial, human-tended research mission for the Company.

(more…)

Virgin Galactic Raises Ticket Prices to $450,000, Delays Commercial Flights 2 Quarters, and Reports $94 Million 2nd Quarter Net Loss

Richard Branson and other passengers float around in weightlessness. (Credit: Virgin Galactic)

by Douglas Messier
Managing Editor

On July 11, Richard Branson returned from a suborbital journey declaring the start of a new era of flight that would make outer space open to everyone, and promoting a raffle for two averagenauts to fly aboard early flights of Virgin Galactic’s SpaceShipTwo.

Today, Virgin Galactic announced it was hiking the cost of those seats from $250,000 to $450,000 for new ticket buyers. It was the second time the company has raised ticket prices even before any paying passengers have flown. In 2013, the price rose from $200,000 to $250,000. The first paying passengers haven’t even flown yet.

(more…)

Virgin Galactic Successfully Completes First Fully Crewed Spaceflight

Richard Branson and other passengers float around in weightlessness. (Credit: Virgin Galactic)
  • Fourth Spaceflight Tests Private Astronaut and Research Experience
  • First In-Flight Livestream Brings Spaceflight Experience to Audiences Around the World 

LAS CRUCES, N.M. July 11, 2021 (Virgin Galactic PR) – Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“the Company” or “Virgin Galactic”) today announced that VSS Unity successfully reached space, completing the Company’s fourth rocket-powered spaceflight. 

Today’s flight was the 22nd test flight of VSS Unity and the first test flight with a full crew in the cabin, including the Company’s founder, Sir Richard Branson. The crew fulfilled a number of test objectives related to the cabin and customer experience, including evaluating the commercial customer cabin, the views of Earth from space, the conditions for conducting research and the effectiveness of the five-day pre-flight training program at Spaceport America.

(more…)

Virgin Galactic Announces New Contract for Human-tended Research Spaceflight

Scientific payloads in SpaceShipTwo cabin (Credit: Virgin Galactic)

IIAS Researcher Kellie Gerardi to Fly as Payload Specialist on Research Mission

LAS CRUCES, N.M. (Virgin Galactic PR) — Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic”), a vertically integrated aerospace and space travel company, has announced a new contract to fly Kellie Gerardi, a researcher for the International Institute for Astronautical Sciences (IIAS), on a dedicated research flight, during which Kellie will conduct experiments and test new healthcare technologies while she is in space.

(more…)

Virgin Galactic Files to Raise $1 Billion in Stock Sale

A view from inside the cockpit. (Credit: Virgin Galactic)

by Douglas Messier
Managing Editor

Virgin Galactic filed paperwork with the Securities and Exchange Commission (SEC) to issue up to $1 billion in additional stock on Friday at the start of the long Memorial Day weekend. Friday is a traditional day to dump news you don’t want a lot of media coverage about; a long holiday weekend is especially useful for that purpose.

(more…)

Virgin Galactic Completes First Human Spaceflight from Spaceport America, New Mexico

VSS Unity during its first suborbital flight from Spaceport America in New Mexico. (Credit: Virgin Galactic)

LAS CRUCES, N.M. May 22, 2021 (Virgin Galactic PR) — Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“The Company or Virgin Galactic”) today completed its third spaceflight and the first ever spaceflight from Spaceport America, New Mexico. Today’s flight sees New Mexico become the third US state to launch humans into space.

VSS Unity achieved a speed of Mach 3 after being released from the mothership, VMS Eve, and reached space, at an altitude of 55.45 miles before gliding smoothly to a runway landing at Spaceport America.

(more…)

Virgin Galactic Reports $130 Million Q1 Net Loss, Delays Next Flight Test

Flight test, delayed from February, postponed again due to problem discovered on WhiteKnightTwo carrier aircraft. Company will update schedule next week.

LAS CRUCES, N.M., May 10, 2021 (Virgin Galactic PR) – Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or the “Company”), a vertically integrated aerospace and space travel company, today announced its financial results for the first quarter ended March 31, 2021.

“We continue to make strides towards our strategic objectives and have solid momentum as we focus on completing our flight test program,” said Michael Colglazier, Chief Executive Officer of Virgin Galactic. “We are committed to delivering one of the world’s most unique and transformational customer experiences, with safety at the core of everything we do. Our greatest asset is our incredibly talented group of employees, and the strength of the leadership team we have assembled for the next phase of our journey.”

(more…)

Book: Virgin Galactic’s President Moses Believed Company’s Flight Projections were a “Pipe Dream”

Richard Branson’s space tourism company used similar numbers to go public on the New York Stock Exchange. Were investors duped?
Michael Moses

by Douglas Messier
Managing Editor

Nicholas Schmidle’s book about Virgin Galactic and SpaceShipTwo is coming out on Tuesday. In an essay he wrote for The New York Times, he recounted how Virgin Galactic President Michael Moses didn’t believe the company’s own flight projections when they were presented to him by its then-chief financial officer.

At one point, I was leaked a cache of internal documents. Some revealed the depth of Virgin Galactic’s oftentimes shaky grip on reality.

In 2013, Mike Moses, at the time Virgin Galactic’s senior vice president for operations, was sent an email containing a chart from Virgin Galactic’s chief financial officer at the time, Ken Sunshine. The chart showed a radical uptick in flight operations, projecting 75 flights in 2015, 194 in 2016, 229 in 2017 and 264 in 2018. “No chance in hell,” replied Mr. Moses, who is Beth’s husband. “These numbers are a pipe dream.” (Mr. Moses, through a representative, declined to comment on those emails.)

(more…)

Virgin Galactic Unveils a Very Shiny New SpaceShipTwo

SpaceShipTwo VSS Imagine (Credit: Virgin Galactic)

LAS CRUCES, N.M. March 30, 2021 (Virgin Galactic PR) – Virgin Galactic today unveiled the Company’s first SpaceShip III in its growing fleet, VSS Imagine. The spaceship showcases Virgin Galactic’s innovation in design and astronaut experience. Imagine also demonstrates progress toward efficient design and production, as Virgin Galactic works to scale the business for the long-term. VSS Imagine will commence ground testing, with glide flights planned for this summer from Spaceport America in New Mexico.

(more…)

Virgin Galactic Delays Space Tourism Flights to 2022, Lost $273 Million Last Year

WhiteKnightTwo and SpaceShipTwo fly right overhead. (Credit: Kenneth Brown)
  • Rollout of Second Spaceship Scheduled to Take Place on March 30
  • Announced Expected Timing of Revenue-Generating Flight with the Italian Air Force
  • Next Rocket-Powered Spaceflight Targeted to Occur in May

LAS CRUCES, N.M. (Virgin Galactic PR) — Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or the “Company”), a vertically integrated aerospace and space travel company, today announced its financial results for the fourth quarter and full year ended December 31, 2020.

(more…)

Virgin Galactic Stock Plunges as Company Delays Space Tourism Flights to 2022

SpaceShipTwo VSS Unity arrives at Spaceport America aboard WhiteKnightTwo VMS Eve. (Credit: Virgin Galactic)

by Douglas Messier
Managing Editor

Shares of Virgin Galactic plunged sharply on Thursday as the company announced that it was postponing the start of commercial suborbital space tourism flights until 2022 due to additional delays in completing SpaceShipTwo VSS Unity‘s test program.

Shares plunged in after hours trading to $36.69 after opening the day at $45.04. Most of the decline occurred in after hours trading following the release of Virgin Galactic quarterly and full year 2020 earning report.

(more…)