Message from George Whitesides Virgin Galactic CEO
All over the globe, we are seeing and feeling the impact of the COVID-19 pandemic. This is one of the most significant crises we have seen in our lifetimes. Whether it is the brave doctors and nurses working around the clock to help patients, children helping their elderly parents stay safe and fed, or parents and teachers keeping their kids educated while schools are physically closed – we are all in this together and we have a responsibility to help care for one another.
With the impact of COVID-19 mounting every day, our team has worked hard to help tackle this crisis, with an initial focus on the communities we work in. I am proud of the commitment and initiative of our people at Virgin Galactic, The Spaceship Company, and Virgin Group in helping to support relief efforts. Led by our in-house flight doctors, our COVID-19 team has been working closely with local hospitals, commercial suppliers, and government authorities to provide help where it is needed most.
MOJAVE, Calif., March 13, 2020 (Virgin Galactic PR) — Virgin Galactic Holdings, Inc. (NYSE: SPCE; SPCE.WS; SPCE.U) (“Virgin Galactic” or “the Company”), a vertically integrated aerospace company, today announced that the Company will redeem all of its outstanding warrants (the “Public Warrants”) to purchase shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), that were issued under the Warrant Agreement , dated September 13, 2017 (the “Warrant Agreement”), by and between the Company and Continental Stock Transfer & Trust Company, as warrant agent (the “Warrant Agent”), as part of the units sold in the Company’s initial public offering (the “IPO”), for a redemption price of $0.01 per Public Warrant (the “Redemption Price”), that remain outstanding at 5:00 p.m. New York City time on April 13, 2020 (the “Redemption Date”). Warrants to purchase Common Stock that were issued under the Warrant Agreement in a private placement simultaneously with the IPO and still held by the initial holders thereof or their permitted transferees are not subject to this redemption.
Investment in commercial space companies soared to $5.7 billion in 2019 from $3.5 billion the year before, but the bulk of the funding went to a handful of companies most of which are run by billionaires, according to a new report from Bryce Space and Technology.
Virgin Galactic Founder predicts SpaceShipTwo would be ready to fly in 12 months. A year after that — March 2009 — the vehicle would begin commercial suborbital space flights.
The reality is that in 2007 they didn’t have an engine capable of firing for the one minute needed to send SpaceShipTwo above 50 miles. They weren’t even close to having one. It would take another 7.5 years to develop one they would even risk firing for more than 20 seconds in flight.
SpaceShipTwo VSS Enterprise was destroyed on Oct. 31, 2014 during the flight during which they were supposed to test that engine. That accident set the program back by another five years.
After spending a few years in hibernation, the Next-generation Suborbital Researchers Conference (NSRC) is being held in Colorado this week. I wasn’t able to attend this year, but I’ve been following all the action on Twitter.
In a keynote address on Monday, NASA Administrator Jim Bridenstine floated the idea of letting the space agency’s astronauts fly aboard Blue Origin’s New Shepard and Virgin Galactic’s SpaceShipTwo suborbital vehicles. He also discussed certifying the systems to comply with a subset of NASA’s human ratings requirements.
Virgin Galactic Chairman Chamath Palihapitiya was on a financial news network yesterday denying the stock was a bubble, a claim that hasn’t aged well in the short term.
With shares soaring to a high of $41.55 only a week ago, they are hovering at around $23 as I writing this story. The shares were offered at $12 when Virgin Galactic went public last Oct. 28 and rose sharply in recent weeks.
The shares slid after Virgin Galactic reported a larger than expected loss for the fourth quarter 2019 and hinted at delays in the start of commercial suborbital flights, which were to have started in June. Analysts have downgraded the stock based on the earnings report.
Richard Branson’s now publicly traded Virgin Galactic space tourism company had its first quarterly and full year earnings call on Tuesday. You can read the press releasehere. Below are the key takeaways.
Burning cash: Net losses were nearly $72.8 million for the fourth quarter and $210.9 million for 2019. Net losses for 2018 and 2019 totaled $349.1 million. Total expenditures since 2004 have exceeded $1 billion.
Editor’s Note: They kind of buried the lede here. Read down to paragraph 4 of 7. Virgin also closed ticket sales after VSS Enterprise crashed in October 2014, at which time it had more 700 firm reservations. But, notice the legalistic clarification: formally closed.
MOJAVE, Calif. (Virgin Galactic PR) — Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or “the Company”), a vertically integrated aerospace company, announced today that in preparation for the re-opening of spaceflight sales, it is introducing the One Small Step initiative. The company formally closed its doors to new ticket sales after its history-making first space flight in December 2018.
Video Caption: Andrew Chanin, the CEO of ProcureAM, talks his firm’s Procure Space ETF (UFO) as its top holding skyrockets. With CNBC’s Bob Pisani, ETF Trends’ Tom Lydon and Astoria Portfolio Advisors’ John Davi.
Virgin Galactic’s rally began two months ago but trading in the speculative space company has recently accelerated in a way that tops even the momentum behind Tesla.
Virgin Galactic’s stock hit an all-time high on Friday at $29.29 in after hours trading. The stock soared by $5.63 the day the company flew SpaceShipTwo VSS Unity from its test site in Mojave, Calif. to its operating base at Spaceport America in New Mexico.
Not bad for a stock that was offered at $12 when it opened on the New York Stock Exchange last Oct. 28.
Stock prices are often based on future expectations. That’s certainly true of Virgin Galactic. The company has spent more than $1 billion over the past 15.5 years developing a suborbital space tourism vehicle that has never carried a single paying passenger. Virgin Galactic has never had an annual profit.
VSS Unity has flown two suborbital flights above 50 miles (80.4 km) since it was rolled out four years ago. The last flight was nearly one year ago. So, there hasn’t been any actual action in the sky — except for a ferry flight to New Mexico on Friday — to drive up the stock price.
Months of additional flight testing is set to take place before SpaceShipTwo VSS Unity conducts its first commercial flight with passengers. Virgin Chairman Richard Branson will be aboard that flight, which could take place before or on his 70th birthday on July 18.
Virgin says it’s got 603 passengers signed up for flights. It plans to begin selling tickets once commercial service begins at a cost higher than the current $250,000 price. The company says thousands of people have expressed interest in signing up.
TRUTH OR CONSEQUENCES, NM (NMSA PR) — Virgin Galactic Holdings, Inc., a vertically integrated aerospace company, has successfully completed another vital step on its path to commercial service, relocating SpaceShipTwo, VSS Unity, to its commercial headquarters at Spaceport America’s Gateway to Space building.
TRUTH OR CONSEQUENCES, NM, February 13, 2020 (Virgin Galactic PR) – Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or “the Company”), a vertically integrated aerospace company, has successfully completed another vital step on its path to commercial service, relocating SpaceShipTwo, VSS Unity, to its commercial headquarters at Spaceport America’s Gateway to Space building.
The clock struck midnight on Jan. 1 amid raucous celebrations around the world. The arrival of a new year and decade merely confirmed what had been clear for months: 2019 was not the breakthrough year for getting humans off the planet.
Neither Richard Branson’s Virgin Galactic and Jeff Bezos’ Blue Origin followed through on long-standing promises to fly paying passengers on suborbital joyrides. An era of commercial space tourism that seemed so close that October day in 2004 when Brian Binnie guided SpaceShipOne to a landing at the Mojave Air and Space Port quietly slipped into yet another year.