Virgin Galactic Delays Start of Commercial Service to 2023, Loses $93 Million

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

by Douglas Messier
Managing Editor

Virgin Galactic’s quarterly reports have fallen into a familiar pattern since the company went public 2.5 years ago. Optimistic talk about past and future progress is mixed in with a large net loss and another delay in the start of commercial service that was originally forecast to begin back in 2007.

Richard Branson’s space tourism company didn’t fail to disappoint on Thursday. The net loss for Q1 2022 was $93 million, which was higher than Q4 2021 net loss of $81 million but less than the $130 million loss for the first quarter of 2021.

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Richard Branson Gets His Astronaut Wings, Aims to Eliminate Asterisk* Next Time

Unity 22 crew: Michael Masucci, Colin Bennett, Richard Branson, Sirisha Bandla, David Mackay and Beth Moses at the 37th Space Symposium. (Credit: Virgin Galactic)
  • Billionaire aims to go higher and faster next time
  • Virgin Galactic still can’t get SpaceShipTwo all the way up (to Karman line)
  • FAA throws in the towel on deciding who is and who isn’t an astronaut

by Douglas Messier
Managing Editor

Earlier this month, Richard Branson and two Virgin Galactic employees received commercial astronaut wings from the Federal Aviation Administration (FAA) for the SpaceShipTwo VSS Unity flight test they took part in last July. The trio was the last group to receive the wings — FAA ended the program last year — and the honors came with a pretty big asterisk.

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Virgin Galactic Appoints Pilot Kelly Latimer to Director of Flight Test

Kelly Latimer

TUSTIN, Calif. (Virgin Galactic PR) — Virgin Galactic Holdings, Inc. (NYSE: SPCE) (the “Company” or “Virgin Galactic”), an aerospace and space travel company, today announced that veteran pilot and retired U.S. Air Force Lt. Col. Kelly Latimer has been promoted to Director of Flight Test.

Latimer joined Virgin Galactic in 2015 as its first female test pilot. She currently serves as a pilot for the mothership, VMS Eve, and was pilot in command for the Unity 21 mission and second in command for the historic Unity 22 mission. She will continue to serve as a Virgin Galactic pilot and will fly the Company’s spaceships on future test and commercial missions.

In her new role, Latimer will oversee the entirety of the Company’s flight test program including design, planning, execution, and post-flight analysis. This includes leading the flight test engineering team and managing mission control engineers who gather and analyze flight data to validate the safety and performance of the spaceflight system. Latimer will supervise the completion of the flight test program for Virgin Galactic’s current fleet, which is scheduled to resume later this year, and will work in parallel on the development of the Company’s new motherships and Delta class spaceships.

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Virgin Galactic Announces $81 Million Net Loss for Q4, $353 Million Loss for 2021

  • Commercial Service Remains on Track for Q4 2022
  • Current Fleet Enhancement Program On Schedule to be Completed in Q3 2022
  • Opened Ticket Sales to the General Public

TUSTIN, Calif. (Virgin Galactic PR)– Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or the “Company”) today announced its financial results for the fourth quarter and full year ended December 31, 2021 and provided a business update.

“We remain on track and on schedule to complete our enhancement program and launch commercial service later this year,” said Michael Colglazier, Chief Executive Officer of Virgin Galactic. “We achieved many important milestones in 2021 that laid an essential foundation towards becoming a scaled, commercial operation. In recent weeks, we opened sales to the general public and launched our new global consumer brand. Demand for our one-of-a-kind experience remains strong, and we are currently building our operations to accommodate our growing customer base.”

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Class Action Lawsuit Filed Against Virgin Galactic Alleging Securities Fraud

Michael Colglazier (Credit: Virgin Galactic)

by Douglas Messier
Managing Editor

A class action lawsuit was filed in New York on Dec. 7 alleging securities fraud by Virgin Galactic, which went public on the New York Stock Exchange (NYSE) in October 2019 after merging with Chamath Palihapitiya’s Social Capital Hedosophia (SCH).

Named in the lawsuit are Virgin Galactic Holdings, CEO Michael Colglazier, former CEO George Whitesides, former current chief financial officer Doug Ahrens, and former chief financial officer Jon Compagna.

The lawsuit was filed amid years-long delays in the start of commercial human suborbital flights that have caused a sharp decline in the value of the stock. Virgin Galactic began trading on the New York Stock Exchange at an opening price of $12.34 on Oct. 28, 2019. The stock is now trading at $14.46 having previously soared to a high of $62.80.

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Virgin Galactic’s WhiteKnightTwo Returns to Mojave for Overhaul

by Douglas Messier
Managing Editor

Virgin Galactic’s WhiteKnightTwo VMS Eve mothership returned to the Mojave Air and Space Port in California on Saturday for the start of 8-10 months of upgrades and repairs. The dual fuselage airplane flew from its operating base at Spaceport America in New Mexico to the spaceport where it was built and first flew 13 years ago on Dec. 21, 2008.

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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.

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FAA Examination of Blue Origin Safety Issues Likely to be Very Narrow

New Shepard launch (Credit: Blue Origin webcast)

by Douglas Messier
Managing Editor

The Federal Aviation Administration (FAA) has said it will examine safety issues about Blue Origin’s crewed suborbital New Shepard vehicle raised by a group of current and former employees in an open letter published on Thursday.

The announcement comes 11 days before four paying customers, one reported to be Star Trek star William Shatner, are scheduled to board New Shepard for a trip to space. While a federal safety review might sound reassuring to these ticket holders, what does it actually mean in practice?

Probably not much.

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FAA Closes Virgin Galactic Investigation, Clears SpaceShipTwo to Fly as Company’s Licensing & Compliance Officer Departs

Richard Branson and other passengers float around in weightlessness. (Credit: Virgin Galactic)
  • SpaceShipTwo deviated from assigned airspace during July 11 flight test
  • FAA says Virgin Galactic failed to inform agency about deviation
  • Virgin Galactic’s licensing and compliance officer announces his departure from company

by Douglas Messier
Managing Editor

The Federal Aviation Administration has closed an investigation into Virgin Galactic that resulted in the grounding of the company’s only suborbital SpaceShipTwo vehicle after the ship deviated from its assigned airspace during a July flight test with the company’s founder on board. The decision clears the way for another flight test planned for mid-October.

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Virgin Galactic’s Next Challenge: The Flight of the Vested?

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

by Douglas Messier
Managing Editor

This was supposed to be the Summer of Virgin Galactic. The company would complete the three remaining suborbital flight tests of SpaceShipTwo VSS Unity, the second one with Richard Branson aboard. The company’s newest space tourism vehicle, SpaceShipIII, would begin its flight tests.

Once VSS Unity tests were complete, engineers would spend four months making a series of repairs and upgrades to the spacecraft and its WhiteKnightTwo mothership, VMS Eve. And then in early 2022, the company would use both spaceships to fly tourists on suborbital joy rides that were originally projected to begin 15 years earlier in 2007.

Sounds easy enough, right? It wasn’t. The Summer of Virgin Galactic went about as well as the Summer of George on Seinfeld. If best laid plans of mice, men and Costanzas often go awry, Virgin Galactic’s schedules are guaranteed to move significantly to the right. Years to the right.

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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.

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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.

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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.

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Virgin Galactic’s Richard Branson Aims to Fly to Space Before Jeff Bezos

Richard Branson wears the SpaceShipTwo flight suit. (Credit: Virgin Galactic)

Fourth of July weekend could include some extra fireworks this year.

Updated with statement from Virgin Galactic on June 8, 2021 at 10:53 a.m. PDT.

by Douglas Messier
Managing Editor

It looks like Richard Branson could beat fellow billionaire Jeff Bezos to space next month.

Virgin Galactic is working on a plan to send Branson on a suborbital flight aboard the VSS Unity SpaceShipTwo rocket plane over the July 4 holiday weekend, according to a source who requested anonymity. The flight is contingent upon obtaining an operator’s license from the Federal Aviation Administration (FAA).

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New Shepard Auction Update: The Bid Remains the Same

by Douglas Messier
Managing Editor

Checking up on Blue Origin’s auction of a seat on the first crewed New Shepard flight, we find that the top bid remains at $2.8 million. That’s exactly where it was a few days after online bidding became public on May 19.

Online bidding will end next Thursday, June 10 at 5 p.m. EDT (2100 UTC). Bidders need to raise their bid limits before that deadline. Two days later, the competition will conclude with a live online auction.

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