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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New Mexico Seeks to Attract Virgin Galactic’s Manufacturing Facility to Spaceport America

A majority of Virgin Galactic’s future Astronauts gather with Sir Richard Branson (center) for a group photo at Virgin Galactic FAITH hangar in Mojave, CA September 25, 2013. Behind the group is the WhiteKnightTwo mated with SpaceShipTwo. (Credit: Virgin Galactic)

Updated on March 5 at 8:34 a.m. PST with additional information about space companies located in the Los Angeles area and the benefits of industry clusters to employers and employees.

by Douglas Messier
Managing Editor

The state of New Mexico has proposed that Virgin Galactic establish a production facility at Spaceport America, which is where the company plans to begin flying tourists on suborbital space rides later this year. KRQE TV reports:

The New Mexico Economic Development Department says they have a proposal to bring Virgin Galactic’s manufacturing to the Spaceport. Right now, the manufacturing location is in the Mojave desert. Spaceport America has five permanent tenants that are conducting a variety of experiments; including one company that uses laser technology to help land on the moon.

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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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FAA Decides Bezos, Branson and Shatner Are Astronauts After All

  • Everyone who exceeds 50 miles by Dec. 31 will receive commercial astronaut wing even if they were just passengers
  • Nobody after that will even if they pilot a ship
  • Agency reverses earlier decision to award wings only to those essential to flight operations/success
  • FAA says this is what was intended all along

WASHINGTON (FAA PR) – With the advent of the commercial space tourism era, starting in 2022, the Federal Aviation Administration (FAA) will now recognize individuals who reach space on its website instead of issuing Commercial Space Astronaut Wings. Any individual who is on an FAA-licensed or permitted launch and reaches 50 statute miles above the surface of the Earth will be listed on the site. 

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Omaze and Virgin Galactic Announce Winner of Once-in-a-Lifetime Trip to Space

Virgin Galactic and Sir Richard Branson’s Omaze sweepstakes raised an anticipated $1.7M in grants to support Space for Humanity’s mission to democratize space travel

LOS ANGELES, C.A., November 24, 2021 (Omaze PR) — Today, Omaze, the charity fundraising platform that offers the chance to win once-in-a-lifetime experiences and prizes, and Virgin Galactic, revealed that Keisha S. from Antigua and Barbuda is the exclusive winner of two seats on a Virgin Galactic commercial space flight. Born and raised in Antigua, Keisha is a health and energy coach who is passionate about empowering women to live their best lives. She has always had a lifelong dream of going to space, and hopes to bring her daughter, an astrophysics student, as her guest on this incredible journey.

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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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Stucky Turns Blue: Joins Jeff Bezos’ Space Company After Departure From Richard Branson’s Virgin Galactic

Richard Branson (l) and George Whitesides (r) walk with SpaceShipTwo pilots David Mackay and Mark Stucky after a successful glide flight. (Credit: Kenneth Brown)

Mark Stucky, whom Virgin Galactic demoted as its director of flight test in May and fired two months later, has joined Jeff Bezos’ Blue Origin space company, CNN reports.

Stucky said he will join Blue Origin’s “Advanced Development Programs” team, where he said in a statement to CNN that he will “do my best to contribute to [CEO Jeff Bezos’] amazing vision of humans not just having a continuous presence in space but truly becoming a space-faring species.”

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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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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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Bank of America Rips Virgin Galactic for Failure to Disclose Out of Airspace Mishap on Richard Branson Flight

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

Editor’s Note, Sept. 26: 2021: Story updated to reflect that Richard Branson began selling $300 million worth of Virgin Galactic shares on Aug. 10 the day before the FAA notified the company of a mishap during the July flight that carried the billionaire to space. The sale continued through Aug. 12.

by Douglas Messier
Managing Editor

Analysts at Bank of America who cover Virgin Galactic’s publicly-traded stock are not amused by the company’s failure to disclose that a SpaceShipTwo suborbital flight carrying founder Richard Branson flew outside of its assigned airspace on July 11, resulting in an investigation by the Federal Aviation Administration (FAA) and the grounding of the company’s only operational space plane.

“Point blank, in our view, it is unacceptable to have an event during a flight that, per FAA regulations, is considered a mishap and then claim that the mission was a full success,” analyst Ronald Epstein wrote in a note to investors. “The old adage, it’s easier to ask for forgiveness than permission, generally is a poor strategy in aviation.”

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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.

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FAA: Virgin Galactic’s SpaceShipTwo Grounded Until Investigation Completed

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

by Douglas Messier
Managing Editor

The Federal Aviation Administration (FAA) said today that Virgin Galactic cannot launch its SpaceShipTwo suborbital vehicle until the agency completes an investigation into an anomaly that occurred on a flight test that carried company founder Richard Branson on July 11.

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