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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.
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.
Suborbital launch used to be a sleepy field that rarely attracted much public attention. Let’s face it, atmospheric research and student experiments are not front-page news. Sounding rockets don’t have the majesty and power of a Falcon 9 or Atlas V.
In recent years, exciting new entrants in the field and widespread streaming of launches have made suborbital flights exciting. Last year saw important suborbital flight tests by SpaceX, Blue Origin, Virgin Galactic and Skyrora that garnered worldwide interest.
After an aborted suborbital flight in December and one two years ago that nearly destroyed the ship and killed the three-member crew,* Virgin Galactic will try to put its four-passenger rocket plane into space for a third time later this month from Spaceport America in New Mexico.
The flight window will open on February 13 with additional day for the rest of the month. It will carry two pilots and a load of microgravity experiments. The flight will be a repeat of one that aborted in December when SpaceShipTwo’s computer shut down the ship’s engine prematurely.
The flight will test modifications designed to prevent another abort. It will also test improvements to flight controls and horizontal stabilizers. A failure involving the latter nearly destroyed the ship on its second suborbital flight on Feb. 22, 2019.
There have been two fatal accidents during SpaceShipTwo’s development and testing that have killed four people. The accidents included a test stand explosion that killed three engineers and the in-flight breakup of the first SpaceShipTwo that killed the co-pilot.
For more information about the Feb. 22, 2019 flight, see below.
Newly arrived back on Earth after a quick visit to space, Virgin Galactic Chief Astronaut Beth Moses was effusive as she described the suborbital flight she had just taken aboard the company’s SpaceShipTwo rocket plane, VSS Unity.
“Richard, you’re going to love it!” she told Virgin Chairman Richard Branson, who had remotely monitored the Feb. 22, 2019 flight that had taken place over California’s Mojave Desert.
Flight date depends upon completion of review and the issuing of a launch license by Federal Aviation Administration.
Wednesday, February 3
Launch Vehicle: Falcon 9 Payloads: 60 Starlink broadband satellites Launch Time: 5:57 a.m. EST (1057 UTC) Launch Site: Kennedy Space Center, Florida
Thursday, February 4
Launch Vehicle:Falcon 9 Payloads: 60 Starlink broadband satellites Launch Time: 1:19 a.m. EST (0619 UTC) Launch Site: Cape Canaveral Space Force Station, Florida
NET Saturday, February 13
Launch Vehicle: VSS Unity/VMS Eve Payload: Two pilots, microgravity experiments Launch Time: TBD Launch Site: Spaceport America, New Mexico
Repeat of a flight test aborted on Dec. 12 due the computer losing contact with the engine. Launch opportunities extend through February. First of three additional tests intended to complete SpaceShipTwo’s initial flight test program.
LAS CRUCES, N.M. (Virgin Galactic PR) — Virgin Galactic Holdings, Inc. (NYSE: SPCE), today announced its new flight window since it paused the spaceflight preparations in response to state guidelines from the New Mexico Department of Health to reduce the spread of COVID-19.
The new flight window will open on December 11, pending good weather conditions and technical readiness. This flight expects to fulfill a number of objectives, including testing elements of the customer cabin as well as assessing the upgraded horizontal stabilizers and flight controls during boost. The flight will also carry payloads as part of the NASA Flight Opportunities Program.
Virgin Galactic’s first suborbital flight in nearly two years will have to wait a bit longer due to the worsening COVID-19 pandemic.
The company has postponed a powered flight test of SpaceShipTwo VSS Unity that had been scheduled to take place between Nov. 19-23 from Spaceport America after New Mexico reenacted its shelter in place order as the rising number coronavirus cases have begun to overwhelm hospitals.
One week before Virgin Galactic is expected to report another large quarterly loss, the company’s WhiteKnightTwo VMS Eve took to the skies on Thursday over Spaceport America for the first time since June 25.
The flight was the first of four tests designed to pave the way for Virgin Galactic to begin commercial SpaceShipTwo suborbital tourism flights with VSS Unity during the first quarter of next year.
In a program update on Wednesday. Virgin Galactic says it is “still on track” to conduct the third suborbital flight test of SpaceShipTwo VSS Unity later this fall even though the company’s schedule has slipped.
We expect our first spaceflight from Spaceport America to occur later this fall and we are pleased to confirm that we are still on track to meet this timeframe. In September we disclosed, via our application for a multi-year Federal Communications Commission (FCC) license, that October 22, 2020 would be the opening of our flight planning window. We also included preliminary test flight dates for our mothership, VMS Eve. Although preparations are going well, we are not quite at the stage where we can confirm specific planned flight dates for either our VSS Unity or VMS Eve test flights.
Virgin Galactic plans to resume suborbital flight tests of SpaceShipTwo (SS2) VSS Unity in late October from Spaceport America in New Mexico after a 20-month long hiatus, according to a filing the company made with the Federal Communications Commission (FCC).
A provision in George Whitesides’ contract has Virgin Galactic’s chief space officer — and possibly his wife, Loretta Hidalgo Whitesides — flying on one of SpaceShipTwo’s early suborbital flights from Spaceport America in New Mexico.
Virgin Galactic (VG) is seeking a waiver from the Federal Aviation Administration (FAA) to use its WhiteKnightTwo (WK2) carrier aircraft for more than occasionally dropping SpaceShipTwo out of the sky.