Virgin Galactic’s losses rise despite launch of commercial flights – Kommersant
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Virgin Galactic presented on Monday financial reporting for the second quarter of this year, which disappointed investors. The company’s shares after the close of trading fall in price by 6.75%.
Successful launch The program of commercial flights into space at the end of June helped the company to increase revenue five times – from $357 thousand to $1.87 million. But Virgin Galactic remains unprofitable, and the size of its losses is an order of magnitude higher than income. Moreover, the losses are still growing. At the end of the quarter, the company’s net loss increased compared to last year from $111 million to $134 million. In Virgin itself, this is primarily due to increased investment in research and development.
The company is planning a second commercial launch of VSS Unity on August 10th. In total, according to the company, about 800 customers are already waiting for their turn. But revenue in the short term will not grow, predicts Virgin Galactic. In the third and fourth quarters of the year, the company hopes to generate just $1 million in revenue.
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