Virgin Galactic reported losses in the second quarter of 2023, which slightly exceeded last year’s figures. The space tourism company is still focused on attracting customers for regular flights after the launch of commercial services. The loss report caused Virgin Galactic shares to decline by about 3% after the market closed, dropping them to USD 4.14 per share. Overall, the company’s shares have risen 19% since the beginning of the year.
For the second quarter, which ended June 30, Virgin Galactic suffered a net loss of USD 134.4 million, or 46 cents per share. During the same period last year, the company suffered losses of USD 110.7 million, or 43 cents per share.
At the same time, the company managed to increase its revenue from space tourism to USD 1.9 million during the quarter, compared to USD 357 thousand for the same period last year. The income was obtained thanks to commercial space flights and membership fees from future astronauts.
In the second quarter, the company conducted two space flights: a test flight and the first commercial one. The latter was a significant step towards the introduction of a commercial service. The next commercial flight is scheduled for August 10.
At the end of the quarter, the company had funds and securities in the amount of USD 980 million, which increased from USD 874 million at the end of the first quarter. This increase was due to the raising of funds through the sale of ordinary shares on the market.
The CEO of Virgin Galactic, Michael Colglazier, said that the financial position of the company remained stable. Their main task is to scale the business and supply Delta–class spacecraft for commercial use in 2026. The development of the future fleet was the main reason for losses in the second quarter related to increased research and development costs.
Earlier we talked about how Virgin Galactic would transport people into space.
According to CNBC
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