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Virgin Galactic plans to work with tier-one aerospace manufacturers to produce the Delta-class suborbital vehicles with final assembly at a Virgin Galactic facility.
Virgin Galactic reported a net loss of $93,000,000 for the first quarter of 2022.
Virgin Galactic’s first quarter earnings release on 2022-05-05 stated the company expected to start commercial flights of its VSS Unity spaceplane in the first quarter of 2023 after completing upgrades of VSS Unity and VMS Eve.
Virgin Galactic raised its ticket price to $450,000 in 2021 and did not plan an immediate additional price increase despite higher inflation rates.
Virgin Galactic had previously scheduled commercial flights to begin in the fourth quarter of 2022 and affirmed that schedule in February 2022 with its 2021 financial results.
Virgin Galactic postponed the start of commercial service of its SpaceShipTwo suborbital spaceplane from late 2022 to early 2023.
Virgin Galactic had $1,220,000,000 of cash and equivalents on hand at the end of the quarter, bolstered by a debt offering in the first quarter that raised $425,000,000.
Virgin Galactic hosted a suppliers conference and issued requests for information from prospective suppliers but had not announced any firm contracts for building elements of the Delta-class vehicles.
Virgin Galactic’s existing engineering staff are working on Unity, Eve, and Imagine, the new suborbital spaceplane now slated to enter commercial service in mid-2023.
Virgin Galactic’s target is to reach 1,000 customers once commercial service begins in early 2023.
Virgin Galactic reported an adjusted EBITDA loss of $77,000,000 for the first quarter of 2022.
Barry Matsumori served as senior vice president of business development and advanced concepts at Virgin Galactic.
The state of New Mexico spent more than $200,000,000 on Spaceport America with Virgin Galactic as the anchor tenant.
Virgin Galactic reported an adjusted EBITDA of –$244,800,000 for 2021.
Virgin Galactic has sold approximately 750 seats, including 150 tickets sold after the company reopened ticket sales last August and, as of 2022-02-15, to the general public at $450,000 per seat.
Virgin Galactic postponed a mission for the Italian Air Force and scheduled maintenance on VSS Unity and VMS Eve to last until the third quarter of 2022.
Virgin Galactic is shifting its manufacturing approach for the Delta-class vehicles to work with tier-one aerospace companies to build major subassemblies with final integration at a new facility to be ready by the end of 2023.
Virgin Galactic plans to begin flight tests of VSS Imagine later 2022 with a goal of beginning revenue flights in the first quarter of 2023 initially carrying research payloads.
Virgin Galactic’s stock closed down nearly 7% at $7.82 per share on 2022-02-22, near a 52-week low.
Chief financial officer Doug Ahrens expects Virgin Galactic to achieve positive free cash flow by 2026.