Virgin Galactic Intends To Launch Space Tourism In Q2

Virgin Galactic Holdings, Inc. SPCE completed glide flight from Spaceport America in the last week of April 2023.
SPCE states that the data collected from the glide flight will be analyzed over the coming weeks and expects to launch the commercial services in Q2.
SPCE's last flight was in July 2021, which flew founder Richard Branson and three other crew members to the edge of space, reported the WSJ.
The report mentioned that the company's stock lost 90% of its value just before the 2021 flight, and analysts predict losses of more than $575 million this year.
Richard Branson's Virgin Orbit Holdings VORBQ filed for bankruptcy last month, flagging substantial doubt about its ability to continue as a going concern for at least 12 months.
Also Read: Virgin Orbit Files Chapter 11 Bankruptcy Plan To Efficiently Conclude The Process
According to the report, Virgin Galactic is nearly two decades old and has yet to demonstrate that it can regularly fly paying customers. Technical difficulties and an accident delayed the company's progress throughout the years.
"We plan to deliver regular and repeated flights with our current fleet and demonstrate the experiential power of our product," CEO Mr. Michael Colglazier told investors in February.
At the end of 2022, Virgin Galactic said it had around 800 reservations. It has been charging $450,000 per seat for its flights.
WSJ mentions that Mr. Branson has reduced his stake in Virgin Galactic.
Price Action: SPCE shares are trading higher by 2.49% at $3.70 premarket on Monday.
Photo Via Company

Market News and Data brought to you by Benzinga APIs

Comments

Popular Channels

Tools & Features

Partners & Contributors

About Benzinga