Virgin Galactic SPCE Q2 2021 outcomes


Virgin Galactic’s VSS Unity passenger rocket plane carrying Richard Branson and his crew begins its ascent to the edge of space over Spaceport America near Truth or Consequences, New Mexico, USA, July 11, 2021 in a still image from a video.

Virgo Galactic | via Reuters

Virgin Galactic delivered its second quarter results after the market closed on Thursday and announced it would reopen ticket sales, with prices starting at $ 450,000 per seat.

The company also announced that its next space test will be targeted from Spaceport America in New Mexico in late September and will carry members of the Italian Air Force.

Virgin Galactic shares rose 6% in after-hours trading from their closing price at $ 31.53.

Virgin Galactic reported an adjusted EBITDA loss of $ 56 million in the second quarter, just above the loss of $ 55.9 million in the previous quarter. It generated $ 571,000 in revenue for the second quarter that came from the scientific research experiments aboard the space test in May.

The company flew two space tests during the quarter, the first of which made its debut from Spaceport America in New Mexico. The second flight took founder Richard Branson and three other mission specialists to test the vehicle’s cabin.

The company’s management had previously announced that it would conduct two more tests on the VSS Unity spacecraft, the first carrying four more “mission specialists” and the second flying members of the Italian Air Force. While Branson announced after his space flight that former CEO of Virgin Galactic, George Whitesides, would be flying on the company’s next space test, as reported by CNBC last month, that plan seems to have changed with the now planned Italian space flight.

The space tourism company is running the space tests as the final step in the development of its vehicle, with the goal of starting passenger flights in early 2022. The company has about 600 reservations for tickets on future flights, with those tickets selling mostly between $ 200,000 and $ 250,000 each.

Virgin Galactic will offer three different sales offers for space tourists: single seat purchase, seat packages for couples, friends or family, or the option to book entire flights. The company noted that sales will first prioritize Virgin Galactic’s “significant early handraiser list” with a “subsequent priority list” opening to new customers.

Its VSS Unity spacecraft was designed for six passengers – in addition to two pilots – but the vehicle is now equipped for four passengers, with Virgin Galactic confirming that the Branson spaceflight was a “fully manned” launch.

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