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Virgin Galactic as soon as extra delays home tourism flights to second quarter 2023 – IHNS


Service airplane VMS Eve takes off from Spaceport America in New Mexico, carrying spacecraft VSS Unity on July 11, 2021.

Virgin Galactic

Space tourism agency Virgin Galactic on Thursday delayed the beginning of its enterprise flights by one different three months, with the company citing delays in work refurbishing its service airplane.

Virgin Galactic launched that enterprise service is being pushed once more to the second quarter of 2023, the most recent setback for the debut of its home tourism enterprise. The company had beforehand pushed once more the date from the fourth quarter of this 12 months to the first quarter of subsequent 12 months.

Its stock dropped higher than 10% in after hours shopping for and promoting from its shut of $8.19 a share, with Virgin Galactic down higher than 70% over the earlier 12 months.

The company at current has one service airplane, or “mothership,” known as VMS Eve that’s about 14 years outdated and is current course of a protracted refurbishment. The jet-powered mothership performs a key place in Virgin Galactic’s flights by carrying the company’s spacecraft as a lot as about 50,000 toes altitude for launch.

Virgin Galactic reported a second-quarter adjusted EBITDA lack of $93 million, wider than the dearth of $77 million inside the earlier quarter. The company has $1.1 billion in cash available. It moreover acknowledged it plans to advertise as a lot as $300 million in frequent stock, which the company acknowledged is supposed in order so as to add “financial flexibility going forward.”

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