Virgin Galactic suggests further delays in start of SpaceShipTwo commercial flights
Posted: Sat, Feb 29, 2020, 7:51 AM ET (1251 GMT)
The first commercial SpaceShipTwo flights by Virgin Galactic may slip again as the company takes a step toward reopening ticket sales. The company, publicly traded since October, released its fourth quarter and full year 2019 financial results Tuesday, showing a large loss as expected as the company continues vehicle development. In an investor presentation last September, Virgin Galactic said it expected commercial operations to begin this June, but the company declined to affirm that schedule in a conference call with analysts. Instead, Virgin said its top priority is to fly company founder Richard Branson on a commercial flight this year, and any commercial revenue it might generate this year was a lower priority than getting the SpaceShipTwo system ready for regular commercial operations. The company did announce a step toward resuming ticket sales by announcing a program where people can pay a $1,000 deposit and get first shot at tickets when they are available. Those tickets will cost more than the $250,000 previously charged by Virgin Galactic, although the company did not disclose a price.
The first commercial SpaceShipTwo flights by Virgin Galactic may slip again as the company takes a step toward reopening ticket sales. The company, publicly traded since October, released its fourth quarter and full year 2019 financial results Tuesday, showing a large loss as expected as the company continues vehicle development. In an investor presentation last September, Virgin Galactic said it expected commercial operations to begin this June, but the company declined to affirm that schedule in a conference call with analysts. Instead, Virgin said its top priority is to fly company founder Richard Branson on a commercial flight this year, and any commercial revenue it might generate this year was a lower priority than getting the SpaceShipTwo system ready for regular commercial operations. The company did announce a step toward resuming ticket sales by announcing a program where people can pay a $1,000 deposit and get first shot at tickets when they are available. Those tickets will cost more than the $250,000 previously charged by Virgin Galactic, although the company did not disclose a price.
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