Virgin Galactic pushes back profitability
Posted: Sat, Feb 26, 2022, 10:53 AM ET (1553 GMT)
Virgin Galactic says it remains on schedule for beginning commercial passenger flights of its suborbital spaceplane later this year but is still years away from profitability. In an earnings call Tuesday, company executives said that both its WhiteKnightTwo aircraft and SpaceShipTwo suborbital spaceplane should complete long-term maintenance in the third quarter and start flying customers before the end of the year. A second suborbital spaceplane will begin flight tests later this year. However, the company said it's counting on a future "Delta-class" series of spaceplanes to provide much higher flight rates, which won't start flying people until 2026. The company said the limited revenue its current vehicles provide, along with costs of development of those new vehicles, will mean it won't be cash-flow positive until 2026.
Virgin Galactic says it remains on schedule for beginning commercial passenger flights of its suborbital spaceplane later this year but is still years away from profitability. In an earnings call Tuesday, company executives said that both its WhiteKnightTwo aircraft and SpaceShipTwo suborbital spaceplane should complete long-term maintenance in the third quarter and start flying customers before the end of the year. A second suborbital spaceplane will begin flight tests later this year. However, the company said it's counting on a future "Delta-class" series of spaceplanes to provide much higher flight rates, which won't start flying people until 2026. The company said the limited revenue its current vehicles provide, along with costs of development of those new vehicles, will mean it won't be cash-flow positive until 2026.
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