Shares of Virgin Galactic fell more than 3% in electronic post-conference trading on Thursday, after the space tourism company announced smaller quarterly losses, but also the parallel postponement of its first commercial flight for 2023, saying that it continues to struggle with disruptions in the supply chain and in the field of labor.
Virgin Galactic lost $ 93 million, or 36 cents a share, in the first quarter of 2022, compared with a loss of $ 130 million, or 55 cents a share, in the corresponding quarter of 2021.
The company recorded revenue of $ 319,000 in the quarter, compared to zero revenue a year ago.
Analysts in a FactSet survey expected the company to record a loss of 32 cents per share on a turnover of $ 100,000.
“In a context of escalating supply chain and work constraints, our teams are narrowing down most of these issues to minimize the impact on schedules,” said CEO Michael Colglazier.
“We look forward to returning to space in the fourth quarter and starting our commercial service in the first quarter of 2023,” he added.
Virgin Galactic began selling spaceflight tickets to the general public in February, stating at the time that it expected to transport its first 1,000 customers later in 2022.
Flight bookings cost $ 450,000, with an initial deposit of $ 150,000 and a final pre-flight payment.
Shares of Virgin Galactic have lost about 44% this year, compared to a loss of about 13% for the S&P 500.
Source: Capital
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