Virgin Galactic quarterly loss widens while company preps for spaceflight return

Virgin Galactic cited "increases in research and development expenses," in a press release.An aerial view of carrier aircraft VMS Eve, left, and spacecraft VSS Unity, at Spaceport America in New Mexico on Feb. 27, 2023.is aiming to fly its first spaceflight in nearly two years later this month, but the company's first quarter loss widened dramatically as it funds its fleet growth.

Virgin Galactic had cash and securities totaling $874 million at the end of the quarter, down from about $980 million at the end of the fourth quarter. It reported minimal revenue.Virgin Galactic cited "increases in research and development expenses," in a press release. CEO Michael Colglazier said the company is "making steady progress on the development of our Delta Class spaceships.

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Virgin Galactic stock jumps over 12% as space-tourism company unveils next flightVirgin Galactic Holdings Inc. sets plans for its first suborbital flight in nearly two years and says commercial service is on track to start in late June.
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Virgin Galactic prepared to launch to the edge of space after hiatus | CNN BusinessVirgin Galactic, the suborbital space tourism company founded by British billionaire Richard Branson, is gearing up for its first flight to the edge of space in nearly two years.
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