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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