. 24/7 Space News .
Virgin Galactic posts revenue loss of $238m in Q4
by Staff Writers
Moscow (Sputnik) Feb 26, 2021

At this point little more than expensive cosplay. Book now - flights soon ...

Despite the profit challenges, the chief executive of the British aerospace firm told investors he was excited about bringing on new talent to the leadership team and new investments for the company.

Virgin Galactic nosedived 93 percent to $238m, down from $3.7bn the year before, the company said in its fourth quarter reports.

Year-on-year losses were $273m up from $211m in 2019, the report read, adding losses per share jumped 14 percent to $1.25. Q4 earnings saw no revenues and the company lost a net $74m, compared to $72m the same period in 2019.

"We accomplished several significant milestones during 2020 despite the ongoing challenges posed by the COVID-19 pandemic. Looking ahead, we're focused on completing our test flight program, expanding our fleet of spaceships and motherships, and developing our unique and transformative customer experience," Virgin Galactic chief executive Michael Colglazier said in a statement.

The news comes as the company announced it would delay spaceflight tests to May and postpone flying passengers to early 2022 due to electromagnetic interference (EMI) on its SpaceShipTwo 'Unity' vehicle.

Two pilots will board the first of three test flights ahead of its passenger schedule target. Shares for the firm fell up to 15 percent following the announcement, CNBC revealed.

But the firm expects to carry company founder Sir Richard Branson in the third flight "this summer" and follow with a four-month "analysis and refurbishment period" on the spacecraft along with its carrier aircraft Eve and future SpaceShip III.

"At the conclusion of this period, we expect VSS Unity will begin flying private astronauts, and SpaceShip III will be in a position to complete its flight testing, which we expect to be in early '22," Colglazier said in a statement.

The statement comes after Branson raised $500m after selling shares of the firm, namely to fund a $250m coronavirus relief package. Thousands of staff have been furloughed and executives have agreed to massive pay cuts.

Source: RIA Novosti

Related Links
Virgin Galactic
Rocket Science News at Space-Travel.Com

Thanks for being there;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Monthly Supporter
$5+ Billed Monthly

paypal only
SpaceDaily Contributor
$5 Billed Once

credit card or paypal

Russia plans at least 10 launches from Baikonur in 2021
Moscow (Sputnik) Feb 16, 2021
Russia is going to carry out more than 10 launches of Soyuz-2 carrier rockets from the Baikonur cosmodrome this year, Ruslan Mukhamedzhanov, the head of the Centre for the Operation of Ground-Based Space Infrastructure Facilities, said on Monday. "Twelve launches will be carried out from this site [in 2021]. These are federal launches, and commercial launches [in the interests of UK communications company] OneWeb," Mukhamedzhanov said, as broadcast by Russian space agency Roscosmos on YouTube. ... read more

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Cancer survivor to join first all-private spaceflight on SpaceX's Dragon

Suspected breach plugged in Russian ISS module as air leak hunt continues

Space snapshot

Astronautics training for space professionals

Blue Origin delays heavy-lift New Glenn rocket launch to 2022

Greener way to get satellites moving

NASA welds Confidence Article for next evolution of SLS

NASA delays new test-firing of moon rocket

SwRI scientist captures evidence of dynamic seasonal activity on a Martian sand dune

Mastcam-Z's First 360-Degree Panorama

Tianwen 1 probe enters preset parking orbit

Testing proves its worth with successful mars parachute deployment

China explores space with self-reliance, open mind

Xi lauds China's progress in space missions

China begins assembly of Long March 5B to launch space station core

Chinese tracking vessel sets sail for monitoring missions in Indian Ocean

'Space Bridge' across the world will help UK and Australia get ahead in global space race

Business support scheme to boost UK space industry has lift off

Advanced Manufacturing Supercluster Funds Deployment Of Flexible Automation Solutions

French village says 'non' to Elon Musk's space-age internet

Israel launches research nanosatellite to measure radiation in space

Imaging space debris in high resolution

UCF joins project to develop composites for spacecraft, NASA missions

Air Force tests suicide prevention training with virtual reality system

Big galaxies steal star-forming gas from their smaller neighbours

The Milky Way may be swarming with planets with oceans and continents like here on Earth

On the quest for other Earths

The search for life beyond Earth

SwRI scientists image a bright meteoroid explosion in Jupiter's atmosphere

Solar system's most distant planetoid confirmed

Peering at the Surface of a Nearby Moon

A Hot Spot on Jupiter

The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.