A flag is flown outside the New York Stock Exchange (NYSE) ahead of the Virgin Galactic IPO (SPCE) in New York, USA, October 28, 2019.
Brendan McDermid Reuters
Virgin Galactic delivered results in the fourth quarter after the market closed on Thursday, with the company announcing that its next spaceflight test has been postponed to May.
The company was aiming as early as Feb. 13 for a spaceflight test of its SpaceShipTwo vehicle “Unity,” which represents a recap of their December flight effort cut short by engine anomalies. Virgin Galactic’s investor show showed it was “identifying EMI as a major cause” of engine aircraft shortening in December, with “additional EMI effects” found in preparation for the February 13 light.
Although there will be only two pilots on board, the flight is expected to be the first of three as the company seeks to complete the development of its spacecraft system and starting with paying travelers.
Shares of Virgin Galactic fell as much as 15% in after-hours trading, after falling 8.4% during the day to close at $ 42.24 a share.
Unity Virgin Galactic spacecraft will shine in for landing after a flight test in New Mexico on June 25, 2020.
Virgin Galactic
“We achieved several important milestones in 2020 despite the ongoing challenges posed by the COVID-19 pandemic,” Virgin Galactic CEO Michael Colglazier said in a press release. “Looking ahead, we aim to complete our test flight program, expand our fleet of spacecraft and maternity, and develop our unique and transformative customer experience. “
The space tourism company reported a revised EBITDA loss of $ 59.5 million, down slightly from a loss of $ 66 million in the previous quarter. The company maintained $ 0 of revenue in the quarter, as it did in the previous quarter. Virgin Galactic’s fourth-quarter loss of $ 0.31 a share was in line with expectations from analysts surveyed by Refinitiv.
The company has about $ 666 million in cash at hand at the end of the year, down from about $ 742 million in the third quarter.
Virgin Galactic also announced that it will launch the next spacecraft in its fleet, and the first of the SpaceShip III generation, on March 30th. The next spacecraft will begin flight tests in the summer.
The company announced earlier Thursday that CFO Jon Campagna is retiring, effective Monday. Doug Ahrens, former CFO of semiconductor expert Mellanox, will follow.
Virgin Galactic revealed in a securities filing that James Ryans, director of Social Capital Hedosophia Holdings, resigned from the company’s board of directors on Feb. 22. He was replaced by Gil West, the chief operating office of Cruise General Motor’s division.
Subscribe to CNBC PRO for unique insights and analysis, and live business day programs from around the world.