Virgin Galactic Announces Fourth Quarter and Full Year 2021 Financial Results

Virgin Galactic Holdings, has announced its financial results for the fourth quarter and full-year ended December 31, 2021, and provided a business update.

Fourth Quarter and Full Year 2021 Business Highlights:

• Opened sales at new price point of USD $450,000 for private astronauts in Q3 2022.
• Opened a new Engineering, Design and Corporate headquarters, which will serve as the primary hub for R&D and the development of both the Delta class spaceship and the next generation motherships.
• In July 2021, successfully completed first fully crewed spaceflight, Unity 22, which fulfilled test objectives including evaluating the cabin and customer experience.
• In June 2021, received approval from the Federal Aviation Administration for full commercial launch license, marking the first time that the agency licensed a company to fly customers to space.
• In May 2021, successfully completed first spaceflight from Spaceport America, New Mexico, Unity 21, which fulfilled various test objectives and carried revenue-generating scientific research experiments.
• Rolled out Spaceship III, VSS Imagine, the second spaceship in the current fleet.

Fourth Quarter 2021 Financial Highlights:

• Cash position remains strong, with cash, cash equivalents, and marketable securities of approximately $931 million as of December 31, 2021. This does not reflect our recent fundraise.
• GAAP selling, general, and administrative expenses of $40 million, compared to $33 million in the fourth quarter of 2020. Non‐GAAP selling, general and administrative expenses of $29 million in the fourth quarter of 2021, compared to $21 million in the fourth quarter of 2020.
• GAAP research and development expenses of $42 million, compared to $41 million in the fourth quarter of 2020. Non‐GAAP research and development expenses of $36 million in the fourth quarter of 2021, compared to $38 million in the fourth quarter of 2020.
• Adjusted EBITDA totalled $(65) million, compared to $(60) million in the fourth quarter of 2020.
• Net loss of $81 million, compared to a $104 million net loss in the fourth quarter of 2020.

Virgin Galactic Announces Board Changes

Virgin Galactic Holdings, Inc announced this week that, effective immediately, Chamath Palihapitiya will step down as chairman and as a member of its Board of Directors to focus on other public company board commitments. As part of the announcement, the Board appointed Director Evan Lovell as Interim Chairman until a new chair is in place.

Lovell has served on Virgin Galactic’s Board since 2017 and is the Chief Investment Officer of the Virgin Group. He is a seasoned private equity investor and operator, having invested and participated in global private equity and M&A over the past 20 years, working previously at TPG Capital and Culligan International.

Virgin Galactic CEO Michael Colglazier said: “Chamath was instrumental in the launch of Virgin Galactic as a public company and, as our inaugural chair, his deep and astute insights have been incredibly valuable to both me and the Company as we have grown and strengthened our business foundation. We’ve always known the time would come when he would shift his focus to new projects and pursuits. I’m grateful for everything Chamath has done for our company and wish him all the best.”

The Board has retained executive search firm Spencer Stuart to conduct a thorough and expeditious search process.

Virgin Galactic reveals a new look as it opens sales to the public for its future space flights.

Virgin Galactic reveals a new look as it opens sales to the public for its future space flights. 

“At Virgin Galactic, we believe that space is transformational,” said Virgin Galactic CEO Michael Colglazier. “We plan to have our first 1,000 customers on board at the start of commercial service later this year, providing an incredibly strong foundation as we begin regular operations and scale our fleet.”

Virgin Galactic spaceflight reservations also provide access to the Future Astronaut membership community -- designed and curated to bring inspiration, excitement, and adventure from the time of ticket purchase to spaceflight and beyond. Members will enjoy access to money-can’t-buy experiences, events, trips and space-readiness activities while they await their spaceflight.

The spaceflight itself launches from Spaceport America in New Mexico. Starting with several days of spaceflight preparedness activities, future astronauts will stay with their guests at forthcoming custom accommodations. Guests will enjoy bespoke itineraries and world-class amenities during astronaut-specific training programs.

During spaceflight, astronauts will experience a 90-minute journey including a signature air launch and Mach-3 boost to space. The spaceship gracefully flips while astronauts enjoy several minutes of out-of-seat weightlessness and breath-taking views of Earth from the spaceship’s 17 windows. Upon return from this transformational experience, astronauts will begin a meaningful journey to create positive impact with the perspective that can only come from seeing our beautiful planet from space.

To mark the launch of public sales, Virgin Galactic unveiled a new, iconic consumer brand, designed to capture the love, wonder and awe of the experience of viewing Earth from space, and to inspire generations of future astronauts around the world. The newly unveiled brand identity features the spaceship; the very definition of engineering excellence, a celebration of pioneering design, and an icon wholly unique to the Virgin Galactic spaceflight experience.

“We have developed a compelling and effective sales process to support the growth of our commercial business,” said Blair Rich, President and Chief Business Officer, Commercial and Consumer Operations. “A global, commercial spaceline demands an iconic and timeless brand. It is important that our brand represents our dynamic customer offering, and speaks to our unique experience, style and service.”

Spaceflight reservations are a total price of USD $450,000. Following an initial deposit of USD $150,000, customers will make their final payment before their flight. Those interested in spaceflight reservations can visit www.virgingalactic.com to start the application process.

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Virgin Galactic Holdings, Inc. Prices $425 Million Convertible Senior Notes Offering

Virgin Galactic Holdings, announced the pricing of its offering of $425 million aggregate principal amount of 2.50% convertible senior notes due 2027 (the “notes”) in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The issuance and sale of the notes are scheduled to settle on January 19, 2022, subject to customary closing conditions. Virgin Galactic also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date when the notes are first issued, up to an additional $75 million principal amount of notes.

The notes will be senior, unsecured obligations of Virgin Galactic and will accrue interest at a rate of 2.50% per annum, payable semi-annually in arrears on February 1 and August 1 of each year, beginning on August 1, 2022. The notes will mature on February 1, 2027, unless earlier repurchased, redeemed or converted. Prior to November 1, 2026, noteholders will have the right to convert their notes only upon the occurrence of certain events. On and after November 1, 2026, noteholders will have the right to convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Virgin Galactic will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, par value $0.0001 per share (the “common stock”), at its election, based on the conversion rate. The initial conversion rate is 78.1968 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $12.79 per share of common stock. The initial conversion price represents a premium of approximately 27.5% over the last reported sale price of $10.03 per share of Virgin Galactic’s common stock on January 13, 2022. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events.

Virgin Galactic Announces Third Quarter 2021 Financial Results

Virgin Galactic Holdings has announced its financial results for the third quarter ended September 30, 2021.

“We are entering our fleet enhancement period with a clear roadmap for increasing the durability, reliability and predictability of our vehicles in preparation for commercial service next year,” said Michael Colglazier, Chief Executive Officer of Virgin Galactic. "Demand for space travel is strong, and we've been selling seats ahead of the pace we had planned. This demonstrates the incredible market for our product and appreciation for the value of the unique experience we offer. It's a pivotal time for the Company as we transition from a prototyping space innovator to the global, scaled, commercial operation we are becoming."

Business Highlights:

• Expected start of private astronaut commercial service on track for Q4 2022.
• On July 11, 2021, successfully completed first fully crewed spaceflight, Unity 22. The flight fulfilled several test objectives including evaluating the cabin and customer experience. The livestream was watched by tens of millions around the world and brought in tens of thousands of requests for information on future Virgin Galactic spaceflights.
• In August 2021, opened sales to our Spacefarer community, the group of early hand-raisers who had reserved the right to be first in line for tickets. The Company announced a target of 1,000 reservations prior to the launch of private astronaut commercial service. Approximately 700 of these 1,000 have been sold to date. Current pricing of $450,000 per seat has been well received.
• On October 14, 2021, announced the beginning of planned vehicle enhancement period. This program will increase vehicle service life and flight-rate capability in preparation for commercial service.
• In October 2021, the Company entered into a lease agreement for a new design and collaboration centre where the next-generation vehicles will be designed and engineered.

Third Quarter 2021 Financial Highlights:

• Cash position remains strong at approximately $1.0 billion, which includes cash and cash equivalents of $721 million and marketable securities of $286 million as of September 30, 2021.
• In July 2021, the Company completed an “at-the-market” equity offering program (the “ATM Offering”). In connection with the ATM Offering, the Company filed a prospectus supplement with the U.S. Securities and Exchange Commission to offer and sell up to $500 million of shares of the Company’s common stock from time to time. The Company ultimately generated $500 million in gross proceeds through the sale of approximately 13.7 million shares of common stock. The Company intends to use the net proceeds generated from the ATM Offering for general corporate purposes, with a priority on the expansion of its spaceship fleet.
• GAAP selling, general, and administrative expenses of $50 million, compared to $31 million in the third quarter of 2020. Non-GAAP selling, general and administrative expenses of $40 million in the third quarter of 2021, compared to $24 million in the third quarter of 2020.
• GAAP research and development expenses of $36 million, compared to $46 million in the third quarter of 2020. Non-GAAP research and development expenses of $31 million in the third quarter of 2021, compared to $41 million in the third quarter of 2020.
• Adjusted EBITDA totalled $(68) million, compared to $(66) million in the third quarter of 2020.
• Net loss of $48 million, compared to a $92 million net loss in the third quarter of 2020.
• Cash paid for capital expenditures totalled $1 million, compared to $4 million in the third quarter of 2020.

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Virgin Galactic hires Aparna Chitale as Chief People Officer

Virgin Galactic announced that veteran human resources executive Aparna Chitale will join the company as its Chief People Officer (CPO) on September 30, 2021. 

 Chitale brings over 20 years of strategic experience at multi-national organizations, where she has scaled and led global teams at both public and privately held companies. Most recently, she served as Vice President of Human Resources at Disney Parks Experiences and Products.

Michael Colglazier, Chief Executive Officer of Virgin Galactic, said, “I’m delighted to welcome Aparna to the Virgin Galactic team. She has an outstanding track record building and supporting highly skilled teams across engineering, maintenance, safety, and technical services. Aparna also brings deep experience hiring and developing top talent in global destinations around the world to support rapid growth. This unique background, combined with her proven ability to foster a high performance culture rooted in a diverse and inclusive work environment, will support Virgin Galactic’s ambitious growth strategy.”

As CPO, Chitale will report to Colglazier, with the mission to make the Company a destination for top talent. In this role, she will lead all aspects of human resources, including diversity, equity & inclusion, talent acquisition, employee experience, learning & development, compensation & benefits.

The next Virgin Galactic flight on hold pending FAA investigation

Virgin Galactic has announced the manifest for the next rocket-powered test flight of SpaceShipTwo Unity from Spaceport America, which will be the first commercial, human-tended research mission for the Company.

The “Unity 23” mission will be the 23rd flight for VSS Unity and will carry three paying crew members from the Italian Air Force and the National Research Council. The goal of the mission is to evaluate and measure the effects of the transitional phase from gravity to microgravity on the human body. Other payloads on board will study the effect of the microgravity environment on a range of chemical and physical properties. By testing and evaluating physiological and technological responses in sub-orbital flight, the mission aims to produce insights relevant to current and future spaceflight systems and technologies.

However,  the flight is on hold, pending clearance from the FAA after it started an investigation after it was revealed the last flight to the edge of space with Sir Richard Branson onboard went slightly off course. 

VSS Unity was not descending at the correct angle, it veered outside of its mandated airspace, for 1 minute, 41 seconds which has caused the investigation to be started,  The spacecraft  "did not fly outside of the lateral confines of the protected airspace," a Virgin Galactic spokesperson told Space.com. "As a result of the trajectory adjustment, the flight did drop below the altitude of the airspace that is protected for Virgin Galactic missions for a short distance and time before reentering restricted airspace that is protected all the way to the ground for Virgin Galactic missions. - at no time did the ship travel above any population centres or cause a hazard to the public"

Once clearance has been given again by the FAA, the crew for the next flight will be:

WIN TWO SEATS ON A VIRGIN GALACTIC SPACEFLIGHT

If you’ve ever dreamed of seeing Earth from above, enter the Virgin Galactic Omaze sweepstakes. Use promo code GALACTIC25 to enjoy 25 bonus entries. Hurry, the last day to enter is August 31.

Space has given us all the chance to dream: Of beauty and wonder. Of great adventures. Of being part of something bigger than ourselves. And now…

You’ll be one of the first people to live that dream on a Virgin Galactic spaceflight! 

Let that soak in for a minute. You’re. Going. To. Space.

You and your guest will board a Virgin Galactic spaceship where you’ll take off smoothly, just like an aeroplane, and watch as the colours outside your window change from blue to indigo to midnight black...

Enter below 

The cost of going to the edge of space will be $450,000 per seat with Virgin Galactic...........second quarter 2021 financial results......................

A quarter of Strong Operational Progress Including:

Successful Completion of Third Spaceflight; First Spaceflight from Spaceport America, New Mexico; Unity 21 in May

Approval from FAA for Full Commercial Launch License in June

Successful Completion of Fourth Spaceflight; First With a Full Crew; Unity 22 in July

Reopening Sales, with Prices Beginning at $450,000 Per Seat

Next Rocket-Powered Spaceflight, Unity 23, Targeted for Late-September

Virgin Galactic Holdings, the vertically integrated aerospace and space travel company has announced its financial results for the second quarter ended June 30, 2021.

“In the second quarter, we made meaningful progress towards commencing commercial service in 2022. We successfully completed two spaceflights from New Mexico — the latest carrying a full crew of mission specialists in the cabin and garnering an extraordinary global media and consumer response. In addition, we received FAA approval to expand our existing launch license, marking the first time the FAA has licensed a Spaceline to fly customers to space,” said Michael Colglazier, Chief Executive Officer of Virgin Galactic. “Leveraging the surge in consumer interest following the Unity 22 flight, we are excited to announce the reopening of sales effective today, beginning with our Spacefarer community. As we endeavour to bring the wonder of space to a broad global population, we are delighted to open the door to an entirely new industry and consumer experience.”

Business Highlights:

On July 11, 2021, successfully completed first fully crewed spaceflight. This spaceflight marked VSS Unity’s 22nd flight and its fourth spaceflight. The flight fulfilled test objectives including evaluating the cabin and customer experience.

On May 22, 2021, successfully completed first spaceflight from Spaceport America, New Mexico. This spaceflight marked VSS Unity’s 21st flight and its third spaceflight. The flight fulfilled test objectives including confirming the technical readiness of the spaceship’s upgraded flight controls and horizontal stabilizers. The flight also carried revenue-generating scientific research experiments.

In June, the Federal Aviation Administration (“FAA”) updated the Company's existing commercial space transportation operator license to allow the spaceline to fly customers to space. The adjustment marked the first time the FAA has licensed a spaceline to fly customers.

In June, we announced a new contract for a human-tended research spaceflight. The company will fly Kellie Gerardi, a researcher for the International Institute for Astronautical Sciences (IIAS), on a dedicated research flight, during which Kellie will conduct experiments and test new healthcare technologies while she is in space.

Total retention of existing Future Astronaut reservations remained steady at approximately 600, as of June 30, 2021.

Announced plans to reopen sales effective today. For the private astronaut market, the Company will have three consumer offerings: i) a single seat; ii) a multi-seat couples / friends / family package; and iii) full-flight buy out. Pricing for these offers will begin at $450,000 per seat. Sales will initially open to the Company's significant list of early hand-raisers, prioritizing the Spacefarer Community, who, as promised, will be given first opportunity to reserve their place in space. A follow-on priority list will be opened to customers interested in reserving future spaceflights.

Announced that the next rocket-powered spaceflight, Unity 23, is targeted to occur in late-September from Spaceport America in New Mexico. This flight will be a revenue-generating flight with the Italian Air Force.

The door to space is now open........Virgin Galactic complete successful fully-crewed space flight

Funky suits for the crew of Unity 22                                                                   Photo Virgin Galactic.

The flight today of the Virgin Galactic VSS Unity on Unity 22 mission has effectively opened the door to space travel for many.

It has paved the way for commercial space flights for normal fare-paying passengers, well ok sure, for those normal folks with deep deep pockets,  but where they go now, the rest of us will surely follow.  

Today’s flight was the 22nd test flight of VSS Unity and the first test flight with a full crew in the cabin, including Sir Richard Branson. The crew fulfilled a number of test objectives related to the cabin and customer experience, including evaluating the commercial customer cabin, the views of Earth from space, the conditions for conducting research and the effectiveness of the five-day pre-flight training program at Spaceport America.

Sir Richard Branson enjoys weightlessness during the flight.                                               Photo Virgin Galactic 

Michael Colglazier, Chief Executive Officer of Virgin Galactic, said: “Today is a landmark achievement for the Company and a historic moment for the new commercial space industry. With each successful mission, we are paving the way for the next generation of astronauts. I want to thank our talented team, including our pilots and crew, whose dedication and commitment made today possible. They are helping open the door for greater access to space – so it can be for the many and not just for the few.”

VSS Unity achieved a speed of Mach 3 after being released from the mothership, VMS Eve. The vehicle reached space, at an altitude of 53.5 miles, before gliding smoothly to a runway landing at Spaceport America.

You can watch the recording of the live stream below. 

Counting down to the first fully crewed space flight mission for Virgin Galactic - delayed due to weather....

This afternoon we are going to see the very start of something amazing, something that has been so long in the making,  and far far longer in the dreaming!

Today, Virgin Galactic's "Unity 22" mission takes off, it will be the twenty-second flight test for VSS Unity and the company’s fourth crewed spaceflight. It will also be the first to carry a full crew of two pilots and four mission specialists in the cabin, including the Virgin Galactic's founder, Sir Richard Branson, who, as astronaut 001, will be testing the private astronaut experience.

Mission "Unity 22" will focus on cabin and customer experience objectives, including:

Evaluating the commercial customer cabin with a full crew, including the cabin environment, seat comfort, the weightless experience, and the views of Earth that the spaceship delivers — all to ensure every moment of the astronaut’s journey maximizes the wonder and awe created by space travel

Demonstrating the conditions for conducting human-tended research experiments

Confirming the training program at Spaceport America supports the spaceflight experience

Virgin Galactic gets FAA approval for full Commercial Launch License following success of May test flight

Richard Branson's Virgin Galactic has been given approval from the U.S Federal Aviation Administration  - FAA to operate commercial flights to space.

VSS Unity in space over New Mexico  Photo Virgin Galactic 

The adjustment to Virgin Galactic’s operator’s license, which the firm has held since 2016, marks the first time the FAA has licensed a spaceline to fly customers and has been seen as a validation of the Virgin Galactic testing programme, which has met the verification and validation criteria required by the FAA.

FAA Expands Virgin Galactic's Commercial Space Transportation Operator License To Allow Carriage of Space Flight Participants

The space firm also said it had completed an extensive review of data gathered from its recent test flight on 22nd May and stated the flight met all its objectives.  The flight of VMS Eve and VSS Unity was the company’s third crewed spaceflight and the first-ever spaceflight from Spaceport America, New Mexico. The flight achieved a speed of Mach 3 and reached space at an altitude of 55.5 miles. After an extensive review of the data collected during the flight, the Company confirmed that:

The rocket-powered test of the spaceship’s upgraded horizontal stabilizers and flight controls demonstrated strong performance, in line with predictions. These enhanced systems, which allow for finer pilot control, will also be deployed in future spaceships in the Company’s fleet.

The cabin environment data was in line with predictions.

The flight successfully carried three revenue-generating research experiments that tested and demonstrated technologies in microgravity as part of NASA’s Flight Opportunities Program. The pilots flew VSS Unity on a specific trajectory designed to meet the objectives of these research experiments.

With the data analysis from the May flight now complete, Virgin Galactic will continue preparing for the remaining three test flights.

Michael Colglazier, Chief Executive Officer of Virgin Galactic, said, “We’re incredibly pleased with the results of our most recent test flight, which achieved our stated flight test objectives. The flight performed flawlessly, and the results demonstrate the safety and elegance of our flight system. Today’s approval by the FAA of our full commercial launch license, in conjunction with the success of our May 22 test flight, give us confidence as we proceed toward our first fully crewed test flight this summer.”

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Video of Virgin Galactic's latest spaceflight....

VSS Unity released from VMS Eve and ignition of rocket motor over Spaceport America, Photo Virgin Galactic 

Virgin Galactic has announced it had completed its third spaceflight and the first-ever spaceflight from Spaceport America, New Mexico. The flight on Saturday sees New Mexico become the third US state to launch humans into space.

VSS Unity achieved a speed of Mach 3 after being released from the mothership, VMS Eve, and reached space, at an altitude of 55.45 miles before gliding smoothly to a runway landing at Spaceport America.

On VSS Unity’s flight deck were CJ Sturckow and Dave Mackay, while Kelly Latimer and Michael Masucci piloted VMS Eve. CJ, who flew as pilot-in-command, becomes the first person ever to have flown to space from three different states. The crew experienced extraordinary views of the bright, blue-rimmed curvature of the earth against the blackness of space. New Mexico’s White Sands National Park sparkled brilliantly below. Their experience today gives Virgin Galactic’s Future Astronaut customers a glimpse of what lies ahead.

Michael Colglazier, Chief Executive Officer of Virgin Galactic, said: “Today’s flight showcased the inherent elegance and safety of our spaceflight system while marking a major step forward for both Virgin Galactic and human spaceflight in New Mexico. Space travel is a bold and adventurous endeavor, and I am incredibly proud of our talented team for making the dream of private space travel a reality. We will immediately begin processing the data gained from this successful test flight, and we look forward to sharing news on our next planned milestone.”

VSS Unity in space over New Mexico  Photo Virgin Galactic 

Virgin Galactic fulfilled a number of test objectives during the flight, including:

Carried revenue-generating scientific research experiments as part of NASA’s Flight Opportunities Programme.

Collected data to be used for the final two verification reports that are required as part of the current FAA commercial reusable spacecraft operator’s license.

Tested the spaceship’s upgraded horizontal stabilizers and flight controls and validated EMI reductions.

Virgin Galactic completes first human spaceflight from Spaceport America, New Mexico..........Video......

VSS Unity released from VMS Eve and ignition of rocket motor over Spaceport America, Photo Virgin Galactic 

Virgin Galactic has announced it had completed its third spaceflight and the first-ever spaceflight from Spaceport America, New Mexico. The flight on Saturday sees New Mexico become the third US state to launch humans into space.

VSS Unity achieved a speed of Mach 3 after being released from the mothership, VMS Eve, and reached space, at an altitude of 55.45 miles before gliding smoothly to a runway landing at Spaceport America.

On VSS Unity’s flight deck were CJ Sturckow and Dave Mackay, while Kelly Latimer and Michael Masucci piloted VMS Eve. CJ, who flew as pilot-in-command, becomes the first person ever to have flown to space from three different states. The crew experienced extraordinary views of the bright, blue-rimmed curvature of the earth against the blackness of space. New Mexico’s White Sands National Park sparkled brilliantly below. Their experience today gives Virgin Galactic’s Future Astronaut customers a glimpse of what lies ahead.

Michael Colglazier, Chief Executive Officer of Virgin Galactic, said: “Today’s flight showcased the inherent elegance and safety of our spaceflight system while marking a major step forward for both Virgin Galactic and human spaceflight in New Mexico. Space travel is a bold and adventurous endeavor, and I am incredibly proud of our talented team for making the dream of private space travel a reality. We will immediately begin processing the data gained from this successful test flight, and we look forward to sharing news on our next planned milestone.”

VSS Unity in space over New Mexico  Photo Virgin Galactic 

Virgin Galactic fulfilled a number of test objectives during the flight, including:

Carried revenue-generating scientific research experiments as part of NASA’s Flight Opportunities Programme.

Collected data to be used for the final two verification reports that are required as part of the current FAA commercial reusable spacecraft operator’s license.

Tested the spaceship’s upgraded horizontal stabilizers and flight controls and validated EMI reductions.

Virgin Galactic's net loss falls to just $130 million for the first quarter 2021, compared to a $377 million net loss in the first quarter of 2020

Virgin Galactic Holdings, the vertically integrated aerospace and space travel company, pioneering human spaceflight for private individuals and researchers, as well as a manufacturer of advanced air and space vehicles has released its latest results. The company says its net loss in the first quarter was $130 million, compared to a $377 million net loss for the same period last year. 

“We continue to make strides towards our strategic objectives and have solid momentum as we focus on completing our flight test program,” said Michael Colglazier, Chief Executive Officer of Virgin Galactic. “We are committed to delivering one of the world's most unique and transformational customer experiences, with safety at the core of everything we do. Our greatest asset is our incredibly talented group of employees, and the strength of the leadership team we have assembled for the next phase of our journey."

First Quarter 2021 Business Highlights:

Virgin Galactic Unveils VSS Imagine, The First SpaceShip III in its Growing Fleet

Virgin Galactic has unveiled the Company’s first SpaceShip III in its growing fleet, VSS Imagine. The spaceship showcases Virgin Galactic’s innovation in design and astronaut experience. Imagine also demonstrates progress toward efficient design and production, as Virgin Galactic works to scale the business for the long-term. VSS Imagine will commence ground testing, with glide flights planned for this summer from Spaceport America in New Mexico.

    VSS Imagine will commence ground testing, with glide flights this summer

 

    Breakthrough livery design allows Imagine to mirror the surrounding environment as it moves from Earth to Space

 

    Manufacturing ramps up on next SpaceShip III in the fleet, VSS Inspire

The breakthrough livery design, finished entirely with a mirror-like material, reflects the surrounding environment, constantly changing colour and appearance as it travels from earth to sky to space. Along with providing thermal protection, this dynamic material is naturally appealing to the human eye, reflecting our inherent human fascination with space and the transformative experience of spaceflight.

Virgin Galactic has issued its financial results for the fourth quarter and full-year ended December 31, 2020.

Virgin Galactic has issued its financial results for the fourth quarter and full-year ended December 31, 2020.

“We accomplished several significant milestones during 2020 despite the ongoing challenges posed by the COVID-19 pandemic,” said Michael Colglazier, Chief Executive Officer of Virgin Galactic. “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. I am excited about the talent we’re bringing on to our leadership team and the investments we’re making in the business, both of which will position us well to scale for future growth.”

Virgin Galactic Appoints Seth Zaslow as Vice President of Investor Relations

Virgin Galactic Holdings has announced the appointment of Seth Zaslow as Virgin Galactic’s Vice President of Investor Relations.  Seth will be responsible for leading the Company’s investor relations function. He will serve as the primary liaison between Virgin Galactic and the investment community overseeing all aspects of investor relations policies and initiatives.

Seth has over 25 years’ experience in various investor relations and finance roles. Prior to his appointment, Seth led the investor relations program for AMC Networks. During his tenure at AMC, Seth oversaw the creation of the investor relations function in connection with AMC’s successful spin-off from Cablevision Systems Corporation in 2011. Prior to AMC, Seth held various senior financial and operational roles at Cablevision, Time Warner Inc. (predecessor to WarnerMedia) and Time Warner Cable (since acquired by Charter Communications).

Virgin Galactic will open a new window for a rocket-powered test flight of its SpaceShipTwo Unity.

Virgin Galactic will open a new window for a rocket-powered test flight of its SpaceShipTwo Unity.

The flight window will open on February 13 with opportunities to fly throughout February, pending good weather conditions and technical readiness. The test flight will be crewed by two pilots and will carry research payloads as part of the NASA Flight Opportunities program.

Pre-flight preparations are already underway at Spaceport America, New Mexico, including rigorous steps to prepare the vehicles, pilots, teams and facilities, with safety procedures as a top priority. In addition, the Virgin Galactic Pilot Corps has completed two flights with its mothership, VMS Eve, for routine pilot proficiency training. This training included using the mothership to simulate the glide and approach-to-land phase of flight for SpaceShipTwo, showing the versatility of VMS Eve as more than just a mothership.

Virgin Galactic's recent test flight fails to reach space.

The test flight on December 12, 2020, didn't reach Space

Rocket motor didn't fire after ignition sequence failed to complete.

Perfect landing of the mothership, and spaceship

Virgin Galactic Pilots on their way to the Virgin Galactic Spaceflight System 
 Photo Quinn Tucker for Virgin Galactic

Virgin Galactic confirmed the details of its latest test flight that took place on December 12th, 2020. The firm reports that during the test flight, the rocket motor did not fire due to the ignition sequence not completing. Following this event, the pilots conducted a safe landing and return to Spaceport America, New Mexico as planned.

Michael Colglazier, CEO, Virgin Galactic said: “Our flight landed beautifully, with pilots, planes, and spaceship safe, secure, and in excellent shape — the foundation of every successful mission!

Photo Virgin Galactic 

The flight did not reach space as we had been planning. After being released from its mothership, the spaceship’s onboard computer that monitors the rocket motor lost connection. As designed, this triggered a fail-safe scenario that intentionally halted ignition of the rocket motor. Following this occurrence, our pilots flew back to Spaceport America and landed gracefully as usual.

When I became CEO, I was briefed on the safety engineering of our Spaceflight System, which is purposely designed to enable our pilots to safely glide back to the Spaceport at any point during the flight profile. Seeing firsthand how our pilots brought Unity in for a picture perfect landing after an off-nominal condition confirmed this approach. I am even more confident that this is the level of safety that consumers will want and will be expecting from us.

As we do with every test flight, we are evaluating all the data, including the root cause assessment of the computer communication loss. We remain focused on the test flight program we have previously announced, beginning with a repeat of this test flight, which included two pilots and NASA payloads. This will be followed by another test flight which will include mission specialists in the cabin. And following that flight, we will have another test flight which will include our founder, Sir Richard Branson. We look forward to sharing information on our next flight window in the near future.”

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