Virgin Galactic, a space tourism firm, has delayed the start of its commercial flights by an additional three months due to difficulties in the refurbishment of its carrier aircraft.
The latest delay for the launch of Virgin Galactic’s space tourism company is the delay of commercial service until the second quarter of 2023. Previously, the corporation had moved the deadline from the fourth quarter of this year to the first quarter of the following year.
After-hours trading saw the shares fall more than 10% from its $8.19 closing per share. Over the last 12 months, the stock price has decreased by more than 70%.
Virgin Galactic reported an adjusted EBITDA loss of $93 million for the second quarter, which was a larger loss than the $77 million loss in the prior quarter. There is $1.1 billion in cash on hand for the business.
Additionally, it stated that it intended to sell up to $300 million worth of ordinary shares in order to increase its “financial flexibility moving ahead.”