SpaceShipTwo Spacecraft Unity during a glide test in New Mexico.
Space tourism company Virgin Galactic reported third quarter results on Thursday with an increased loss as the company plans to complete its development program.
"We made good progress during the quarter and completed the final steps in preparation for the first VSS Unity rocket-powered test flight from Spaceport America in November," said Michael Colglazier, CEO of Virgin Galactic, in a press release.
The next test flight is expected to take place between November 19th and 23rd. It was already planned for October 22nd.
Virgin Galactic posted an adjusted EBITDA loss of $ 66 million, compared to $ 54 million in the previous quarter. The company posted $ 0 in revenue for the quarter but received about 200 additional refundable ticket deposits. That brings the total number of deposits of $ 1,000 to about 900, up from about 700 in the second quarter.
The company has approximately $ 742 million in cash after raising more than $ 440 million in a common stock offering in August.
Virgin Galactic's stock was little changed after close of trading. The stock closed 6.3% at $ 19.17 per share ahead of the report.
The company was founded by Sir Richard Branson and was floated on the stock exchange by Chamath Palihapitiya last year through a SPAC. It is still in the development phase of its business. To date, two government-approved space flights have been completed, with the company anticipating two more test space flights before flying Branson on the company's first commercial flight.
The company also said in its earnings report that it will fully reopen ticket sales in 2021 after Branson's flight.
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