Virgin Galactic SPCE earnings Q3 2020

Space tourism company Virgin Galactic reported third quarter results on Thursday with an increased loss as the company looks to finish its development program.

“During the quarter we made good progress completing the final steps to prepare for VSS Unity’s first rocket powered test flight from Spaceport America this November,” Virgin Galactic CEO Michael Colglazier said in a press release.

That next test flight is expected to occur between Nov. 19 and Nov. 23. It was previously planned for as early as Oct. 22.

Virgin Galactic reported an adjusted EBITDA loss of $66 million, up from a loss of $54 million in the previous quarter. The company booked $0 of revenue in the quarter, but did receive about 200 additional refundable deposits toward tickets. That brings its total number of $1,000 deposits to about 900, from about 700 in the second quarter.

The company has about $742 million in cash on hand, after the company raised more than $440 million in a common stock offering in August.

Shares of Virgin Galactic were little changed in after hours trading. The stock closed up 6.3% at $19.17 a share ahead of the report.

Founded by Sir Richard Branson and taken public last year through a SPAC by Chamath Palihapitiya, the company is still in the development phase of its business. To date it’s completed two federally-recognized spaceflights, with the company expecting to conduct two more test spaceflights before it flies Branson on what will be considered the company’s first commercial flight.

The company also said in its earnings report that it will re-open ticket sales fully in 2021 after Branson’s flight.

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