On Monday, Virgin Galactic revealed that its space flight testing schedule may require certain adjustments. This announcement led to a fall in the company’s shares by 9%.
Virgin Galactic’s scheduled launch for its next test flight was expected to be enacted this month.
At its first quarter update the company claimed to currently be re-evaluating the schedule as they were addressing “potential wear and tear” issues on the Eve carrier mothership and launch platform, as informed by executives.
These issues were supposed to be taken care of earlier, however, as the test flight schedule could be affected, they realised this required to be addressed immediately.
A follow up report with the update on the test flight schedule should be received sometime next week.
“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,” added CEO of Virgin Galactic, Michaels Colglazier.
The company claims to have $617 million of cash in hand, even after having incurred a net loss of $130 million and generating $0 revenue this quarter.
Virgin Galactic
