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Virgin Galactic Q1 earnings report

An aerial view of provider plane VMS Eve, left, and spacecraft VSS Unity, at Spaceport America in New Mexico on Feb. 27, 2023.

Virgin Galactic

Virgin Galactic is aiming to fly its first spaceflight in almost two years later this month, however the firm’s first quarter loss widened dramatically because it funds its fleet progress.

For the quarter ended March 31, Virgin Galactic posted a internet lack of $159.4 million, or 57 cents a share, in contrast with a lack of $93.1 million, or 36 cents a share, a yr earlier.

Virgin Galactic had money and securities totaling $874 million on the finish of the quarter, down from about $980 million on the finish of the fourth quarter. It reported minimal income.

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Virgin Galactic cited “will increase in analysis and growth bills,” in a press launch. CEO Michael Colglazier stated the corporate is “making regular progress on the event of our Delta Class spaceships.”

The corporate is making ready to launch its VSS Unity spacecraft for the primary time since flying Sir Richard Branson in July 2021. The subsequent spaceflight, scheduled for the tip of Might, will carry a crew of firm staff on a mission to confirm its work. It paused launches for a prolonged refurbishment interval of its autos, with Virgin Galactic aiming to fly its first business mission in “late June.”

The house tourism firm reported an adjusted EBITDA lack of $140 million, in contrast with a $77 million loss in the identical interval a yr in the past.

Shares of Virgin Galactic inventory slipped greater than 1% in after-hours buying and selling, from its shut at $4.09 a share. The inventory is up about 17% since this starting of the yr.