Virgin Galactic reports first loss since IPO
Space travel company says it took "major steps forward in the Company's mission to open space for everyone."
Virgin Galactic has reported its first quarterly results since making its public trading debut last month.
The space tourism company reported revenue of $800,000 and a net loss of $51.5 million for the third quarter.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SPCE | VIRGIN GALACTIC HOLDINGS INC. | 6.42 | -0.19 | -2.87% |
Virgin will eventually be sending people to space. Customer reservations have come in from more than 600 people in 60 countries.
That converts to approximately $80 million in total collected deposits, and over $120 million of potential revenue.
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"We believe our third quarter results reflect our ongoing progress as we execute on our strategy toward commercial launch," said George Whitesides, Chief Executive Officer of VG. "We are thrilled to have completed our merger with Social Capital Hedosophia and to be trading publicly, both of which are major steps forward in the Company's mission to open space for everyone."
Richard Branson wears a Virgin Galactic spacesuit. (Credit: Virgin Galactic)
The company received 3,557 inquiries about flight reservations as of the end of September.
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Virgin Galactic made its trading debut on Oct 28 on the New York Stock Exchange with a value of $2.3 billion, giving investors a chance to buy into the space-tourism company founded by Richard Branson.