Due to higher costs associated with research and development, Virgin Galactic recorded a net loss of $159.4M for Q1 2023, compared to $93.1M a year ago. At the close of the quarter, the business had $874M in cash and securities, and it had plans to go into space for the first time in two years later this month. - In contrast to a $77M loss a year earlier, Virgin Galactic reported an adjusted EBITDA loss of $140M.
- Virgin Galactic's shares witnessed an almost 1% fall in after-hours trading after increasing by 17% since the year's beginning.
- CEO Michael Colglazier emphasized the advancements made in creating its Delta-class spacecraft.
- A crew of company personnel will be launched into space in May to check their work before the first commercial voyage.
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