Virgin Galactic shares fall as quarterly results reveal next spaceflight test delayed to May

A Banner hangs exterior the New York Stock Exchange (NYSE) forward of the Virgin Galactic (SPCE) IPO in New York, U.S., October 28, 2019.

Brendan McDermid | Reuters

Virgin Galactic delivered fourth quarter results after the market closed on Thursday, with the corporate disclosing its next spaceflight test is delayed to May.

The firm was concentrating on as early as Feb. 13 for the spaceflight test, which represents a repeat of its flight try in December that was minimize brief by an engine anomaly. Virgin Galactic’s investor presentation disclosed that it “identified EMI as the root cause” of the December engine flight abort, with “additional EMI impacts” uncovered throughout preparations for the Feb. 13 reflight.

Shares of Virgin Galactic fell as a lot as 10% in after hours buying and selling, after having fallen 8.4% throughout the day to shut at $42.24 a share.

Virgin Galactic’s spacecraft Unity glides in for a touchdown after a flight test in New Mexico on June 25, 2020.

Virgin Galactic

The house tourism firm reported an adjusted EBITDA lack of $59.5 million, down barely from a lack of $66 million within the earlier quarter. The firm booked $zero of income within the quarter, as it did within the prior quarter.

The firm has about $666 million in money readily available as of the top of the 12 months, down from about $742 million within the third quarter.

The firm introduced earlier on Thursday that CFO Jon Campagna is stepping down, efficient on Monday. He shall be succeeded by Doug Ahrens, former CFO of semiconductor specialist Mellanox.

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