In exciting news for the nascent space tourism industry, Virgin Galactic is set to end a two-year hiatus from space this month.
The trail-blazing space tourism company announced on Monday that it will send crew of four to space before the end of the month.
According to Virgin Galactic, the mission’s objective is for specialists to validate the astronaut experience of the first commercial flight, termed Galactic 01, which is scheduled for late June.
“Returning to space is what we have all worked towards,” Virgin Galactic’s Mike Moses commented, adding “after this flight we will begin flying our customers to space”.
Virgin Galactic’s last manned trip to space took place in July 2021, with the crew at the time including billionaire Richard Branson, the company’s founder.
Virgin Galactic Wants to Reverse Financial Woes
Virgin Galactic’s long hiatus from space flight has taken a toll on the company’s financial position.
Between 2018 and 2022, the company reported $1.5 billion in losses, with $133 million of these coming in the final quarter of 2022, which was more than double the rate of losses seen one year earlier.
That rate of losses further accelerated in the first quarter of this year, rising to $159 million, which Virgin Galactic said was “primarily driven by investments related to the development of the future fleet and enhancements for the current fleet”.
The company has a substantial runway, with $874 million of cash, cash equivalents and marketable securities, it said in its latest earnings release.
But Virgin Galactic is keen to turn losses into profits by kickstarting regular space trips in the near future.
Eventually, the aim will be to get to around 400 flights per year, which at $425,000 per ticket (with four passengers per flight), should be enough to see the company turn a profit.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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