Virgin Galactic posts $500M loss, sticks to plans for Q2 commercial service 

Virgin Galactic VMS Eve
Virgin Galactic

Virgin Galactic presented its 2022 annual results on February 28, 2023.   

The private space company posted a $500 million operational loss, larger than the $354 million loss recorded in the preceding year, with most of this difference being attributable to an increase in research and development expenses (from $144 to $314 million).  

In a press statement, the company highlighted it maintained $980 million in cash or cash equivalents at the end of the year. During 2022 Virgin Galactic raised new funds through the issuance of $103 million in common stock and $425 million in convertible senior notes.  

On the operational side of things, Virgin Galactic is sticking to its plans to launch its commercial services by Q2 2023.  

“With our enhancement program complete and validation flights underway, we remain on track to launch commercial service in the second quarter of 2023,” stated Michael Colglazier, Virgin Galactic’s CEO, in a press communiqué.  

On February 17, 2023, it became known that VMS Eve, one of the Virgin Galactic’s craft, had taken to the skies once again after a 16 month hiatus. VMS Eve flew from Spaceport America, in New Mexico, to Mojave, California.  

In the meantime, activity continues apace in a number of long-term development projects, such as the building of a new astronaut and training facility (in 2022, Virgin Galactic secured land for this purpose in New Mexico) and a new final assembly facility in Arizona for Delta Class spaceships. 

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