Virgin Galactic losses 3x higher than last year
Even as Virgin Galactic has announced a contract with Axiom to fly a zero gravity suborbital training flight for one of its astronauts, the company also posted its 2021 third quarter statement, revealing losses three times higher than the previous year.
The company posted a net loss of $146 million for the three months ended Sept. 30, compared with a $48 million net loss in the same period last year. The widened loss was in part driven by increased research and development cost, which came at $97 million in the June-September quarter, three times higher than last year.
The company posted a net loss of $146 million for the three months ended Sept. 30, compared with a $48 million net loss in the same period last year. The widened loss was in part driven by increased research and development cost, which came at $97 million in the June-September quarter, three times higher than last year.
Quarterly revenue was only $767,000, down 70 percent from a year ago. Virgin Galactic hasn’t started commercial service of its suborbital spaceflight. The company currently makes money by taking deposits for future flights and providing engineering services to other companies.
Company officials still say that it will begin flying customers in the second quarter of ’23, as promised, though it also appears that the demand for its business has plummeted. At the same time, it reports it has $1.1 billion in its coffers for future development.
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Even as Virgin Galactic has announced a contract with Axiom to fly a zero gravity suborbital training flight for one of its astronauts, the company also posted its 2021 third quarter statement, revealing losses three times higher than the previous year.
The company posted a net loss of $146 million for the three months ended Sept. 30, compared with a $48 million net loss in the same period last year. The widened loss was in part driven by increased research and development cost, which came at $97 million in the June-September quarter, three times higher than last year.
The company posted a net loss of $146 million for the three months ended Sept. 30, compared with a $48 million net loss in the same period last year. The widened loss was in part driven by increased research and development cost, which came at $97 million in the June-September quarter, three times higher than last year.
Quarterly revenue was only $767,000, down 70 percent from a year ago. Virgin Galactic hasn’t started commercial service of its suborbital spaceflight. The company currently makes money by taking deposits for future flights and providing engineering services to other companies.
Company officials still say that it will begin flying customers in the second quarter of ’23, as promised, though it also appears that the demand for its business has plummeted. At the same time, it reports it has $1.1 billion in its coffers for future development.
Readers!
My annual February birthday fund-raising drive for Behind the Black is now over. Thank you to everyone who donated or subscribed. While not a record-setter, the donations were more than sufficient and slightly above average.
As I have said many times before, I can’t express what it means to me to get such support, especially as no one is required to pay anything to read my work. Thank you all again!
For those readers who like my work here at Behind the Black and haven't contributed so far, please consider donating or subscribing. My analysis of space, politics, and culture, taken from the perspective of an historian, is almost always on the money and ahead of the game. For example, in 2020 I correctly predicted that the COVID panic was unnecessary, that the virus was apparently simply a variation of the flu, that masks were not simply pointless but if worn incorrectly were a health threat, that the lockdowns were a disaster and did nothing to stop the spread of COVID. Every one of those 2020 conclusions has turned out right.
Your help allows me to do this kind of intelligent analysis. I take no advertising or sponsors, so my reporting isn't influenced by donations by established space or drug companies. Instead, I rely entirely on donations and subscriptions from my readers, which gives me the freedom to write what I think, unencumbered by outside influences.
You can support me either by giving a one-time contribution or a regular subscription. There are four ways of doing so:
1. Zelle: This is the only internet method that charges no fees. All you have to do is use the Zelle link at your internet bank and give my name and email address (zimmerman at nasw dot org). What you donate is what I get.
2. Patreon: Go to my website there and pick one of five monthly subscription amounts, or by making a one-time donation.
3. A Paypal Donation or subscription:
4. Donate by check, payable to Robert Zimmerman and mailed to
Behind The Black
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You can also support me by buying one of my books, as noted in the boxes interspersed throughout the webpage or shown in the menu above.
“ it reports it has $1.1 billion in its coffers for future development.”
Reminds me of the old joke: what’s the fastest way to become a millionaire?
Begin as a billionaire, then start a rocket company.
In what business plan can you lose $150m per quarter on 0.75m revenue, on suborbital flights for wannabe astronauts to experience zero-G for 2 minutes. The company should have been flying every week or every day a decade ago. The window has closed.