Virgin Galactic reveals issue with WhiteKnightTwo
Capitalism in space: On the same day that Virgin Galactic unveiled a $130 million loss in its first quarter report, it also announced that it might have to delay the next flight of its Unity suborbital spacecraft because of an undisclosed “wear-and-tear issue” on its carrier airplane.
From the second link:
[Mike Moses, president of space missions and safety], in response to later questions from analysts, did not disclose the specific component of the aircraft that was at the heart of the issue, but described it as a “family of items that relate to fatigue and long-term stress” of the airplane. It was not an issue with the number of flights of VMS Eve, which first flew in 2008 and has made fewer than 300 flights since.
Engineers are currently examining the plane to determine if additional maintenance is needed now to correct that problem, with an update expected next week. Virgin Galactic had planned to perform work on the plane this fall during a downtime that would also include work on VSS Unity, but Moses said engineers are now looking at whether some of that work needs to be moved up.
If maintenance is needed now, it would delay the schedule of flight tests for SpaceShipTwo, but Moses said it was “a little too early” to know how long that would be.
They had previously announced that the next flight would be in May. They will decide in the next week whether to delay it.
Meanwhile, the company’s stock price continues to tumble, dropping from a high of about $62 earlier this year to a low of about $14 today. And I would say that the price is still over-priced. The path to profit for Virgin Galactic has become extremely narrow, with few options and not much margin, especially with Blue Origin now only two months away from its first commercial suborbital tourist flight.
Richard Branson started Virgin Galactic shortly after the SpaceShipOne won the Ansari X-Prize in 2004, promising hundreds of commercial passenger flights per year in only a few years. Seventeen years later no such flights have ever occurred. Worse, not only will Blue Origin likely do the first commercial suborbital flight first, SpaceX and Axiom are likely to complete the first orbital tourism flights before Virgin Galactic.
No harm to Branson however. He has sold off most of his stock in the company, and did it when its price was still high.
Readers!
Please consider supporting my work here at Behind the Black. Your support allows me the freedom and ability to analyze objectively the ongoing renaissance in space, as well as the cultural changes -- for good or ill -- that are happening across America. Fourteen years ago I wrote that SLS and Orion were a bad ideas, a waste of money, would be years behind schedule, and better replaced by commercial private enterprise. Only now does it appear that Washington might finally recognize this reality.
In 2020 when the world panicked over COVID I wrote that the 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. Only in the past year have some of our so-called experts in the health field have begun to recognize these facts.
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.
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Capitalism in space: On the same day that Virgin Galactic unveiled a $130 million loss in its first quarter report, it also announced that it might have to delay the next flight of its Unity suborbital spacecraft because of an undisclosed “wear-and-tear issue” on its carrier airplane.
From the second link:
[Mike Moses, president of space missions and safety], in response to later questions from analysts, did not disclose the specific component of the aircraft that was at the heart of the issue, but described it as a “family of items that relate to fatigue and long-term stress” of the airplane. It was not an issue with the number of flights of VMS Eve, which first flew in 2008 and has made fewer than 300 flights since.
Engineers are currently examining the plane to determine if additional maintenance is needed now to correct that problem, with an update expected next week. Virgin Galactic had planned to perform work on the plane this fall during a downtime that would also include work on VSS Unity, but Moses said engineers are now looking at whether some of that work needs to be moved up.
If maintenance is needed now, it would delay the schedule of flight tests for SpaceShipTwo, but Moses said it was “a little too early” to know how long that would be.
They had previously announced that the next flight would be in May. They will decide in the next week whether to delay it.
Meanwhile, the company’s stock price continues to tumble, dropping from a high of about $62 earlier this year to a low of about $14 today. And I would say that the price is still over-priced. The path to profit for Virgin Galactic has become extremely narrow, with few options and not much margin, especially with Blue Origin now only two months away from its first commercial suborbital tourist flight.
Richard Branson started Virgin Galactic shortly after the SpaceShipOne won the Ansari X-Prize in 2004, promising hundreds of commercial passenger flights per year in only a few years. Seventeen years later no such flights have ever occurred. Worse, not only will Blue Origin likely do the first commercial suborbital flight first, SpaceX and Axiom are likely to complete the first orbital tourism flights before Virgin Galactic.
No harm to Branson however. He has sold off most of his stock in the company, and did it when its price was still high.
Readers!
Please consider supporting my work here at Behind the Black. Your support allows me the freedom and ability to analyze objectively the ongoing renaissance in space, as well as the cultural changes -- for good or ill -- that are happening across America. Fourteen years ago I wrote that SLS and Orion were a bad ideas, a waste of money, would be years behind schedule, and better replaced by commercial private enterprise. Only now does it appear that Washington might finally recognize this reality.
In 2020 when the world panicked over COVID I wrote that the 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. Only in the past year have some of our so-called experts in the health field have begun to recognize these facts.
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
c/o Robert Zimmerman
P.O.Box 1262
Cortaro, AZ 85652
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’s amazing to me (and I have an MBA with a concentration in Accounting and Finance and worked in Treasury (the part of the company that interacted with Wall Street) for one of the largest companies in the world) after I retired from the Army) that Branson has not been prosecuted for securities fraud (classic “Pump N Dump”) and Virgin Galactic delisted from the exchanges. Sure looks like it’s headed for penny stock territory – you know, you buy a hundred shares of a Canadian mine up in the Yukon for five bucks as a gag gift. Or maybe it will declare bankruptcy before then,
For “has” please substitute “has not”
Col Beausabre: I have corrected the post, knowing now for sure what you intended to say.
The White Knight should finish its days as a Coast Guard drone sent to drop raft/relief packages to distressed mariners and such.
SS2 would be mounted in front of Spaceport as a display of that state science fiction museum. Let the kids play in it.
I wonder if its a carbon fiber problem?