Virgin Galactic delays commercial suborbital flights again
See update below.
Capitalism in space: In releasing its quarterly report, Virgin Galactic revealed that it is once again delaying the beginning of commercial suborbital flights, pushing back those first flights until the first quarter of 2023.
The net loss for Q1 2022 was $93 million, which was higher than Q4 2021 net loss of $81 million but less than the $130 million loss for the first quarter of 2021.
Flight tests of Virgin Galactic’s VSS Unity suborbital space plane that were supposed to take place this summer have been pushed back to the fourth quarter. And the start of commercial service has been delayed from the fourth quarter to 2023. The company said the delays were due to supply chain and labor constraints.
You can read the full quarterly report here.
The company also says it still has 800 reservations for those commercial flights, which suggests that once flights begin it will have plenty of business for at least a period of time, depending on how frequently it can launch and how many passengers can fly each time.
UPDATE: The overhype of all of Richard Branson’s hi-tech projects, such as Virgin Galactic, was further illustrated by this other story from February about Branson’s well publicized project to build a hyper-loop transportation system in West Virgina.
Hyperloop was over-hyped. As the Financial Times first reported, Virgin Hyperloop laid off about half of its staff, as it makes a major shift it its goals. “The U.S. company said 111 people were laid off on Friday as it refocuses on delivering a cargo version of the experimental transportation system.”
Hat tip John Harman.
See update below.
Capitalism in space: In releasing its quarterly report, Virgin Galactic revealed that it is once again delaying the beginning of commercial suborbital flights, pushing back those first flights until the first quarter of 2023.
The net loss for Q1 2022 was $93 million, which was higher than Q4 2021 net loss of $81 million but less than the $130 million loss for the first quarter of 2021.
Flight tests of Virgin Galactic’s VSS Unity suborbital space plane that were supposed to take place this summer have been pushed back to the fourth quarter. And the start of commercial service has been delayed from the fourth quarter to 2023. The company said the delays were due to supply chain and labor constraints.
You can read the full quarterly report here.
The company also says it still has 800 reservations for those commercial flights, which suggests that once flights begin it will have plenty of business for at least a period of time, depending on how frequently it can launch and how many passengers can fly each time.
UPDATE: The overhype of all of Richard Branson’s hi-tech projects, such as Virgin Galactic, was further illustrated by this other story from February about Branson’s well publicized project to build a hyper-loop transportation system in West Virgina.
Hyperloop was over-hyped. As the Financial Times first reported, Virgin Hyperloop laid off about half of its staff, as it makes a major shift it its goals. “The U.S. company said 111 people were laid off on Friday as it refocuses on delivering a cargo version of the experimental transportation system.”
Hat tip John Harman.