SANTA FE, N.M. (NM Economic Development Department PR) – Gov. Michelle Lujan Grisham has appointed three new members to the New Mexico Spaceport Authority and re-appointed four other members, Cabinet Secretary Alicia J. Keyes announced today.
Glide flight test is first test of suborbital spacecraft since powered flight in February 2019
First flight test at Spaceport America in New Mexico after initial testing in Mojave, Calif.
Virgin Galactic hopes for first commercial suborbital flights later this year
LAS CRUCES, NM (Virgin Galactic PR)– Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or “the Company”) and The Spaceship Company (“TSC”) today announced the successful completion of its first SpaceShipTwo test flight from Spaceport America.
This glide flight marks the inaugural solo flight of VSS Unity in New Mexico and as such is an important flight test milestone in preparation for commercial service.
Virgin Galactic’s wild roller coaster ride on Wall Street continued over the past week as Richard Branson’s spaceline marked five months as a publicly traded company and 13 months since the last launch of its SpaceShipTwo suborbital tourism vehicle.
Since debuting on the New York Stock Exchange at $12 last Oct. 28, the stock soared to a high of $42.49 on Feb. 20 before sinking to $10.49 on March 19. Over the past week, the stock has risen again; it reached $14.68 in after-hours trading on Monday.
Virgin Galactic Chairman Chamath Palihapitiya was on a financial news network yesterday denying the stock was a bubble, a claim that hasn’t aged well in the short term.
With shares soaring to a high of $41.55 only a week ago, they are hovering at around $23 as I writing this story. The shares were offered at $12 when Virgin Galactic went public last Oct. 28 and rose sharply in recent weeks.
The shares slid after Virgin Galactic reported a larger than expected loss for the fourth quarter 2019 and hinted at delays in the start of commercial suborbital flights, which were to have started in June. Analysts have downgraded the stock based on the earnings report.
Richard Branson’s now publicly traded Virgin Galactic space tourism company had its first quarterly and full year earnings call on Tuesday. You can read the press releasehere. Below are the key takeaways.
Burning cash: Net losses were nearly $72.8 million for the fourth quarter and $210.9 million for 2019. Net losses for 2018 and 2019 totaled $349.1 million. Total expenditures since 2004 have exceeded $1 billion.
Virgin Galactic’s stock hit an all-time high on Friday at $29.29 in after hours trading. The stock soared by $5.63 the day the company flew SpaceShipTwo VSS Unity from its test site in Mojave, Calif. to its operating base at Spaceport America in New Mexico.
Not bad for a stock that was offered at $12 when it opened on the New York Stock Exchange last Oct. 28.
Stock prices are often based on future expectations. That’s certainly true of Virgin Galactic. The company has spent more than $1 billion over the past 15.5 years developing a suborbital space tourism vehicle that has never carried a single paying passenger. Virgin Galactic has never had an annual profit.
VSS Unity has flown two suborbital flights above 50 miles (80.4 km) since it was rolled out four years ago. The last flight was nearly one year ago. So, there hasn’t been any actual action in the sky — except for a ferry flight to New Mexico on Friday — to drive up the stock price.
Months of additional flight testing is set to take place before SpaceShipTwo VSS Unity conducts its first commercial flight with passengers. Virgin Chairman Richard Branson will be aboard that flight, which could take place before or on his 70th birthday on July 18.
Virgin says it’s got 603 passengers signed up for flights. It plans to begin selling tickets once commercial service begins at a cost higher than the current $250,000 price. The company says thousands of people have expressed interest in signing up.
TRUTH OR CONSEQUENCES, NM (NMSA PR) — Virgin Galactic Holdings, Inc., a vertically integrated aerospace company, has successfully completed another vital step on its path to commercial service, relocating SpaceShipTwo, VSS Unity, to its commercial headquarters at Spaceport America’s Gateway to Space building.
TRUTH OR CONSEQUENCES, NM, February 13, 2020 (Virgin Galactic PR) – Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or “the Company”), a vertically integrated aerospace company, has successfully completed another vital step on its path to commercial service, relocating SpaceShipTwo, VSS Unity, to its commercial headquarters at Spaceport America’s Gateway to Space building.
Four years after it was first rolled out, Virgin Galactic’s VSS Unity left the Mojave Air and Space Port in California on Thursday for its new home at in New Mexico, where it will undergo final flight testing and preparation for commercial suborbital space flights.
The clock struck midnight on Jan. 1 amid raucous celebrations around the world. The arrival of a new year and decade merely confirmed what had been clear for months: 2019 was not the breakthrough year for getting humans off the planet.
Neither Richard Branson’s Virgin Galactic and Jeff Bezos’ Blue Origin followed through on long-standing promises to fly paying passengers on suborbital joyrides. An era of commercial space tourism that seemed so close that October day in 2004 when Brian Binnie guided SpaceShipOne to a landing at the Mojave Air and Space Port quietly slipped into yet another year.
WhiteKnightTwo VMS Eve returned to Mojave on Friday after a months-long stay at Spaceport America in New Mexico. The pilots did about a half dozen flights over the runway, some just above it and others touch-and-goes. This was the final approach and landing.
Virgin Galactic hasn’t made any announcement about its return. (Odd, because they tend to announce everything.) Officials have said in the past that WhiteKnightTwo would return to Mojave to bring SpaceShipTwo VSS Unity to New Mexico to complete its flight tests and then begin commercial flights.
After spending months at Spaceport America in New Mexico, Virgin Galactic’s WhiteKnightTwo carrier ship VMS Eve flew back to the Mojave Air and Space Port in California on Friday.
The pilots made about a half dozen low passes over runway 12-30. Several were just above the runway, while others were touch-and-goes on which they briefly landed before soaring again into the desert sky.
Virgin Galactic officials have said that WhiteKnightTwo would return to Mojave to transport SpaceShipTwo VSS Unity to the Spaceport America to complete its flight test program.
Virgin Galactic is hoping to fly it founder, Richard Branson, on the first commercial SpaceShipTwo suborbital flight in time for his 70th birthday on July 18.
The company has said it has a backlog of 603 ticket holders who have paid either $200,000 or $250,000 apiece. Thousands of other potential space tourists have expressed interest in signing up once Virgin Galactic starts selling tickets again, officials said. The company plans to take reservations at an even higher price once commercial service begins.
Last year was a busy one for suborbital flights as Jeff Bezos’ Blue Origin and Richard Branson’s Virgin Galactic conducted a combined four flights of their crewed suborbital vehicles. Despite hopes to the contrary, neither company flew paying tourists on their spaceships.
There were also 26 sounding rocket launches that carried scientific experiments and technology payloads above the atmosphere. The year saw:
Japanese startup Interstellar Technologies conduct a successful launch of its Momo commercial sounding rocket;
Texas-based Exos Aerospace continue to struggle with its reusable SARGE booster; and,
the first suborbital launch ever achieved by college students.