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.
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.
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.
After 15 years of making extravagant but unkept promises to fly more than 600 “future astronauts” to space, Richard Branson must now please an entirely new group of people who are usually much shorter on patience: shareholders.
Following the completion last week of a merger with Social Capital Hedosophia (SCH), the British billionaire’s Virgin Galactic suborbital “space line” will begin trading under its own name on the New York Stock Exchange (NYSE) on Monday.
Going public now is an unusual move for a space tourism company that hasn’t flown a singlet tourist to space since Branson announced the SpaceShipTwo program in 2004. Some might see it has putting the cart before the horse.
Today, Sept. 27, marks the 15th anniversary of Richard Branson announcing the launch of Virgin Galactic Airways. It’s been a long, winding road between that day and today, filled with many broken promises, missed deadlines, fatal accidents and a pair of spaceflights.
This year actually marks a double anniversary: it’s been 20 years since Branson registered the company and began searching for a vehicle the company could use to fly tourists into suborbital space.
Below is a timeline of the important events over that period.
Fourteen years ago, Virgin Galactic and New Mexico promised “tens of thousands” of tourists would fly to space from Spaceport America by 2019. Total thus far: 0.
by Douglas Messier Managing Editor
When they announced in December 2005 that Virgin Galactic would locate its space tourism business in New Mexico, Virgin Founder Richard Branson and Gov. Bill Richardson made a number of eye-popping claims about why taxpayers should back a plan to build the Southwest Regional Spaceport to serve as the space tourism company’s home base:
$331 million in total construction revenues in 2007;
2,460 construction-related jobs;
$1 billion in total spending, payroll of $300 million and 2,300 jobs by the fifth year of operation; and,
$750 million in total revenues and more than 3,500 jobs by 2020.
Virgin Galactic would sign a 20-year lease as anchor tenant and pay fees based on the number of launches it conducted. New Mexico would use the spaceport, Virgin’s presence and the funds generated to develop a large aerospace cluster.
Surprisingly, New Mexico would spend more money, $225 million, to develop a facility now known as Spaceport America than the $108 million that Branson planned to spend on developing a fleet of five SpaceShipTwos and WhiteKnightTwo carrier aircraft.
Among all the big numbers in the announcement, there was a truly astounding one that was deemed so important it was mentioned twice. (Emphasis added)
Sometime in 2020, if all goes according to plan, British billionaire Richard Branson will board Virgin Galactic’s SpaceShipTwo VSS Unity at Spaceport America in New Mexico and take the first commercial suborbital space flight in history.
The landmark flight, which Virgin has been trying to conduct for 15 years, will also be the culmination of a 30-year effort by New Mexico to become a commercial space power.
Virgin Galactic opened its Gateway to Space at Spaceport America in New Mexico to the press on Thursday. The opening came nearly eight years after Sir Richard Branson opened the hangar/terminal facility during a dedication ceremony in October 2011.
Earlier this week, the WhiteKnightTwo VMS Eve carrier aircraft relocated to Spaceport America from Mojave. Calif. SpaceShipTwo VSS Unity is set to join it later this year for a series of three or four additional suborbital flight tests.
Branson plans to be aboard the first commercial flight from the New Mexico spaceport next year.
A Virgin Galactic spokeswoman tells me that SpaceShipTwo VSSUnity remains in Mojave as its passenger cabin is fitted out for commercial flights.
The spacecraft is set to join WhiteKnightTwo VMS Eve at Spaceport America in New Mexico later this year to complete a series of flights that began in Mojave. Commercial suborbital flights are set to begin from there in 2020.
The company is planning an event on Thursday, Aug. 15, in which they will unveil the inside of the Virgin Galactic Gateway to Space in New Mexico.
Nearly eight years after Richard Branson dedicated the Virgin Galactic Gateway to Space at Spaceport America before a crowd that included Titanic star Kate Winslet and British royal Princess Beatrice, his suborbital space tourism company is moving its WhiteKnightTwo carrier aircraft there.
When Branson dedicated the gateway facility in October 2011, the giant building was largely empty. Virgin Galactic says it is now ready to show off what customers will experience inside the structure.
Virgin Galactic’s SpaceShipTwo Unity completed its fifth powered flight on Friday, setting new altitude and speed records while carrying a third crew member for the first time.
Richard Branson’s suborbital space plane hit Mach 3.04 as it soared to an altitude of 295,007 ft (89.9 km/55.87 miles) over the California’s Mojave Desert. Unity’s previous flight reached Mach 2.9 and an altitude of 82.72 km above the High Desert.
Virgin Galactic Chief Pilot David Mackay was in command with Mike ‘Sooch’ Masucci in the co-pilot’s seat. The company chief astronaut trainer, Beth Moses, was aboard to test out the astronaut experience. She was able to leave her seat in the six-passenger cabin and float around.
NMPolitics.net is reporting that there were about 40 layoffs from Virgin Galactic and The Spaceship Company earlier this month as they prepare to begin commercial flights from Spaceport America in New Mexico.
A Virgin Galactic spokesman confirmed the layoffs in a statement via email.
Recently we separated a small number of our team in order to position our organization for the drive to commercial operations following our successful recent spaceflight, and make room for new skill sets that we need to bring in over the course of this year. In total we separated around 40 people, less than 5% of our total workforce across Virgin Galactic and TSC. We are offering support to those impacted and sincerely thank them for their contributions, and wish them well for the future.
The news comes on the heels of a decision by SpaceX to lay off about 10 percent of its roughly 6,000 employees. Stratolaunch, which like Virgin Galactic is based in Mojave, announced last week that it was laying off about 50 employees as it down scaled plans for boosters to air launch from its massive aircraft.
There were 15 flight tests of eight suborbital boosters in 2018, including six flights of two vehicles — Virgin Galactic’s SpaceShipTwo and Blue Origin’s New Shepard — that are designed to carry passengers on space tourism rides.
The race to provide launch services to the booming small satellite industry also resulted in nine flight tests of six more conventional boosters to test technologies for orbital systems. Two of the boosters tested are designed to serve the suborbital market as well.
A pair of Chinese startups took advantage of a loosening of government restrictions on launch providers to fly their rockets two times apiece. There was also suborbital flight tests of American, Japanese and South Korean rockets.