Virgin Galactic Defers Space Tourism Flights: Report

• Virgin Galactic Holdings, Inc (NYSE: SPCE) deferred the beginning of its commercial flights by another three months to the second quarter of 2023, citing delays in work refurbishing its carrier aircraft,

• SPCE had previously pushed back the date from the fourth quarter of this year to the first quarter of next year, CNBC reports.

• The company currently has one carrier aircraft, or "mothership," called VMS Eve, which is about 14 years old and is undergoing a protracted refurbishment.

• The jet-powered mothership plays a crucial role in Virgin Galactic's flights by carrying the company's spacecraft up to about 50,000 feet altitude for launch.

• Virgin Galactic reported second-quarter revenue of $357,000, above the consensus. It reported a net loss of (43) cents per share, which missed the consensus loss.

• Earlier, SPCE collaborated with Boeing Co (NYSE: BA) to design and manufacture the company's next-generation motherships. The mothership is the company's air launch carrier aircraft, which carries a spaceship to its release altitude.

• Price Action: SPCE shares traded lower by 13.80% at $7.06 in the premarket on the last check Friday.

• Photo: courtesy of Virgin Galactic

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