Virgin Galactic has announced that the production of its new suborbital spaceplanes is on track, aiming for commercial flights to commence in mid-2024. The company is also considering restarting ticket sales soon.
During a recent earnings call on May 15, CEO Michael Colglazier highlighted the substantial progress in constructing its first Delta-class vehicles, focusing on structural, propulsion, and avionics advancements. A video showcasing their progress was released, and the company will provide regular updates on the assembly process starting in June.
Virgin Galactic is sticking to a previously outlined schedule, with test flights for the new vehicle expected to begin in the spring of 2024, leading to the first commercial flights carrying research payloads in the summer, followed by private astronaut flights in the fall. The company anticipates reopening ticket sales in the first quarter of 2026, with prices set to increase from the previous $600,000 due to a new customer onboarding experience.
Additionally, the company is exploring potential flights from an airport in southern Italy, working on airspace clarity that aligns with specific flight paths, influenced by weather conditions.
Furthermore, Virgin Galactic is assessing the versatility of its carrier aircraft for high-altitude, long-endurance missions, which could expand its applications beyond space tourism into areas like intelligence, surveillance, and reconnaissance. Colglazier expressed optimism about feedback from discussions with Defense Department officials and defense contractors regarding potential missions linked to the new Golden Dome missile-defense initiative.
Financially, Virgin Galactic recorded $0.5 million in revenue in Q1, with an adjusted EBITDA loss of $72 million. However, CFO Doug Ahrens stated that the company has surpassed its peak spending phase for the development of the new spaceplanes, expecting a decreased spending trend as it moves into assembly.
The forward-looking announcements from Virgin Galactic, coupled with the exploration of new market potentials, suggest a promising future for the company in the burgeoning realm of commercial space travel and associated industries.