Virgin Galactic’s shares fell 7% after the publication of financial results for the first quarter, as well as due to the prevailing uncertainty about the next space flight, which was originally scheduled for this month. By the close of trading on Monday, the company’s securities were trading at $ 17,95 per share.

Mike Moses, Virgin Galactic’s president of space missions and safety, said during an online speech to investors that the uncertainty over the next space flight stems from a “potential wear problem” on the VMS Eve aircraft used to launch the spacecraft. The aircraft was scheduled to be serviced in the fall, Moses said, but Virgin Galactic is currently examining the VMS Eve to determine its wear and tear. He also assured investors that information about the next flight will be announced next week.  

Regarding first-quarter financial results, Virgin Galactic posted an adjusted EBITDA loss (before interest on loans, income tax and amortization on major intangible assets) of $ 55,9 million, slightly less than the $ 59,5 loss. million in the previous quarter and predicted by analysts a loss of $ 63,6 million. This quarter, the company received zero revenue, as in the previous three-month period. Virgin Galactic had about $ 617 million in cash at the end of the first quarter, up from $ 666 million by the end of the fourth quarter. The company’s shares are down more than 70% from a high of over $ 60 per share in February. this year.

Virgin Galactic’s share price decline has accelerated over the past two months due to delays in the space flight testing program, as well as the sale of securities by Chairman Chamath Palihapitiya, company founder Richard Branson and investment fund Katie Wood (Cathie Wood). The company’s shares also lost value after Jeff Bezos’ company Blue Origin announced its intention to carry out the first manned flight using its ship on July 20.

Virgin Galactic continues to develop the SpaceShipTwo (VSS Unity) spacecraft. However, four test flights are to be carried out before commercial operation begins.