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Richard Branson’s Virgin Galactic Net Loss Triples in 3rd Quarter

Tustin-based firm remains on track for paying space riders next year

Richard Branson’s Virgin Galactic Holdings Inc. in Tustin said the company’s third-quarter net loss tripled to $146 million as it prepares to start launching paying customers into space between next April and June.

“We remain on track to launch commercial service in the second quarter of 2023,” chief executive Michael Colglazier said in releasing the quarterly results today. “We are also executing on our key strategic initiatives to scale our business as a global Spaceline over the long-term.”

The company had pushed back the start of the commercial service from the end of this year.

Shares in Virgin Galactic rose 1.3% to $4.64 apiece for a market cap of $1.2 billion in after-hours trading following the earnings announcement.

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Kevin Costelloe
Kevin Costelloe
Tech reporter at Orange County Business Journal
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