Space tourism company Virgin Galactic said it’s on track to resume space flights toward the end of this year, as the company grapples with a narrowed first-quarter net loss of $65 million (NYSE: SPCE). Shares in the company rose 2.1% to $2.94 each in after-hours trading.
First-quarter revenue was $227,000, below analysts’ estimates of $240,000 and a 50% drop from the same period a year earlier, according an earnings release today.
The net loss per share of 81 cents was narrower than analysts’ predictions of a 94-cent loss.
“Spending continues to decline quarter by quarter, debt retirements are being made on or ahead of schedule, and cash balances are being maintained at appropriate levels as we work through the final quarters of our pre-revenue phase and prepare for the launch of commercial spaceflight operations,” CEO Michael Colglazier said in the earnings release.
The Tustin-based company late last month announced an offer to redeem $10 million of debt originally due in September by issuing shares of its common stock, a move that should help preserve cash.
