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Virgin Galactic Reports Wider Q1 Loss, Says Pandemic Still Crimping Business

Virgin Galactic Reports Wider Q1 Loss, Says Pandemic Still Crimping Business

Virgin Galactic Holdings Inc.’s stock fell more than 5% in the extended session Monday after the space-tourism company reported a wider-than-expected quarterly loss and said it continues to see pandemic-related, ongoing delays in its business and operations. Virgin reported a net loss of $130 million, or 55 cents a share, in the first quarter, compared with a net loss of $377 million in the first quarter of 2020. Analysts polled by FactSet expected Virgin to report a GAAP loss of 28 cents a share for the quarter.

The company said it ended the quarter with $617 million in cash and equivalents. “We continue to make strides towards our strategic objectives and have solid momentum as we focus on completing our flight test program,” Chief Executive Michael Colglazier said in a statement. Virgin Galactic ended the regular trading session down 8.5%.

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