Virgin Galactic craters after commercial flights delay

The stock lost more than 20% in pre-market in New York after Galactic Virgo (SPCE) said it was making schedule changes that would delay a crucial test flight and the start of commercial services, which were due to start at the end of the third quarter of 2022.

Virgin Galactic has said it will focus on an “improvement program” to improve the performance of its VSS Unity rocket-powered aircraft and the mothership from which it is launched. It will also carry out physical inspections after a laboratory test “indicating a possible reduction in the strength margins of certain materials”.

“While this new lab test data has had no impact on the vehicles, our test flight protocols have clearly defined strength margins, and further analysis will assess whether further work is needed to maintain them. at or above established levels, ”the company said in a statement.

The company said a test flight, Unity 23, which was expected as early as this month, would also be delayed. The flight will carry three paid crew members from the Italian Air Force and the country’s National Research Council.

“Our decisions are driven by detailed and in-depth analysis, and we fly on the basis of the most accurate and comprehensive data available,” Virgin Galactic CEO Michael Colglazier said in a statement.

“The new sequencing of our improvement period and Unity Flight 23 underscores our safety-oriented procedures, offers the most efficient route to commercial service and is the right approach for our business and our customers,” he said. he adds.

Virgin Galactic said the delays are unrelated to its recent investigation into a potential failure of a supplier component. He said the problem has been resolved.

Branson became the first person to travel in space aboard a rocket they helped fund in July, traveling with three other crew members. He was followed in space days later by another billionaire and Amazon founder Jeff Bezos.

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