Virgin Galactic<\/b> saw a net loss of $60 million in the First Quarter (Q1) of 2020, as reported in its results released on Tuesday. This net loss was less than the $73 million net loss in Q1 2019. The company, which is working toward offering commercial spaceflight, made $238,000 in revenue in Q1, from providing engineering services. The company reported that it had cash and cash equivalents of $419 million at the end of March. <\/p>\n
In February, Virgin Galactic launched its \u201cOne Small Step\u201d initiative, selling $1,000 deposits to get in line for a spaceflight seat when it becomes available. On Tuesday, the company said that it has received 400 deposit payments from individuals from 44 countries as of April 29 \u2014 and that this represents $100 million of future business.<\/p>\n
Summarizing the earnings report, Richard Smith of The Motley Fool said that it seemed more like a business update, writing \u2014 \u201cQuestion: What does an unprofitable space company, one with no earnings and almost no revenue, call its \u2018earnings report?\u2019 Answer: \u2018Virgin Galactic\u2019s First Quarter 2020 Financial Results.\u2019\u201d <\/p>\n
The financial results were released after the market closed on Tuesday, and it\u2019s shares rose more than 7% in Wednesday\u2019s pre-market session. Shares closed Wednesday at $18.50. <\/p>\n
Also on Tuesday, Virgin Galactic announced a partnership with NASA<\/strong> to develop technically feasible, high Mach vehicles, for potential civil applications. Vehicles with Mach numbers greater than 1 travel faster than the speed of sound and are said to be supersonic or hypersonic. Virgin Galactic is looking to develop a vehicle for the next-generation of safe and efficient high speed air travel, with a focus on customer experience and environmental responsibility. Any financial component to the partnership was not disclosed. <\/p>\n","protected":false},"excerpt":{"rendered":" Virgin Galactic saw a net loss of $60 million in the First Quarter (Q1) of 2020, as reported in its results released on Tuesday. This net loss was less than the $73 million net loss in Q1 2019. The company, which is working toward offering commercial spaceflight, made $238,000 in revenue in Q1, from providing […]<\/p>\n","protected":false},"author":1,"featured_media":59790,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-59789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/59789"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=59789"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/59789\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media\/59790"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=59789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=59789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=59789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}