Space tourism venture Virgin Galactic reported second quarter results after the bell on Monday.
The space tourism company delivered an adjusted EBITDA loss of $54 million for the quarter, in line with the losses of $53 million and $55 million in the two prior quarters.
"Virgin Galactic expects to advance to the next phase of its test flight program with its first powered spaceflight from Spaceport America this fall, with two test pilots in the cockpit. Virgin Galactic then expects to conduct a second powered space flight from Spaceport America, with a crew of two test pilots in the cockpit and four mission specialists in the cabin.
Shares of Virgin Galactic slipped more than 3% in after-hours trading from its close on Monday of $24.02.in developing a supersonic aircraft. Virgin Galactic revealed the supersonic vehicle's design after completing a concept review alongside NASA. The company's business model falls in the realm of luxury experiences, given the high prices of its space tourism offering. The company is in the final stages of developing its reusable spacecraft, which can carry six passengers on a 90-minute trip to the edge of space.
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