Virgin Galactic's next attempt at a rocket-powered test flight from Spaceport America will not take place for at least another two months, the company said on Thursday as it released its fourth quarter financial results.
The test flight will follow a failed attempt from December that was cut short when a rocket motor did not function properly. In its quarterly presentation, Virgin Galactic said it "identified [electromagnetic interference] as the root cause of the rocket motor controller reboot. It then "uncovered additional EMI impacts during pre-flight preparations" for a second flight attempt on Feb. 13, according to the presentation says.
The first successful rocket-powered test flight from the Spaceport is expected to be followed by others before commercial operations commence.
“Looking ahead, we’re focused on completing our test flight program, expanding our fleet of spaceships and motherships, and developing our unique and transformative customer experience," said Michael Colglazier, Chief Executive Officer of Virgin Galactic, in a statement. "I am excited about the talent we’re bringing on to our leadership team and the investments we’re making in the business, both of which will position us well to scale for future growth.”
Part of that growth will be the expansion of its fleet of space vehicles. On March 30, the company said it will roll out its SpaceShip III class of vehicles. Virgin Galactic is also working to pivot from research and development to manufacturing.
The company reported a net loss of $74 million for the fourth quarter, with cash and cash equivalents of $666 million as of the end of December. Cash paid for capital expenditures totaled $3.5 million, according to the company. Virgin Galactic reported no revenue during the period.
Earlier today before the quarterly investor report, Virgin Galactic also announced that Chief Financial Officer Jon Campagna is stepping down. Doug Ahrens, former CFO of Ethernet and InfiniBand technologies company Mellanox Technologies, will succeed the role effective March 1. Earlier this month, the company announced the appointment of four members to its new Space Advisory Board, which will provide advice to senior management.
