After an unsuccessful attempt and follow-up preparations, the date of Virgin Galactic's next rocket-powered test flight attempt in New Mexico is still up in the air.
The publicly traded company (NYSE: SPCE) said Monday as part of its quarterly earnings report that it was "re-evaluating launch timing" for the test flight. The test flight schedule may be impacted by a potential maintenance issue that the company recently identified on its VMS Eve vehicle, which carries the spaceplane up into the air before releasing it.
"Our next maintenance cycle is planned for later this fall. And prior to Eve's last flight, all inspections confirmed our schedule was on track. However, following this last inspection, we identified an item on our maintenance calendar that needs further study to determine whether we need to take action now," said Mike Moses, Virgin Galactic president of space missions and safety, during the quarterly call. "Because this issue just emerged at the end of last week, we are still determining what steps may be necessary to address it."
Virgin Galactic had delayed its next attempt at a rocket-powered test flight from Spaceport America in southern New Mexico until at least May. It will follow an attempt in December that was cut short. The company later said it identified electromagnetic interference as having caused a rocket motor controller to reboot. The company then found additional electromagnetic interference impacts during preflight preparations for an attempt in February, according to its fourth quarter and full year 2020 investor update.
Following the first successful test flight, the company plans a second flight with two pilots and "a full cabin of internal spaceflight participants," said CEO Michael Colglazier during the call. A third flight is set to include founder Richard Branson. To date, about 600 people have reserved flights with Virgin Galactic, which plans to re-open ticket sales around the time of Branson's flight.
The company touted a "strong" cash position with cash and cash equivalents of $617 million as of the end of March. Net loss for the quarter stood at $129 million, nearly three times less than the amount of net loss reported during the same quarter last year. The reason for the decline in net loss is the change of the fair value of warrants, said Chief Financial Officer Doug Ahrens.
At the end of the first quarter, Virgin Galactic rolled out its next class of space vehicles with the VSS Imagine. The reflective space vehicle will commence ground testing with glide flights set for this summer from Spaceport America, according to the company. The new vehicle "demonstrates progress toward efficient design and production, as Virgin Galactic works to scale the business," the release says.
