Galactic Virgo (NYSE:SPCE) the stock is down on Friday after the company revealed another delay for the launch of its commercial flight.
According to Virgin Galactic, this time the delay is due to complications in the mothership upgrade program. As a result, the company now expects its commercial launch in the second quarter of 2023.
It’s worth pointing out that this isn’t the first time Virgin Galactic has delayed the launch of commercial flights. The company previously postponed its flights to the first quarter of 2023. This was already a delay from its launch plans for the fourth quarter of 2022.
Virgin Galactic CEO Michael Colglazier said the following about the latest delay:
“While our near-term plans now call for the launch of commercial service in the second quarter of 2023, progress on our future fleet continues and many key elements of our roadmap are now in place to scale the business from significantly.”
SPCE shares: second quarter results are also available
The flight delay came alongside the release of Virgin Galactic’s second quarter earnings report. One thing to note in the report was free cash flow of -$91 million. This is compared to a loss of $66 million in the second quarter of 2021. The company also expects free cash flow to be between -$110 million and -$120 million in the third quarter of 2022.
SPCE stock is seeing decent trading this morning with some 7 million shares in motion. This is rapidly approaching the average daily trading volume of around 8.7 million shares.
SPCE stock is down 13% on Friday morning.
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As of the date of publication, William White has not held (directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.