Virgin Galactic posts loss, touts future potential revenue

ALBUQUERQUE, N.M. (AP) — Virgin Galactic on Tuesday reported a first-quarter net loss of $60 million but touted millions of dollars in potential future revenue as more people have put down deposits for the chance to reserve a ticket once the commercial space venture resumes sales.

Company officials outlined earnings for the quarter during a webcast that came just days after Virgin Galactic celebrated the first glide flight of its spaceship over its new home at Spaceport America in southern New Mexico. The company is in the midst of final testing but has yet to offer a date for the start of commercial flights.

Virgin Galactic CEO George Whitesides said the company is encouraged by the response to its “One Small Step” initiative, which allows people interested in the supersonic rides to make refundable deposits. Since the program was launched in February, more than 400 payments have been received from people in 44 countries.

Whitesides said that beat expectations and represents more than $100 million of potential future revenue upon full ticket payment.

Like other businesses, Virgin Galactic also has been adjusting to life amid the coronavirus outbreak. At Virgin Galactic's terminal and hanger at the spaceport, new protocols have been adopted, including the use of masks, changes to work areas and new procedures for disinfecting surfaces and enforcing social distancing.

A total of 579 employees and contractors have been tested as of May 1, officials said.

“The COVID-19 outbreak led to an unprecedented situation for companies and individuals across the world, but I am encouraged by the commitment displayed by our team in helping to support relief efforts while making program progress,” Whitesides said in a statement. "We remain focused on our strategic goals and our path to commercial launch.”

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