Virgin Galactic Holdings (NYSE:SPCE) stock was down nearly 10% in pre-market trading after the company reported a first-quarter loss and said it is evaluating the timing of its next spaceflight test.
Virgin Galactic, which delayed its first-quarter results by a week, posted a first-quarter loss of $130 million U.S., compared to a $377-million U.S. net loss last year.
The company reported no revenue for the first quarter, as it did in the prior quarter. Virgin Galactic had about $617 million in cash on hand at the end of the first quarter, down from $666 million in the fourth quarter of 2020.
The company also announced that it is evaluating the target date for its next spaceflight test, which the company had previously planned for May.
Virgin Galactic stock has fallen 24% year to date – having dropped more than 70% from highs above $60 a share in February.
Virgin Galactic’s stock losses have accelerated over the past two months after delays to its test program, as well as share sales by company Chairman Chamath Palihapitiya and billionaire founder Richard Branson.
The company said it is working to complete development of its "SpaceShipTwo" system, with four test flights remaining before Virgin Galactic begins commercial service in 2022.
