Virgin Galactic completes lengthy upgrade process ahead of resuming spaceflights

Virgin Galactic said connected Tuesday it remains connected way to resume spaceflights successful the coming months aft completing upgrades to its bearer craft and spacecraft.

The update came alongside the company's fourth-quarter results, which showed losses astir successful enactment with its erstwhile quarter.

"Our near-term nonsubjective for commercialized spaceline operations is to safely present recurring flights with our existent ships portion providing an unrivaled acquisition for backstage astronauts and researchers," Virgin Galactic CEO Michael Colglazier said successful a statement.

The abstraction tourism institution stuck to its extremity of conducting its adjacent spaceflights successful the 2nd 4th of this year, aft a lengthy hiatus dating backmost to summertime 2021. During that play Virgin Galactic conducted a assortment of repairs and enhancements to its jet-powered mothership, called VMS Eve.

Earlier this month, the institution flew 2 validation formation tests with VMS Eve and relocated it, from its manufacturing installation successful California's Mojave to Spaceport America successful New Mexico.

Next up are a bid of tests, starting with attaching the spacecraft VSS Unity to the bearer craft portion connected the ground, to show enactment done to reenforce the pylon successful the halfway of VMS Eve's helping was successful. Then Virgin Galactic volition behaviour glide tests, wherever VMS Eve carries the spacecraft and releases it, earlier a trial spaceflight with a afloat institution unit onboard.

After that, the company's archetypal commercialized formation is expected to transportation members of the Italian Air Force, earlier moving connected to flights from its backlog of private-paying customers.

For the 4th quarter, the institution reported an adjusted EBITDA nonaccomplishment of $133 million, compared with a nonaccomplishment of $65 cardinal a twelvemonth ago, with negligible revenue. The institution has astir $980 cardinal successful currency connected hand.

Shares of Virgin Galactic are up astir 65% this twelvemonth arsenic of Tuesday's adjacent of $5.74 per share.