Virgin Galactic reported first-quarter financial results after the close Monday, sending the space stock's shares lower in the after-hours session.
What Happened: Virgin Galactic Holdings (NYSE:SPCE) reported zero revenue in the first quarter. The company reported a loss of 55 cents per share, down from a loss of $1.86 per share in last year’s first quarter.
In the first quarter, the company unveiled its VSS Imagine, the first Spaceship III class vehicle in its fleet. The company reported 600 flights reserved as “total future astronauts” as of March 31.
A three-year extension to the global Land Rover partnership was announced in the first quarter.
A Space Advisory Board was established and launched in the first quarter.
“We are committed to delivering one of the world’s most unique and transformational customer experiences, with safety at the core of everything we do,” CEO Michael Colglazier said.
Virgin Galactic ended the first quarter with cash of $617 million.
The company said the timing of its next flight test is being evaluated.
SPCE Price Action: Shares of Virgin Galactic were trading 4.57% lower at $17.13 in Monday's after-hours session.
Disclosure: Author is long shares of SPCE.