Virgin Galactic (NYSE:SPCE) stock is falling on Friday after the company revealed another delay for its commercial flight launch.
According to Virgin Galactic, this time around the delay is due to complications in the mothership enhancement 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 delayed flights to the first quarter of 2023. That was already a delay from its Q4 2022 launch plans.
Michael Colglazier, CEO of Virgin Galactic, had the following to say about the most recent delay:
“While our short-term plans now call for commercial service to launch in the second quarter of 2023, progress on our future fleet continues and many of the key elements of our roadmap are now in place to scale the business in a meaningful way.”
SPCE Stock: Q2 Results Are Also Available
This flight delay came alongside the release of Virgin Galactic’s Q2 earnings report. One thing to note in the report was free cash flow of -$91 million. That’s compared to a loss of $66 million in Q2 2021. The company also expects free cash flow to range between -$110 million and -$120 million in Q3 2022.
SPCE stock is experiencing decent trading this morning with some 7 million shares on the move. That’s quickly approaching the daily average trading volume of about 8.7 million shares.
SPCE stock is down 13% as of Friday morning.
Investors on the lookout for more recent stock market news will want to keep reading!
InvestorPlace has all of the latest stock market news traders need to know about for Friday! That includes what’s happening with Block (NYSE:SQ) stock, this morning’s biggest pre-market stock movers and mortgage rates falling. You can learn more about these matters at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
