Virgin Galactic Falls after delaying its first commercial flight

(Bloomberg) – Virgin Galactic Holdings Inc. is delaying the start of commercial flights next year after rescheduling a test flight, disappointing investors with the unexpected delay in its commercial space tourism plans.

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A program to upgrade the company’s spaceplane takes place a month later than planned, forcing the postponement of a planned research mission with a crew of four and the start of commercial service in the fourth quarter of 2022, he announced Thursday.

The company’s shares fell 20% in pre-market trading to $ 19.15 at 5:06 a.m. in New York City.

Virgin Galactic had told analysts in August that it was targeting its first private astronaut flight for the “end of the third quarter” of next year.

A recent lab test identified a possible problem with the strength margins of certain materials used to modify gaskets that will require further analysis but will have “no impact” on its space vehicles, Virgin Galactic said.

“Our decisions are driven by detailed and in-depth analysis, and we fly on the basis of the most accurate and comprehensive data available,” said Michael Colglazier, CEO of the company, in the statement.

Virgin Galactic, founded by entrepreneur Richard Branson, has been marketing spaceflight since 2004. It received regulatory approval from the Federal Aviation Administration to send customers into space in June.

The reprogramming is not tied to an internal probe in a potentially faulty room, Virgin Galactic said. Last month, it delayed the search mission’s flight window to mid-October due to a possible issue with a component of the flight control actuation system.

The next research flight is expected to include two members of the Italian Air Force, an aerospace engineer and a Virgin Galactic employee.

The story continues

The FAA lifted the company’s test flight ban last month after concluding an investigation into Virgin Galactic’s failure to notify the agency of a wandering trajectory during a July 11 launch, which carried Branson and three others. The regulator had grounded it on September 2.

(Updates with pre-market trading in the fourth paragraph)

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