(Virgin Galactic) Shares of Virgin Galactic Holdings Inc. surged more than 14% after reporting a net loss of $81 million in the fourth quarter of 2021, down from a loss of $104 million in the prior year.
The company said that its adjusted EBITDA loss was $65 million, up from a loss of $60 million in the prior year.
The cash, cash equivalents, and marketable securities of Galactic was around $931 million as of December 31, 2021.
Galactic said it projects a free cash flow of between -$75 million and -$85 million in the first quarter of 2022.
The space company said that it opened sales at a price point of $450,000 for private astronauts in the third quarter of this year.
The Richard Branson company confirmed it will launch its anticipated private commercial spaceflight service in the fourth quarter of 2022.
Galactic also said that the fleet enhancement program for the company’s mothership Eve and spaceship Unity is on track for completion in the third quarter.
SPCE: NYSE is up 14.84%.
