The successful flights of Sir Richard Branson and Jeff Bezos could lead to a surge in the number of people who want to travel to space.
What Happened
Space tourism company $Virgin Galactic Holdings Inc(SPCE.US)$ announced its quarterly financials Thursday afternoon with a Q2 net loss of $0.39 per share, compared with a loss of $0.34 per share in the year-ago quarter. Revenue for the quarter ended June 30 was $571,000. No comparison is available for the year-ago period.
Included in the report was the company saying it's reopening its sales and reservations for flights on future spacecraft.
The new price point will be $450,000 per seat aboard a Virgin Galactic flight. This is an increase from the $200,000 to $250,000 range the company had previously charged per seat.
“Leveraging the surge in consumer interest following the Unity 22 flight, we are excited to announce the reopening of sales effective today,” said Virgin Galactic CEO Michael Colglazier.
Seats will be offered in three tiers of single-seat, multi-seat (couples, friends, family) and a full-flight buy-out option. A “significant” list of early hand-risers from the company will get the first opportunity to reserve their place on a flight followed by a priority list opened to the public.
Why It's Important
Virgin Galactic has 600 reservations (as of June 30) and had stopped taking new names and deposits. Among the people who booked a flight are Leonardo DiCaprio, Justin Bieber and $Tesla, Inc.(TSLA.US)$ CEO Elon Musk.
If you can’t afford a flight on the Virgin Galactic spacecraft, there is a sweepstake to win two tickets for as low as $5. The winner and a guest will be on a flight expected in early 2022 with a retail value of $510,000.
The contest runs through Aug. 31, 2021, and will announce a winner around Sept. 29.
What's Next
Virgin Galactic updated its plans for future launches. The company received FAA approval for a full commercial launch in June and completed a successful space flight with a full crew in July.
The next spaceflight called Unity 23 is targeted for a late-September launch. The flight will get revenue for the company through a partnership with the Italian Air Force.
The company ended the second quarter with $552 million in cash.
SPCE Price Action
Shares are up 5% to $33.13 in after-hours trading.