A Banner hangs exterior the New York Inventory Trade (NYSE) forward of the Virgin Galactic (SPCE) IPO in New York, U.S., October 28, 2019.
Brendan McDermid | Reuters
Virgin Galactic delivered fourth quarter outcomes after the market closed on Thursday, with the corporate disclosing its subsequent spaceflight check is delayed to Might.
The corporate was concentrating on as early as Feb. 13 for the spaceflight check, which represented a repeat of its flight try in December that was minimize brief by an engine anomaly. Virgin Galactic’s investor presentation disclosed that it “recognized EMI as the basis trigger” of the December engine flight abort, with “extra EMI impacts” uncovered throughout preparations for the Feb. 13 reflight.
Shares of Virgin Galactic fell as a lot as 10% in after hours buying and selling, after having fallen 8.4% in the course of the day to shut at $42.24 a share.
Virgin Galactic reported an adjusted EBITDA lack of $59.5 million, down from a lack of $66 million within the earlier quarter.
The corporate introduced earlier on Thursday that CFO Jon Campagna is stepping down, effective on Monday. He will likely be succeeded by Doug Ahrens, former CFO of semiconductor specialist Mellanox.
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