Virgin Galactic shares fall as next spaceflight test delayed until May

The space tourism company reported an adjusted EBITDA loss of $59.5 million, down slightly from a loss of $66 million in the previous quarter.

Virgin Galactic delivered fourth quarter results after the market closed on Thursday, with the company announcing its next spaceflight test has been delayed until May.

The company had initially targeted a Feb. 13 spaceflight test of its SpaceShipTwo vehicle “Unity,” which represents a repeat of a failed flight attempt in December.

Virgin Galactic’s investor presentation disclosed that it “identified EMI as the root cause” of the December engine flight abort, with “additional EMI impacts” uncovered during preparations for the Feb. 13 reflight.

While only two pilots will be on board for the next attempt in May, the flight is expected to be the first of three as the company seeks to finish developing its spacecraft system and begin flying paying passengers.