Virgin Galactic Lost an Absolutely Staggering Amount of Money Last Year

The company lost $1 billion in the next two years, which is a huge figure, especially considering that the company only had $3.5 million in revenue in the same period.

It is a sobering snapshot of the commercial space travel industry, especially since the company is hoping to start commercial suborbital flights this year.

The company is still losing money. In the fourth quarter of last year, the company made a measly 141,000 pocket change, compared to a net loss of 80 million.

Despite having lost a billion dollars in just two years, the company claims it is all part of the plan as it gears up to offer more commercial flights to, if not space, at least trips very off the Earth.

Michael Colglazier, CEO of Virgin Galactic, said in a statement that they are on track and on schedule to launch commercial service later this year.

The investor update states that the launch of private astronauts commercial service remains on track for Q4 2022.

Enhancements are being made to the company's mothership Eve and spaceship Unity to improve the vehicles and lead into commercial service.

The company's rocket plane deviated way off course during a launch into the upper atmosphere with Virgin Galactic CEO Richard Branson on board last year.

The company's planes were grounded until further notice by the FAA. The vehicles were cleared for flight after an investigation.

It costs an eye-watering $450,000 to fly to the upper reaches of the Earth's atmosphere.

Virgin Galactic is hoping to sell at least 1,000 tickets by the end of the year despite the high price.

It seems like a long shot business model. The company's flights don't fly often enough to ensure more robust revenue figures.

Virgin Galactic's expenses are around $80 million a quarter, according to Eric Berger. To break even.

They have to fly hundreds of people who have already paid for their tickets.

The company's finances seem to be in a nose dive. It remains to be seen if it will be able to level out before crashing.

Virgin Galactic has lost $1 billion in the last two years.

Virgin Galactic dumped $500 million in stocks before bad news broke.

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