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Virgin Galactic Holdings (SPCE) posts wider loss in Q1 on higher costs

Virgin Galactic Holdings, Inc. (NYSE: SPCE) reported its financial results for the quarter ended March 31, 2020, on Tuesday after the market closes. Also, the company provided an update regarding the impact of COVID-19 on its business and operations.

Virgin Galactic posted a wider loss in the first quarter of 2020 due to higher costs and expenses despite a dip in the top-line. The revenue for the latest quarter was generated by providing engineering services.

Virgin Galactic Holdings (SPCE) Q1 2020 earnings review

The full impact of the pandemic on the company’s full-year results and test flight program will depend on future developments. Virgin Galactic continues to monitor the impact of COVID-19 and will provide updates as appropriate.

In a separate release, the company and its subsidiary The Spaceship Company, announced the signing of a Space Act Agreement with NASA to facilitate the development of high-speed technologies. The deal is set to enable and foster collaboration between NASA, Virgin Galactic, and The Spaceship Company in order to advance the US’ efforts to produce technically feasible, high Mach vehicles for potential civil applications.

The Registrations of interest in flight reservations increased by about 1,200 as of April 29, 2020, a 15% increase since February 23, 2020. The company completed the transition of all Virgin Galactic operations personnel from Mojave, California to Spaceport America, bringing the current total number of staff in New Mexico to 178. As on May 1, 2020, the glide flight of VSS Unity from Spaceport America was completed, marking the spaceship’s first flight from a new home base and in new airspace.

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