Sir Richard Branson-backed space tourism business Virgin Galactic has trimmed its losses when compared to a year ago. Most activity at the company is suspended while the passenger-carrying spaceship is being redesigned and manufactured.

Revenues for the full year were $7 million, the same as 2023, and related to income from would-be passengers wanting to reserve a seat on a flight.

Virgin Galactic’s new space plane will sit six passengers, and the company says it has a backlog of 700 customers wanting a ride. The price for a journey is $600,000 for a journey from Virgin’s Spaceport America in New Mexico. The company says it is planning to build up to six of its new Delta-class spaceships.

Net loss was at $347 million, compared to a $502 million net loss in 2023, with the improvement primarily driven by lower operating expenses. The firm generated $138 million in gross proceeds through the issuance of 12.9 million shares of common stock.

CEO, Michael Colglazier, commented: “We are excited to share that our first spaceflight with our new Delta SpaceShips is planned for summer 2026. This first spaceflight will carry scientific research, and we expect to begin private astronaut spaceflights in the fall of 2026. We have made tremendous progress with the fabrication of tools and parts, and assembly of the first SpaceShip begins next month in Phoenix.”

‘The production and launch timeline for the new ships remains on track, with our first commercial research spaceflight expected in the summer of 2026, and the first private astronaut spaceflight in the fall of 2026,” added Colglazier.

Virgin Galactic added that work is advancing on a feasibility study with Italy’s civil aviation authority for a potential second spaceport.

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