Virgin Galactic's shares rose by 10% on Wednesday, putting the stock on pace for its biggest daily percentage gain since November 14, when it rose by 12.7%.
The company's stock was also set to snap a two-day losing streak that began when Virgin Group boss Sir Richard Branson told the Financial Times that his business empire would not be putting more money into Virgin Galactic.
Virgin Galactic Focuses on Developing Delta-Class Spacecraft
MarketWatch reported that Virgin Galactic narrowed its quarterly loss last month and more than doubled its revenue when it reported its third-quarter results. The company has also revealed its near-term growth strategy when it reported third-quarter results, laying out the roadmap for its new Delta Class spacecraft.
The Delta Class would begin its flight tests in 2025 and enter service in 2026. Unlike Virgin's current SpaceShipTwo craft - VSS Unity - which has four seats for paying passengers, the Delta would have six. It would be capable of making up to eight spaceflights in a month, significantly more than Unity's once per month.
If successfully tested and accredited, Virgin Galactic's monthly revenue per spacecraft would increase from the current maximum of $2.4 million to $28.8 million.
The company explained in a recent conference call that it would undertake two more missions using the Unity before pausing flights in mid-2024 to focus on developing the Delta spacecraft.
To date, Virgin Galactic shares have fallen to 39.7% this year, compared with the S&P 500 index's gain of 18.9%.
Related Article: Virgin Galactic's Revenue Skyrockets in Q2 2023 but Falls Short of Wall Street Target
