Virgin Galactic nosedived 93 percent to $238m, down from $3.7bn the year before, the company said in its fourth quarter reports.
“We accomplished several significant milestones during 2020 despite the ongoing challenges posed by the COVID-19 pandemic. Looking ahead, we’re focused on completing our test flight program, expanding our fleet of spaceships and motherships, and developing our unique and transformative customer experience," Virgin Galactic chief executive Michael Colglazier said in a statement.
The news comes as the company announced it would delay spaceflight tests to May and postpone flying passengers to early 2022 due to electromagnetic interference (EMI) on its SpaceShipTwo 'Unity' vehicle.
Two pilots will board the first of three test flights ahead of its passenger schedule target. Shares for the firm fell up to 15 percent following the announcement, CNBC revealed.
“At the conclusion of this period, we expect VSS Unity will begin flying private astronauts, and SpaceShip III will be in a position to complete its flight testing, which we expect to be in early ’22,” Colglazier said in a statement.
The statement comes after Branson raised $500m after selling shares of the firm, namely to fund a $250m coronavirus relief package. Thousands of staff have been furloughed and executives have agreed to massive pay cuts.