Virgin Galactic reported first-quarter earnings and the stock is surging in premarket trading. People, it seems, can’t wait to leave Earth. That’s a good thing for the fledgling space-tourism company.
Virgin (ticker: SPCE) reported $238,000 in first-quarter sales. But sales and earnings don’t matter yet. Virgin is “presales” at this stage of its life. The company is working with aviation authorities to approve its spacecraft and its plans for ferrying customers to the edge of Earth’s atmosphere. It completed two test flights from its New Mexico spaceport in the first quarter.
But sales are coming. During the quarter, the company launched an initiative for tourist-astronauts to reserve a place in Galactic’s flight queue, attracting commitments for up to $100 million in sales.
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