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Virgin Galactic to Feel Coronavirus Impact

Virgin Galactic is the latest company to report its urge to restart operating. This move comes after the coronavirus outbreak. The company is eager to resume its space missions. The company is yet to report any significant challenge since the virus outbreak.

George Whitesides, who is the CEO of Virgin Galactic, states that its employees are currently working from home. It follows an initial reduction in earnings due to the coronavirus outbreak. The company is eager to reschedule its on-site activities. This move is to ensure they do not go bankrupt.

The company’s workers are resuming their tasks, especially in this month. However, there is a slow flow of operations due to health regulations. The company is keen to ensure its members observe social distancing and sanitation measures. George further proves that these measures are in place. He says that one of the test flights is indicative of their success in observing the health measures. He adds that the company is lucky to set up procedures that cover the safety of their team.

Whitesides states that it is still early to estimate the impact of coronavirus pandemic. He says this because their company is entirely operational at the moment. He reiterates the company’s commitment to carry on with its test flights. This move is to ensure their technical team gains the skills and engineering aspects of their operations.

The company is in the process of conducting numerous test flights. For this reason, they are instituting measures to ensure the safety of the final real plane. The company now has less concern for revenue after the outbreak of coronavirus.

Whitesides hopes that the company can fulfill its promise of flying their boss to space. The executives of the company agree that this promise is a hard task to achieve, especially in this season. The company hopes to reduce its expenses to preserve its liquidity.

The company’s ticket sales in February are now their liquid asset. The deposit from these sales is the assurance of the company’s financial position now that it is down. The CEO further retorts that the nature of their customers is a boost for them. He says that refund requests are low because of their disposable income.

Galactic is also planning to render its part of the deal with NASA. The contract entails developing space vehicles for transportation systems. The company is hopeful that they can utilize their tech to advance their spaceship components. 

Finally, the contract with NASA is a sign that the company can maneuver through this pandemic. If the company fulfills NASA’s standards, they will survive this storm. They can be able to utilize their facilities effectively and acquire financial resources.