Virgin Galactic Provides Update on Unity 23 Test Flight

Rhea-AI Summary

Virgin Galactic Holdings (NYSE:SPCE) provided an update on its next test flight, "Unity 23," with the Italian Air Force. A third-party supplier identified a potential manufacturing defect in the flight control actuation system, prompting inspections to ensure safety. The company expects to open the flight window as early as mid-October, pending resolution of the FAA matter. CEO Michael Colglazier emphasized the company's commitment to safety and thorough inspections. Updates will follow as investigations proceed.

Positive

• None.

Negative

• Potential manufacturing defect flagged by a third-party supplier.
• Inspections required, possibly delaying the 'Unity 23' flight.
• Earliest flight window opening now set for mid-October, pending inspections.

LAS CRUCES, N.M.--(BUSINESS WIRE)-- Virgin Galactic Holdings, Inc. (NYSE:SPCE) (the “Company” or “Virgin Galactic”), a vertically integrated aerospace and space travel company, today announced an update regarding the timing of its next test flight “Unity 23” with the Italian Air Force.

During preparation for the Unity 23 test flight, a third-party supplier recently flagged a potential manufacturing defect in a component of the flight control actuation system that they supply to Virgin Galactic. At this point, it is not yet known whether the defect is present in the Company’s vehicles and what, if any, repair work may be needed. Out of an abundance of caution, and in line with Virgin Galactic’s established safety procedures, the Company is in the process of conducting inspections in partnership with the vendor.

This issue is unrelated to the Unity 22 flight or the current FAA matter, which is focused on air traffic control clearance and communications.

As a result, and pending resolution of the FAA matter, the earliest the Company expects to open its flight window for Unity 23 is mid October. A further update and specific flight window will be shared once the inspection is complete, in coordination with the Italian Air Force.

Michael Colglazier, Chief Executive Officer of Virgin Galactic, said: “We have a robust pre-flight readiness approach that is rooted in our thorough, proactive and safety-first culture. There is nothing more important to us than the integrity of our vehicles. Our test flight processes and procedures are rigorous and structured to identify and resolve these types of issues. We look forward to taking to the skies again soon.”

You can download all press materials including images and broll from the Virgin Galactic Press Assets.

About Virgin Galactic Holdings

Virgin Galactic Holdings, Inc. is a vertically integrated aerospace and space travel company, pioneering human spaceflight for private individuals and researchers with its advanced air and space vehicles. It is developing a spaceflight system designed to connect the world to the wonder and awe created by space travel and to offer customers a transformative experience. You can find more information at https://www.virgingalactic.com/

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Virgin Galactic Holdings, Inc. (the "Company"), including statements regarding the Company’s spaceflight systems, markets and expected flight schedule. These forward-looking statements generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the factors, risks and uncertainties included in Amendment No. 2 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.virgingalactic.com. These filings identify and address other important risks and uncertainties that could cause the Company’s actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210910005552/en/

For media inquiries:

Aleanna Crane - Vice President Communications

Virgingalacticpress@virgingalactic.com

+1 575 800 4422

For Investor Relations inquiries:

Seth Zaslow - Vice President Investor Relations

seth.zaslow@virgingalactic.com

+1 714 732 4780

Source: Virgin Galactic Holdings, Inc.

FAQ

What is the latest update on Virgin Galactic's Unity 23 test flight?

Virgin Galactic announced a potential manufacturing defect in a component related to the Unity 23 test flight, leading to safety inspections and a possible flight window opening in mid-October.

Is there a delay in Virgin Galactic's flight schedule due to recent issues?

Yes, the flight schedule for Unity 23 may be delayed due to a potential manufacturing defect that requires inspections.

What component has been flagged by Virgin Galactic's supplier?

A third-party supplier flagged a potential defect in the flight control actuation system component provided to Virgin Galactic.

When does Virgin Galactic expect to conduct the Unity 23 flight?

Virgin Galactic expects to open the flight window for Unity 23 as early as mid-October, pending the resolution of the FAA matter and completion of inspections.

Who is involved in the Unity 23 test flight with Virgin Galactic?

The Unity 23 test flight is in collaboration with the Italian Air Force.