our be to first I with these a space Both make you, transaction listed am call everyone. completed York Social that everyone now delighted and afternoon, New the Exchange. to continue open steps as Thank we Stock we Hedosophia towards goal. reaching for Capital are our hosting have that and Good and major our mission to events public of great are company, earnings progress on Michelle. forward
an will the what I strategy will have and quarter to I highlights. our Jon providing so by would like then achieved on through to also you financial of and provide start fourth growth turn far areas we forward. our our activity current our of then detail to going overview take drive business, focus.
one exciting investment believe Spaceflight. company X. Galactic public Human our our with and is world's broaden Commercial exploration focused space and thesis our Starting affordable the the technology on We consistent Slide first initiatives enable and to significant most access and and of on the is space represents of commercial routine travel. Virgin of to only mission time,
exists experience segment fraction opportunity significant high-end demand unique the which other experiences, incurred market a particularly broader to by individuals by private growth out-of-home worth XXXX. with expense provide at for launch for individuals luxury a outpaced high Significant spaceflight X% There horizontal net the to-date. of is already experiences,
our we Our customer offering have highly sustained our seen interest founding. base since in is and engaged product
representing deposits, in X,XXX $XXX February XX, of to doubling last since revenue. a as of continue than and million XXXX. $XX Registrations in over our pace interest approximately at and at XXXX, stand of reservations XXX rapid over currently million have more We potential update grow
reduce each of our underpinned business and meaningfully scalable by the our cost operational economics. unit spaceflight the strong efficient, highly of is features spaceships. The attractive time, delivering over design believe We reusable, model design
$X with in investment more the Importantly, we Company. commercial billion than the a industry strong have spaceflight competitive of behind position
substantial competitors entry investment technology progress achieved have by We significant in and the supported for potential made expect from first-mover have benefit the by to is greatly to-date. which we our our we to reinforced new advantage, barriers
confident in are we addition, In financial our business. the of strength
Step One future flyer initiative, are the very our of X,XXX to today interest our through start spaceflight, announcement Small to up from validate we marks important seeing register important will list. which we signing exciting our our fly about sales Small The We've to huge people people later Step talk will is engine. December One the an interest to which reactivate program since milestone see. seen approximately to I
have What One line the those bring provide Small Step to first in to once while us people is prospects to enabling means a a new ticket new prospects into community, be will and seats we available. qualify purchase Galactic
when the commercial time, more our online, and see and benefit we increase and our past efficiencies will build our to in through momentum. revenue rate to our launch spaceships drive cash we is flight move we expect profitability. ramp from bringing to up As expect Over gain XXXX operating business really flows.
in today transaction a cash on are into Jon the as and no a strong later. result will We Capital Social Hedosophia on the we position our financials detail sheet. go with of debt balance more have
the flight in experience and sectors. team with place and operations Finally, decades have strong we in management Space Aviation a of
far. share Let over we and XX key our the months some pace me now progress past thus demonstrate have that milestones achieved
XX, Shuttle. since Space Turning vehicle into was a This humans the was of we On space first space. crewed step the historic December launched from U.S. XXXX, put to XXXX, successfully to the Slide X. the launch and soil space first retirement commercial
subsequently Secretary awarded January. Transportation Our wings the by their of official U.S. flew this were who pilots in flight astronaut
crew becoming We crew Moses, a completed in and than the non-pilot first space float vehicle. and February commercial Instructor follow spaceflight first to Turning X. in freely on flown vehicle space at this Astronaut commercial faster X commercial fly member up fly on unstrap a a to successful space our Mach by vehicle, XX, XXXX. space having her the Slide member on Chief Beth first non-pilot
flight time the and the Administrator transportation were for FAAs also wings runs pilots this their Wayne official two Beth this space Associate division. awarded Monteith, who astronaut by
world's home terminal Virgin for America Gateway we purpose-built On X. we operational our Mexico. offers XX, the use. first to America Slide The advantages. spaceport the New initiated have to Space is our and Spaceport which headquarters to XXXX, Southern Galactic move operational Turning May exclusive at spaceport commercial in Spaceport unparalleled to
White restricted natural we Most importantly, Missile It for it meaning will during is air missions, great Sands Range, the commercial surroundings. not enabling operations our also tempo. year-round and operational within that offers beautiful surrounding of ultimate traffic disturb weather airspace higher a the
We in Company announcement employees of made manufacturing a of at the the this was relocation and New Capitol it State Lujan California. Mexico Grisham the Governor, meant our dozens moment from base Mojave, it for with significant as
On Spaceport operationally America which we functional. called aircraft our VMS Turning New XX, to to Slide X. at point became relocated August XXXX, Mexico, carrier Eve
a systems and processes. of and our additional and wide range tracking activated we Specifically, mission our control, telemetry systems
from October to had HorizonX that partnership and X. XXXX, strategic announced On in X, Turning with million Boeing we we strategic a investment Slide entered $XX Ventures. Boeing’s received into
We this to in responsible a safe potential partnership space about and mission and are our to open support and excited world access way. the its to
developing provide our supports ramps and global projects I'll also provide a on information as efforts on on focus in detail this It our high-speed we technology. presentation more up. bit partnership high-speed Boeing specific will mobility later our with
safe, deployed to suits unveiled footwear Under enjoyment entire On will our future in will and astronauts Turning astronauts collaboration to our provide with Armour XX. be October and the XXXX, increase and Under we of technologies our wear their that that flight future their with Armour flight flight. XX, the experience. comfortable, announced garment flexible, suits latest Slide
and October focused phone our prior all exciting we creating XX, day with world's us the only XX. company transformational for was listing. publicly the from our Slide of XXXX, to Turning completed on and hugely Social On commercial spaceflight. merger first support the and we public many This Hedosophia, you since and Capital to traded on a appreciate
team. Turning a XX. world-class believe traded a Social with each Board's Board merger experience on we our brings We've listed our Slide and to out installed experience and Slide Hedosophia In our and complimentary of completing Directors. today's to becoming company, XX of directors connection with expertise presentation. significant publicly of Capital We our
collection space see high-speed will will and well mission company aerospace leaders leading as some the shareholders leading top its the from forward towards commercial operations world. we while airlines This thoughtful of as in the of You the mobility. experience firms of organization looking serve assurance investment well establish world the the world's and as
XX. well their flight some off our training as preparing space their Headquarters we Astronaut process of medicals, as Baltimore, enabled for the in continue of and future Slide to for flights. be activities. undertaking kicked preparation Armour to This Readiness process our customers including fitted the flights paperwork of their astronaut XXXX, their number earliest customers for flight advice a Turning Program, on November wellness health do to receive XX, suits, Global at On the Under
Weight achieved carried our elements its weight vehicle and in announced to first on the completed major XX. and a deployed all major January XXXX, where main assembled spaceship Slide its milestone Turning of the we the build gear and for time. landing that On fleet had vehicle Wheels the were own structural X, second
Weight to approximately us first the Weight months and experience processes achieved our in reach faster through Wheels and the benefits. of build spaceship, process use allowing build of more Wheels as well than nine modular We efficiencies terms incompleteness both as of our efficiently then on ship, first on milestone the faster curve largely
captive ago, California opportunity Turning Unity engineers our XXXX, three first carry America over valuable period high in significant at during am cold February milestone to our to hours space. evaluate longer a us and Mojave, of was altitude for XX, for a on provided A Spaceport and proud Slide I of This relocated few This from Mexico. missions a and VSS VSS spaceship weeks time for to XX. we to flight Unity experienced is temperatures, really team. accomplishment New
XX. Slide to Turning
approval to Now missions. launch like license, spaceflight on commercial I allows FAA have provide which detail Virgin some We process. Galactic our to already would conduct the
We our rocket-powered under license. have this of flights already all conducted
license. FAA that and going are process through final doing our data we paying now What providing elements of the to with validates is customers the commercial by fly verifies
elements, We XX XX of validation in out have the cleared of verification XX QX and which of were completed XXXX. already
the provide and We appropriate. hard remaining updates will as we are elements V&V on working
XX. Turning to Slide
to its It year, stakeholders. will top a Branson it to We spaceflight beginning and moment be will into world on the a and the commercial continue and focus fly space for be to customers powerful that commercial our transformative is which of company Richard flight. phase priority human a employees, the signal of on the next is
from experience with goal, of and execution, milestone reached facilities, and Unity next sets now have it interfaces we is the our aspects ground up in to New hosting Spaceship of hospitality. staff of services, external flights test that various building operations, coordination, Mexico. all permanent support, This pleased airspace significant the mission to that Spaceport conduct base and familiarity milestone achieving America relocation in us the are We because our new
to work accomplish And While we that have spaceflight is progress tremendous our by come important that can operations far safely and we occur. before forget excited important not and most the our have are will successfully. still conduct to-date, we objective to significant
of will these in long-term the optimizing customer the and I have areas to flight vehicles each test rate service. finishing testing of work That program, experience, main focus: discuss like for the readying would three end-to-end turn. high
flight the finishing First, test program.
complete valuable additional piloting experience will For we area, program, of this maybe design. our the out us operating that check aspects to and our enable gather which data glide gain our to performance new incorporated flight into need location,
our we that the customers, astronauts We the prepare well evaluate of program, evaluation system. experience validate performance will further flight flight that This its of used spaceflight enable journey. will optimizing will phase to to throughout be our also range entire program as to be will then spaceflight powered as spaceships us and for which the our spacecraft complete future our the profile the continue their training will the providing interior to onboard
repeatability. in flight flight work the and flight performance performed gather and data, additional for on flight the to program, additional profile improve each With perform evaluate vehicle test we performance, the
get beyond Next, during their America of goes Spaceport just their prepared experience during their earlier a well their cabin as the as training journey take spaceship will at as flight, receive our testing customers the end-to-end to in customer the time both experience. includes they the the flight. spaceflight. It in This to prior
the people on the at the ground, It flying to customers to in and extends family issuance invited the friends hospitality and to throughout includes will at stay. entire back training receive cover This of as preparation preliminary tickets. the hotel not but their It experience, also is the further to and space, just their time the and extends experience Spaceport, pre-arrival limited well.
vehicles high This key Third, will readying for work the points. have focal several long-term service. rate
and for First, the and aircraft flight. readied ensuring spaceship that be for resiliency prepared carrier have systems proper ability the in quickly and their the inspected well to and are their structures next
conditions flight qualities a ensuring of the of well variety future flight performance to expansion. geographic to handling suited Second, a we controls, look that vehicles as and are
make in due service. note, that to performance, carrier mind Third, and or keep flight our back and possible of continuing its that is before capabilities, and it everyone spaceship the commercial regular the the and enhancements safety, comprehensive two Mojave lifetime should in remains spaceship to upgrades manufacturing base to extensive aircraft enhance we and start to times Mojave that rate. bring one One
We intend as Richard and Branson updates significant necessary the to provide space milestones achieve fly periodic we commence into commercialization. to
perspective like and some year, and company from a operations this focus for revenue the service. get have to vehicles our working for commercial regular the While this initial we would engineering prepared main commercial year long-term is to
operate bit we in. context provide to want I market the about XX. Slide to a Turning more
the several with Over to improved commercial decade, space market. significant the availability the advancing rapidly open decreasing greater driven commercial invigorate innovation growth models past technology access in industry, of capital to space have technologies, costs, converged have and trends
at According $X.X domestic of to market an year the X% October, XXXX to is to X% trillion per least gross grow reaching space commercial Chamber product. by U.S. U.S. expected Commerce, XXXX, of the article the from
current expect forefront we these broad traveling believe and administration's be them dreams the sector at the spaceflight to human We space. boosted population are We well to by on the Space U.S. of launch a the global of by positioned of to further Force. capitalize to that bringing are recent trends
is to only been historically a group to select been XX. risk. Slide and funded governments, can much of national generally great to space. are two who Historically, charging and option months commercial providers access offering to training. millions by affordable orders limited has orbital private for of magnitude Private able significantly we of with travel are allow space What individuals of more space personal space requiring tens travel only at of to many greater and portion of to the expense reach has Turning by individuals humanity a dollars
a out-of-home broader has growth indicates X% offering approximately and research luxury of experience. and in view the to our as expected outpaced of XXXX market goods the segment trend The segment We luxury continue. our by experienced this is this
The and $XX spaceflight we have X,XXX for is have our in demand also by product approximately more the approximately of by than XXX first of reservations XXXX. in we registrations our since received million supported reservations interest and December, deposits received
see to of with expect launch Small announced shortly. this about today We talk One our in grow more initiative the Step that I will detail
Turning XX. to Slide
detail Research more individuals of with bit our individuals $XX key compound rate worth a than a worth greater were is right annual a of in net into million. demographic approximately approximately X.X growth XXXX. grow net million high Going through at that on shows expected now. there globally group This to X% XXXX,
below as a that believe figure. this only is this to so of business expect this contemplates we percentage group be group, small actually headwinds. well that to any worth we than customers We know protected against macroeconomic very our target have greater very current many our be a serve model that we net of our market Further,
currently Slide final to Turning commercial We one phase have entering test spaceship XX. before launch. its
XXXX, have end which flight rate. to As on We second to plan earlier, on reached major us to touched significantly the should fleet spaceship service the of milestone I increase in expand by Wheels spaceships month. last five our allow a our Weight
contract of during are to tended actively Force we the into In will with XXXX trips. conduct which the fourth we with addition the a for Italian space. human research is working to experiments are Italian human of in education researchers Air space this good research in quarter flight and A example entered research while travel, also conduct they payload customers new
and and Multiple experiments. research government expressed develop research space agencies to payloads with institutions working conduct to us have interest suborbital in to
We in the have an missions to we manifest important for and expect research-related flown launch missions our eight future. payloads research of part form
expand total by technology to allowing looking to and than operations capacity costs, efficiencies worth will to drive XX lower Slide to be meet are that to market to We we the to currently able modeling addressable ticket prices, leveraging we prices. lower greatly with net reduce a Turning our our individuals believe us and ahead. ticket and have our
working per to existing effort also good our are cost in in the spaceship to and efficiencies drive hard are an We manufacturing already making capabilities decrease we progress.
well For the use experience the example, Weight faster modular approximately our first as largely ship, build than spaceship reached benefits. on processes milestone our through second Wheels curve nine months as of
Finally, we international arrangements by other agencies. or into potentially spaceports different are opening abroad, growth additional with entering pursuing government opportunities including
United in already countries. had and also other with discussions with the are Emirates conversations have Italy Arab preliminary We and
Turning XX. Slide to
our focus global While and platform most advanced spaceflight, additional can manufacturing on engineering believe design, robust past human and primary leverage high-speed data experience notably extensive future mobility. develop we commercializing our and significant flight we applications, is on centered technologies, that of to aerospace
We global High-speed travel government commercial to and is apply global for opportunities key in other example global applications, nine the new focus high-speed already flight the particularly drastically such see markets, technology flight to we market time, dramatic huge missile mobility on a space. a aviation military to reduce shows reduce Even impact the vehicle more L.A. as have the enabling connecting Tokyo activities the here could could that have time hypersonic world supersonic and by a hours. how closely. to mobility
is today potential already we to XX. positioned are to Galactic ahead Turning believe peers. significantly technology of we this our develop Slide well Virgin and
today crewed gives can immense building speeds, believe is advantage. supersonic an us travel only team commercial designing, and which first-mover at we Ours the flying that a vehicle
enable high-speed will develop believe We are to Boeing, our further partnership with our technology. us bolstered which we by further
manufacturing co-located from vertically stack. also integrated Our team design and our benefits
landing our launch that patterns system airport of means the with we existing and system, existing infrastructures air a airport networks. around a are with sequenced capable and addition, winged compatible world the flight horizontal architecture into being In local
We developing team global and experienced team applying high-speed looking out we further. have a are dedicated to and technology project focused to build and mobility this
insight respect, Virgin our are experience we Virgin leverage experience pleased Finally, on other this we Group’s CEO, can of Board Directors. Krieger have from the former airlines. In Craig Atlantic and to the of
fleet to vehicles reach adoption high-speed accelerated for accessing infrastructure ahead, premium our global be aerospace rapid vehicles environmentally value customer-driven, into precious vision airport is looking existing commercially operators would of We believe fleet time. sustainable and opportunities. with viable who create So a end-to-end new with integrate service a resource, winged, a market of and saving would for easily have significant
a for that analysis guidance we navigation, and foundation to can focused tools, propulsion, As and aero-derivative technologies are work, applications and supporting technologies creating developed material manufacturing, benefit direct sustainable this other on all. with high-speed fuels, provide for IP science,
Turning XX. to Slide
initiative Mojave Our integrated part Virgin by high-speed testing, the spaceship in enabled post-delivery in & and Spaceship aerospace flight the within companies extensive capabilities range Air Space headquartered Company, is of testing, support. our Galactic, ground vertically manufacturing, at the design, covered California. The Port manufacturer end-to-end full
our testing is and that The breadth our spaceships designing, our of aerospace contractor. expect a the building of you of and team major and depth capabilities quality is might what
spirit. this passionate, team a and structure do true a entrepreneurial a low-cost we and with with However, nimble lean
majority and the development programming, as design design, to analyze hardware of allowing Our full including system, and to hardware development including integration. all analyze, capabilities of entire well software spaceflight are avionics high-performance the as the vertically vehicles of disciplines build, necessary and engineering stack our vast integrated, us avionics test
Ours supports in designing, square operational Spaceship extensive an Company. employees with building, is XXX that team Mojave, California, XXX,XXX flying the and we over feet at campus crewed of over our have and In contractors the supersonic today. team vehicle winged commercial a areas the of world only
well includes advanced hybrid test as qualifying testing and our campus as Mojave for on Our rocket site innovative laboratories our for used vehicles. the structures a motor systems
existing markets to the exploring property this but Leveraging deliver Slide to-date for and Eve capability to for uses. development other Mojave, intellectual serves XX. to advanced manufacturing payloads. and SpaceShipTwo, platform Turning the are our and received VMS other we as capabilities significant in has our mothership interest also leverage
technology XX. and high-speed captive and applications, include Turning configurations, to services, carry long-endurance of for air beds vehicles. of Other Slide mothership high-altitude and test potential future our mobility, research defense development launch applications urban
for will our explore we potential while commencing and future primary our these, be into foreseeable technologies managing the uses. focus expect human evaluate and Now, operations, to other commercial to of our and spaceflight the continue on application
positioned for program. experience and these our well garnered like development opportunities are from lessons from challenging We a learned stemming
vehicle the to we allows winged and and are have We our X. Mach already that of to deploy built in and importantly replicate. a team capital talent already commercial company best We've world has lot a flying new the us at time to achieved firsts This a crewed over efforts. a culture takes assembled efficiently
XX. Slide to Turning
but achievements Now continue am operational business in we we them, and accomplished a and I'd build so I our few. like the on number to of disclosed highlight the turn fourth pleased time, we strong key on quarter. the to I milestones. won't to achieved these all that detail just specific momentum at go of into to great of Many
key Spaceport communications Eve new types. operational We were XXXX, through including and our required external of and aircraft for that and America achieved other control, exercising flights VMS agreements milestones mission at elements, ground operational
to Mexico interior New bringing earlier out our the New current XXX Mexico Virgin Galactic total a in Mojave, the at personnel following transitioned from of operations year-end, the Spaceport by two to California number America of total in build We floors XX staff year.
quarter, also achieved milestones completion We our second design and our on production spaceships activated build rate elements the facility. third our and higher rocket achieved We of of critical systems. motor structure during spaceship key XX% and
Validation We Verification clear FAA and continued in provisos the to quarter.
in Kley assembled of as while President QX, continued Holdings has out Galactic executive team, General earlier Officer announced role. TSC Operating this not company our that We of Chief our Palermo, also we year Michelle in and public Enrico And become to Counsel. newly build Virgin our board a hiring created
to commercial dedication for commitment would progress to our like employees to our and critical launch, all achievements as we and these continue thank mission. of prepare their the for we demonstrate of All I make
our Of Social transaction is listed thing here not course, Hedosophia. with Capital one
the our I'd provide about So Jon our over like fourth and now Financial Campagna, transaction as Officer, to as the turn financial quarter additional results. to Chief detail some call full-year will well who
