(Bloomberg) -- Virgin Galactic Holdings Inc.’s revenue missed Wall Street expectations in the first quarter as the space tourism company prepares for its second and final launch of the year.

Revenue came to $1.99 million, the company said Tuesday, below analysts’ consensus estimate for $2.09 million and also lower than the $2.81 million it posted last quarter. Sales were driven by commercial spaceflight operations and membership fees from future astronauts. The results show how Virgin Galactic is faring in a difficult period, with its stock tumbling and commercial business slowing.

The shares fell 2% as of 8:16 a.m. before regular trading Wednesday in New York. The stock was down 59% so far this year as of the close of regular trading on Tuesday. 

Virgin Galactic aims to launch its remaining commercial space flight slated for this year as soon as June 8. The timing of that flight, carrying three paying tourists and a researcher to the edge of space, was delayed slightly after the company found a pin had fallen off unexpectedly during its previous spaceflight in January.

The company, which was founded by Richard Branson, plans to pause flights to keep costs under control until it finishes development of its new Delta spaceplane, which won’t debut commercially until 2026 at the earliest.

Read more: Richard Branson’s Space Empire Is Fading Fast: Business of Space

The company lost 25 cents a share in the first three months of the year, better than the 36-cent deficit analysts expected and nearly unchanged from the 26 cents it reported for the fourth quarter.

Its cash and cash equivalents came to $195 million as of March 31, down from $217 million at the end of 2023 and $416 million a year ago.

(Updates with share trading, additional details beginning in third paragraph)

©2024 Bloomberg L.P.