Virgin Galactic (SPCE) shares were up more than 37% in recent trading Friday following its Q1 results in the previous day.

Late Thursday, the company reported a Q1 net loss of $2.38 per diluted share, narrowing from a loss of $5.10 a year earlier.

Analysts polled by FactSet expected a loss of $2.68.

Revenue for the quarter ended March 31 was $461,000, down from almost $2 million a year ago. Analysts expected $300,000.

The spaceflight company said the revenue drop was due to a pause in commercial spaceflights to focus on the production of its Delta Class SpaceShips.

Virgin Galactic said it had cash, cash equivalents and marketable securities of $567 million as of March 31.

The firm said its first spaceflight with new SpaceShip carrying research payloads is planned for the summer of 2026 and the private astronaut spaceflights are planned for the fall of 2026.

It also added that it has reached midway through feasibility study to potentially develop a second spaceport in Italy.

Price: 4.61, Change: +1.26, Percent Change: +37.46