Virgin Galactic posts smaller loss than expected, improves cash position

FILE PHOTO: Virgin Galactic's passenger rocket plane VSS Unity, carrying billionaire entrepreneur Richard Branson and his crew, lands after reaching the edge of space above Spaceport America near Truth or Consequences, New Mexico, U.S., July 11, 2021. REUTERS/Joe Skipper/File Photo

(Reuters) -Space tourism company Virgin Galactic Holdings Inc on Tuesday posted a smaller-than-expected quarterly loss and said its cash position had improved, sending its shares 5% higher in extended trading.

The company founded by billionaire Richard Branson held about $931 million in cash as of Dec. 31, compared with $679 million a year earlier.