Virgin Galactic Holdings (NYSE:SPCE) rallied on Friday after the spaceflight company announced that planned upgrades of VMS Eve are complete and the mothership is expected to enter ground tests next week before commencing flight tests to verify the enhancements to the ship. Notably, the company said commercial service remains on track to begin in Q2 of this year. That would mean 2023 could be the year that revenue becomes more meaningful for SPCE.

Shares of SPCE moved up 12.34% on Friday and are more than 36% higher over the last week.

On Wednesday, Seeking Alpha author The Value Pendulum wrote Virgin Galactic’s substantial cash balance, decent passenger backlog, and recent outsourcing announcements are all positive factors for investors to consider. SPCE is listed on Seeking Alpha’s Catalyst Watch for further share price volatility next week.