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Virgin Galactic Holdings, Inc. (symbol: SPCE) is a trailblazer in commercial space travel, being the world's first commercial spaceline. The company is revolutionizing space access by developing vehicles designed to fly private astronauts, research experiments, and satellites into space. With a vision of democratizing space for the benefit of life on Earth, Virgin Galactic offers an unparalleled astronaut experience that includes out-of-seat weightlessness and breathtaking views of Earth from space.
At the core of Virgin Galactic’s offerings is SpaceShipTwo, a reusable spaceplane engineered by aerospace pioneer Scaled Composites. This sophisticated vehicle is built to carry two pilots and up to six astronauts, or more than 1,000 pounds of scientific experiments, on commercial flights from Spaceport America in New Mexico—the world’s first purpose-built commercial spaceport.
In addition to human spaceflight, Virgin Galactic is advancing the field of small satellite launches with LauncherOne. This dedicated launch vehicle is designed to transport smaller satellites, typically weighing between 200-300 kilograms, into Earth orbit at historically low prices. LauncherOne expands the company’s offerings by providing cost-effective access to space for a variety of missions.
Virgin Galactic’s wholly-owned manufacturing arm, The Spaceship Company, is integral to its operations, producing advanced air and space vehicles. The company’s vertically integrated structure ensures seamless development and execution of its projects. Recently, Virgin Galactic has achieved significant milestones, including successful test flights and partnerships aimed at enhancing its technological capabilities and service offerings.
Financially, Virgin Galactic is focused on scaling its operations and achieving long-term profitability. The company continues to invest in research and development to enhance its spaceflight systems and customer experience. Key partnerships and strategic alliances are also pivotal in driving future growth and innovation.
Virgin Galactic's mission to make space travel accessible is not only about adventure but also about contributing to scientific research and technological advancement. By enabling private astronauts and researchers to explore the final frontier, the company is opening new possibilities for life on Earth and beyond.
Virgin Galactic (NYSE: SPCE) has announced its Q4 and full year 2024 financial results. The company plans its first spaceflight with the new Delta SpaceShip carrying research payloads in summer 2026, followed by private astronaut spaceflights in fall 2026. Assembly of the first SpaceShip begins March 2025.
Financial highlights include:
- Cash position of $657 million as of December 31, 2024
- Q4 revenue declined to $0.4 million from $2.8 million YoY
- Q4 net loss improved to $76 million from $104 million YoY
- Full year 2024 revenue remained flat at $7 million
- Full year net loss improved to $347 million from $502 million in 2023
The company raised $138 million through stock issuance and expects Q1 2025 free cash flow between $(115) million to $(125) million. A contract with Redwire was executed for next-generation SpaceShip research payload lockers, and work advances on a potential second spaceport study with Italy's aviation authority.
Virgin Galactic (NYSE: SPCE) has announced it will release its fourth quarter and full year 2024 financial results after U.S. markets close on Wednesday, February 26, 2025. The company will hold a conference call to discuss these results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on the same day. Investors can access both the live webcast and replay of the conference call through the company's Investor Relations website at investors.virgingalactic.com.
Virgin Galactic (NYSE: SPCE) has partnered with Redwire (NYSE: RDW) to manufacture research payload lockers for Virgin Galactic's new Delta-Class spaceships. The collaboration aims to enhance microgravity research capabilities with state-of-the-art 'plug-and-play' lockers that provide real-time data during spaceflight.
Redwire, experienced in developing biotech and industrial-manufacturing technologies for microgravity environments, has created 20 research facilities for crewed spacecraft, with 10 currently on the International Space Station. Each Delta-Class spaceship will accommodate five payload racks, hosting up to 20 lockers total, supporting both autonomous and human-tended research.
The first Delta-Class spaceships are scheduled to begin commercial service in 2026. Virgin Galactic has already conducted seven research missions, featuring experiments in biology, autonomous systems, medical devices, combustion studies, and physical sciences.
Virgin Galactic (NYSE: SPCE) has announced that its Board's Compensation Committee has approved inducement restricted stock unit awards for two new non-executive employees. The grants, totaling 4,259 shares of common stock, were made under the company's 2023 Employment Inducement Incentive Award Plan, effective December 15, 2024. The vesting schedule spans four years, with 25% of shares vesting after the first year and the remaining 75% vesting quarterly over the following three years, contingent on continued employment. These awards were granted in accordance with NYSE Listing Rule 303A.08 as employment incentives.
Virgin Galactic (NYSE: SPCE) and Italy's civil aviation authority (ENAC) have signed an Agreement of Cooperation to study the feasibility of conducting spaceflight operations from Grottaglie Spaceport in Southern Italy. The study, with phase one expected to complete in 2025, will evaluate technical requirements, airspace compatibility, and regulatory alignment for suborbital spaceflight operations.
The initiative follows the successful Italian Air Force mission aboard Virgin Galactic's 'Galactic 01' in June 2023. Grottaglie Spaceport, designated as the first horizontal spaceport in the European Union, has received €70 million in funding from the Puglia region and Italian government for infrastructure development. The project aims to establish a center of excellence for commercial suborbital transportation in the Mediterranean basin.
Virgin Galactic Holdings (NYSE: SPCE) has announced an 'at the market' equity program to sell up to $300 million worth of common stock shares through Jefferies The company plans to use the proceeds to accelerate the development of its next-generation spaceflight fleet, including an additional mothership and third and fourth Delta Class spaceships. The funds may also support general corporate purposes, working capital, and administrative matters. Sales will be conducted at prevailing market prices through various methods, including ordinary brokers' transactions and national securities exchanges.
Virgin Galactic Holdings (NYSE: SPCE) announced its Q3 2024 financial results. The company reported revenue of $0.4 million, down from $1.7 million in Q3 2023, due to a pause in commercial spaceflights. Operating expenses decreased to $82 million (GAAP) and $70 million (Non-GAAP), compared to $116 million and $102 million, respectively, in Q3 2023. The net loss improved to $75 million from $105 million in the previous year, driven by lower expenses. Adjusted EBITDA was $(59) million, better than $(87) million in Q3 2023. The company had a cash position of $744 million as of September 30, 2024. Virgin Galactic raised $37 million through stock issuance. The Delta Class spaceship production is on track for 2026, with initial flight-control testing completed and staffing ramp-up at the Spaceship Factory in Phoenix-Mesa, AZ.
Virgin Galactic (NYSE: SPCE) has scheduled its third quarter 2024 financial results announcement for Wednesday, November 6, 2024, after U.S. markets close. The company will host a conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss the results. Investors can access the live webcast and replay through the company's Investor Relations website.
Virgin Galactic Holdings, Inc. (NYSE: SPCE) has announced the approval of inducement restricted stock unit awards for three new non-executive employees. The Compensation Committee of Virgin Galactic's Board of Directors granted these awards, covering a total of 42,018 shares of Virgin Galactic common stock, effective September 15, 2024. These awards, granted under the company's 2023 Employment Inducement Incentive Award Plan, are designed to attract new talent to the company.
The vesting schedule for these awards spans four years, with 25% of the shares vesting on the first anniversary of the grant date, and the remaining 75% vesting over the subsequent 12 quarters, contingent on continued employment. This action aligns with NYSE Listing Rule 303A.08, which allows for equity-based compensation as an inducement for new employees joining the company.
Virgin Galactic (NYSE: SPCE) released its Q2 2024 financial results. The company reported revenue of $4 million, up from $2 million in Q2 2023, primarily due to commercial spaceflight and membership fees. Net loss narrowed to $94 million from $134 million in the previous year, aided by reduction in operating expenses. Cash position remains strong at $821 million.
The 'Galactic 07' mission completed successfully, generating $900K revenue per seat. Progress on Delta Class spaceships is on track, with commercial service expected by 2026. The company completed the construction of an assembly facility in Phoenix, Arizona.
Q2 saw GAAP operating expenses at $106 million, down from $141 million, and non-GAAP operating expenses at $95 million, down from $126 million. Adjusted EBITDA was $(79) million, improved from $(116) million in Q2 2023.
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