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Virgin Galactic Announces Third Quarter 2024 Financial Results And Provides Business Update

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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 Holdings (NYSE: SPCE) ha annunciato i risultati finanziari per il terzo trimestre del 2024. L'azienda ha riportato un fatturato di 0,4 milioni di dollari, in calo rispetto a 1,7 milioni di dollari nel terzo trimestre del 2023, a causa di una pausa nei voli spaziali commerciali. Le spese operative sono diminuite a 82 milioni di dollari (GAAP) e 70 milioni di dollari (Non-GAAP), rispetto a 116 milioni e 102 milioni, rispettivamente, nel terzo trimestre del 2023. La perdita netta è migliorata a 75 milioni di dollari rispetto a 105 milioni nello stesso periodo dell'anno precedente, grazie a una riduzione delle spese. L'EBITDA rettificato è stato di $(59) milioni, migliore rispetto a $(87) milioni nel terzo trimestre del 2023. L'azienda aveva una posizione di cassa di 744 milioni di dollari al 30 settembre 2024. Virgin Galactic ha raccolto 37 milioni di dollari tramite emissione di azioni. La produzione della navetta spaziale Delta Class è in programma per il 2026, con i test iniziali di controllo del volo completati e un aumento del personale presso la Fabbrica di Navette a Phoenix-Mesa, AZ.

Virgin Galactic Holdings (NYSE: SPCE) anunció sus resultados financieros para el tercer trimestre de 2024. La compañía reportó ingresos de 0,4 millones de dólares, una disminución desde 1,7 millones de dólares en el tercer trimestre de 2023, debido a una pausa en los vuelos espaciales comerciales. Los gastos operativos disminuyeron a 82 millones de dólares (GAAP) y 70 millones de dólares (Non-GAAP), en comparación con 116 millones y 102 millones, respectivamente, en el tercer trimestre de 2023. La pérdida neta mejoró a 75 millones de dólares desde 105 millones del año anterior, impulsada por la reducción de gastos. El EBITDA ajustado fue de $(59) millones, mejor que $(87) millones en el tercer trimestre de 2023. La compañía tenía una posición de efectivo de 744 millones de dólares al 30 de septiembre de 2024. Virgin Galactic recaudó 37 millones de dólares mediante emisión de acciones. La producción de la nave espacial Delta Class está en camino para 2026, con pruebas iniciales de control de vuelo completadas y aumento de personal en la Fábrica de Naves en Phoenix-Mesa, AZ.

버진 갤럭틱 홀딩스(NYSE: SPCE)는 2024년 3분기 재정 결과를 발표했습니다. 이 회사는 상업 우주 비행의 일시 중지로 인해 1.7백만 달러에서 0.4백만 달러로 감소한 수익을 보고했습니다. 운영비용은 2023년 3분기의 각각 1.16억 달러 및 1.02억 달러에 비해 GAAP으로 8.2백만 달러, Non-GAAP으로 7.0백만 달러로 감소했습니다. 순손실은 지난해 1.05억 달러에서 7,500만 달러로 개선되었으며, 이는 비용 절감에 의해 촉진되었습니다. 조정된 EBITDA는 2023년 3분기의 $(87)백만보다 나은 $(59)백만이었습니다. 회사는 2024년 9월 30일 현재 7.44억 달러의 현금 보유액을 가지고 있었습니다. 버진 갤럭틱은 주식 발행을 통해 3,700만 달러를 모금했습니다. 델타 클래스 우주선 생산은 2026년으로 예정되어 있으며, 초기 비행 제어 테스트가 완료되고 애리조나주 피닉스-메사의 우주선 공장에서 직원 채용이 증가하고 있습니다.

Virgin Galactic Holdings (NYSE: SPCE) a annoncé ses résultats financiers pour le troisième trimestre de 2024. L'entreprise a enregistré un chiffre d'affaires de 0,4 million de dollars, en baisse par rapport à 1,7 million de dollars au troisième trimestre 2023, en raison d'une pause dans les vols spatiaux commerciaux. Les dépenses opérationnelles ont diminué à 82 millions de dollars (GAAP) et 70 millions de dollars (Non-GAAP), contre 116 millions et 102 millions, respectivement, au troisième trimestre 2023. La perte nette s'est améliorée à 75 millions de dollars, contre 105 millions l'année précédente, grâce à une réduction des dépenses. L'EBITDA ajusté s'élevait à $(59) millions, meilleur que $(87) millions au troisième trimestre 2023. L'entreprise avait une position de trésorerie de 744 millions de dollars au 30 septembre 2024. Virgin Galactic a levé 37 millions de dollars grâce à une émission d'actions. La production du vaisseau spatial Delta Class est en bonne voie pour 2026, avec les premiers tests de contrôle de vol terminés et une augmentation du personnel à l'usine de vaisseaux spatiaux à Phoenix-Mesa, AZ.

Virgin Galactic Holdings (NYSE: SPCE) hat seine finanziellen Ergebnisse für das 3. Quartal 2024 bekannt gegeben. Das Unternehmen berichtete von einem Umsatz von 0,4 Millionen Dollar, ein Rückgang von 1,7 Millionen Dollar im 3. Quartal 2023, bedingt durch eine Pause bei den kommerziellen Weltraumflügen. Die Betriebskosten sanken auf 82 Millionen Dollar (GAAP) und 70 Millionen Dollar (Non-GAAP), verglichen mit 116 Millionen und 102 Millionen Dollar im 3. Quartal 2023. Der Nettoverlust verbesserte sich auf 75 Millionen Dollar, nachdem im Vorjahr 105 Millionen Dollar verzeichnet wurden, was durch geringere Ausgaben begünstigt wurde. Das bereinigte EBITDA betrug $(59) Millionen und war damit besser als $(87) Millionen im 3. Quartal 2023. Das Unternehmen hatte zum 30. September 2024 eine Bargeldposition von 744 Millionen Dollar. Virgin Galactic hat 37 Millionen Dollar durch eine Aktienausgabe gesammelt. Die Produktion des Delta Class Raumschiffs ist auf Kurs für 2026, wobei die ersten Tests zur Flugkontrolle abgeschlossen und die Personalaufstockung in der Raumfahrzeugfabrik in Phoenix-Mesa, AZ, erfolgt ist.

Positive
  • Cash position remains strong at $744 million.
  • Net loss improved to $75 million from $105 million.
  • Operating expenses decreased to $82 million (GAAP) and $70 million (Non-GAAP).
  • Adjusted EBITDA improved to $(59) million from $(87) million.
  • Raised $37 million through stock issuance.
Negative
  • Revenue declined to $0.4 million from $1.7 million.
  • Free cash flow deteriorated to $(118) million from $(105) million.
  • Net cash used in operating activities was $79 million, up from $91 million.
  • Build Phase of Delta Class Spaceships Underway with Commercial Service on Track for 2026
  • Fleet Expansion Progressing as Design Efforts Shift to Mothership Program

ORANGE COUNTY, Calif.--(BUSINESS WIRE)-- Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or the "Company”) today announced its financial results for the third quarter ended September 30, 2024 and provided a business update.

CEO Michael Colglazier said, "Our spaceship program remains on track to begin commercial operations in 2026, and with strong progress made on the Delta program, we now have the engineering capacity to advance design work on a second mothership, which will accelerate the next phase of growth for Virgin Galactic."

Third Quarter 2024 Financial Highlights

  • Cash position remains strong, with cash, cash equivalents and marketable securities of $744 million as of September 30, 2024.
  • Revenue of $0.4 million, compared to $1.7 million in the third quarter of 2023, with the decrease driven by the pause in commercial spaceflights to focus efforts on the production of the Delta Class spaceships.
  • GAAP total operating expenses of $82 million, compared to $116 million in the third quarter of 2023. Non-GAAP total operating expenses of $70 million in the third quarter of 2024, compared to $102 million in the third quarter of 2023.
  • Net loss of $75 million, compared to a $105 million net loss in the third quarter of 2023, with the improvement primarily driven by lower operating expenses.
  • Adjusted EBITDA totaled $(59) million, compared to $(87) million in the third quarter of 2023, primarily driven by lower operating expenses.
  • Net cash used in operating activities totaled $79 million, compared to $91 million in the third quarter of 2023.
  • Cash paid for capital expenditures totaled $39 million, compared to $13 million in the third quarter of 2023.
  • Free cash flow totaled $(118) million, compared to $(105) million in the third quarter of 2023.
  • Generated $37 million in gross proceeds through the issuance of 4.9 million shares of common stock as part of the Company's at-the-market offering programs.

Business Updates

  • Production schedule for Delta Class spaceships remains on track for commercial service in 2026.
  • Completed initial flight-control testing for Delta Class spaceships.
  • Preparing for ramp-up in staffing at Virgin Galactic's Spaceship Factory in Phoenix-Mesa, AZ to align with major parts delivery and assembly.

Financial Guidance

The following forward-looking statements reflect our expectations for the fourth quarter of 2024 as of November 6, 2024 and are subject to substantial uncertainty. Our results are based on assumptions that we believe to be reasonable as of this date, but may be materially affected by many factors, as discussed below in “Forward-Looking Statements.”

  • Free cash flow for the fourth quarter of 2024 is expected to be in the range of $(115) million to $(125) million.

Non-GAAP Financial Measures

In addition to the Company's results prepared in accordance with generally accepted accounting principles in the United States (GAAP), the Company is also providing certain non-GAAP financial measures. A discussion regarding the use of non-GAAP financial measures and a reconciliation of such measures to the most directly comparable GAAP information is presented later in this press release.

Conference Call Information

Virgin Galactic will host a conference call to discuss the results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today. To access the conference call, parties should dial +1 800-715-9871 or +1 646-307-1963 and enter the conference ID number 9301433. The live audio webcast along with supplemental information will be accessible on the Company’s Investor Relations website at https://investors.virgingalactic.com/events-and-presentations/. A recording of the webcast will also be available following the conference call.

About Virgin Galactic

Virgin Galactic is an aerospace and space travel company, pioneering human spaceflight for private individuals and researchers with its advanced air and space vehicles. Scale and profitability are driven by next generation vehicles capable of bringing humans to space at an unprecedented frequency with an industry-leading cost structure. You can find more information at https://www.virgingalactic.com/.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our spaceflight systems, development, production and design of our Delta Class spaceships and proposed timeline for commercial service using such spaceships, our plans to advance design work on our second mothership, the acceleration of our next phase of growth, our plans to ramp-up staffing for the Phoenix-Mesa spaceship factory and related major parts delivery and assembly, and our objectives for future operations, growth plans and the Company’s financial forecasts, including fourth quarter 2024 expected free cash flow, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “strategy,” “future,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to any delay in future commercial flights of our spaceflight fleet, our ability to successfully develop and test our next generation vehicles, and the time and costs associated with doing so, our expected capital requirements and the availability of additional financing, and the other factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 as well our subsequently filed reports on Form 10-Q and 8-K, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.virgingalactic.com, which could cause our actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

Third Quarter 2024 Financial Results

VIRGIN GALACTIC HOLDINGS, INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except per share amounts)

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

402

 

 

$

1,728

 

 

$

6,607

 

 

$

3,991

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

Spaceline operations

 

 

19,874

 

 

 

25,648

 

 

 

69,753

 

 

 

26,200

 

Research and development

 

 

23,937

 

 

 

44,848

 

 

 

124,441

 

 

 

241,292

 

Selling, general and administrative

 

 

33,978

 

 

 

42,218

 

 

 

95,793

 

 

 

144,020

 

Depreciation and amortization

 

 

4,341

 

 

 

3,286

 

 

 

11,296

 

 

 

9,723

 

Total operating expenses

 

 

82,130

 

 

 

116,000

 

 

 

301,283

 

 

 

421,235

 

 

 

 

 

 

 

 

 

 

Operating loss

 

 

(81,728

)

 

 

(114,272

)

 

 

(294,676

)

 

 

(417,244

)

 

 

 

 

 

 

 

 

 

Interest income

 

 

10,363

 

 

 

12,856

 

 

 

33,779

 

 

 

28,590

 

Interest expense

 

 

(3,233

)

 

 

(3,221

)

 

 

(9,690

)

 

 

(9,648

)

Other income, net

 

 

163

 

 

 

86

 

 

 

479

 

 

 

164

 

Loss before income taxes

 

 

(74,435

)

 

 

(104,551

)

 

 

(270,108

)

 

 

(398,138

)

Income tax expense

 

 

105

 

 

 

53

 

 

 

219

 

 

 

215

 

Net loss

 

 

(74,540

)

 

 

(104,604

)

 

 

(270,327

)

 

 

(398,353

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

31

 

 

 

(60

)

 

 

25

 

 

 

9

 

Unrealized gain on marketable securities

 

 

1,794

 

 

 

1,022

 

 

 

846

 

 

 

6,008

 

Total comprehensive loss

 

$

(72,715

)

 

$

(103,642

)

 

$

(269,456

)

 

$

(392,336

)

 

 

 

 

 

 

 

 

 

Net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(2.66

)

 

$

(5.57

)

 

$

(11.66

)

 

$

(25.20

)

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

Basic and diluted

 

 

27,973

 

 

 

18,792

 

 

 

23,176

 

 

 

15,809

 

VIRGIN GALACTIC HOLDINGS, INC.

Condensed Consolidated Balance Sheets

(In thousands)

 

 

 

September 30, 2024

 

December 31, 2023

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

172,359

 

 

$

216,799

 

Restricted cash

 

 

32,357

 

 

 

36,793

 

Marketable securities, short-term

 

 

478,741

 

 

 

657,238

 

Other current assets

 

 

29,788

 

 

 

39,999

 

Total current assets

 

 

713,245

 

 

 

950,829

 

Marketable securities, long-term

 

 

60,434

 

 

 

71,596

 

Property, plant and equipment, net

 

 

181,154

 

 

 

93,806

 

Other non-current assets

 

 

61,476

 

 

 

63,286

 

Total assets

 

$

1,016,309

 

 

$

1,179,517

 

Liabilities and Stockholders' Equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

8,078

 

 

$

32,415

 

Customer deposits

 

 

86,140

 

 

 

97,841

 

Other current liabilities

 

 

63,688

 

 

 

55,404

 

Total current liabilities

 

 

157,906

 

 

 

185,660

 

Non-current liabilities:

 

 

 

 

Convertible senior notes, net

 

 

419,555

 

 

 

417,886

 

Other non-current liabilities

 

 

72,856

 

 

 

70,495

 

Total liabilities

 

 

650,317

 

 

 

674,041

 

Stockholders' Equity

 

 

 

 

Common stock

 

 

3

 

 

 

2

 

Additional paid-in capital

 

 

2,761,206

 

 

 

2,631,235

 

Accumulated deficit

 

 

(2,396,459

)

 

 

(2,126,132

)

Accumulated other comprehensive income

 

 

1,242

 

 

 

371

 

Total stockholders' equity

 

 

365,992

 

 

 

505,476

 

Total liabilities and stockholders' equity

 

$

1,016,309

 

 

$

1,179,517

 

VIRGIN GALACTIC HOLDINGS, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

 

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

 

2023

 

Cash flows from operating activities:

 

 

 

 

Net loss

 

$

(270,327

)

 

$

(398,353

)

Stock-based compensation

 

 

24,040

 

 

 

35,598

 

Depreciation and amortization

 

 

11,296

 

 

 

9,723

 

Amortization of debt issuance costs

 

 

1,669

 

 

 

1,618

 

Other non-cash items

 

 

(13,332

)

 

 

(6,500

)

Change in operating assets and liabilities:

 

 

 

 

Other current and non-current assets

 

 

13,624

 

 

 

14,293

 

Accounts payable

 

 

(25,364

)

 

 

9,019

 

Customer deposits

 

 

(11,701

)

 

 

(4,724

)

Other current and non-current liabilities

 

 

(1,573

)

 

 

(13,558

)

Net cash used in operating activities

 

 

(271,668

)

 

 

(352,884

)

Cash flows from investing activities:

 

 

 

 

Capital expenditures

 

 

(86,146

)

 

 

(25,941

)

Purchases of marketable securities

 

 

(527,361

)

 

 

(872,950

)

Proceeds from maturities and calls of marketable securities

 

 

729,353

 

 

 

702,346

 

Other investing activities

 

 

598

 

 

 

 

Net cash provided by (used in) investing activities

 

 

116,444

 

 

 

(196,545

)

Cash flows from financing activities:

 

 

 

 

Payments of finance lease obligations

 

 

(149

)

 

 

(175

)

Proceeds from issuance of common stock

 

 

108,698

 

 

 

484,145

 

Withholding taxes paid on behalf of employees on net settled stock-based awards

 

 

(1,153

)

 

 

(3,001

)

Transaction costs related to issuance of common stock

 

 

(1,046

)

 

 

(5,106

)

Other financing activities

 

 

(2

)

 

 

 

Net cash provided by financing activities

 

 

106,348

 

 

 

475,863

 

Net decrease in cash, cash equivalents and restricted cash

 

 

(48,876

)

 

 

(73,566

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

253,592

 

 

 

342,627

 

Cash, cash equivalents and restricted cash at end of period

 

$

204,716

 

 

$

269,061

 

 

 

 

 

 

Cash and cash equivalents

 

$

172,359

 

 

$

231,030

 

Restricted cash

 

 

32,357

 

 

 

38,031

 

Cash, cash equivalents and restricted cash

 

$

204,716

 

 

$

269,061

 

Use of Non-GAAP Financial Measures

This press release references certain financial measures that are not prepared in accordance with generally accepted accounting principles in the United States (GAAP), including non-GAAP total operating expenses, Adjusted EBITDA and free cash flow. The Company defines non-GAAP total operating expenses as total operating expenses other than stock-based compensation and depreciation and amortization. The Company defines Adjusted EBITDA as earnings before interest expense, income taxes, depreciation and amortization and stock-based compensation. The Company defines free cash flow as net cash provided by operating activities less capital expenditures. None of these non-GAAP financial measures is a substitute for or superior to measures prepared in accordance with GAAP and should not be considered as an alternative to any other measures derived in accordance with GAAP.

The Company believes that presenting these non-GAAP financial measures provides useful supplemental information to investors about the Company in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore any non-GAAP measures the Company uses may not be directly comparable to similarly titled measures of other companies.

A reconciliation of total operating expenses to non-GAAP total operating expenses for the three and nine months ended September 30, 2024 and 2023, respectively, is set forth below (in thousands):

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

Total operating expenses

 

$

82,130

 

$

116,000

 

$

301,283

 

$

421,235

Stock-based compensation

 

 

7,560

 

 

10,763

 

 

24,040

 

 

35,598

Depreciation and amortization

 

 

4,341

 

 

3,286

 

 

11,296

 

 

9,723

Non-GAAP total operating expenses

 

$

70,229

 

$

101,951

 

$

265,947

 

$

375,914

A reconciliation of net loss to Adjusted EBITDA for the three and nine months ended September 30, 2024 and 2023, respectively, is set forth below (in thousands):

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Net loss

 

$

(74,540

)

 

$

(104,604

)

 

$

(270,327

)

 

$

(398,353

)

Interest expense

 

 

3,233

 

 

 

3,221

 

 

 

9,690

 

 

 

9,648

 

Income tax expense

 

 

105

 

 

 

53

 

 

 

219

 

 

 

215

 

Depreciation and amortization

 

 

4,341

 

 

 

3,286

 

 

 

11,296

 

 

 

9,723

 

Stock-based compensation

 

 

7,560

 

 

 

10,763

 

 

 

24,040

 

 

 

35,598

 

Adjusted EBITDA

 

$

(59,301

)

 

$

(87,281

)

 

$

(225,082

)

 

$

(343,169

)

The following table reconciles net cash used in operating activities to free cash flow for the three and nine months ended September 30, 2024 and 2023 (in thousands):

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Net cash used in operating activities

 

$

(79,307

)

 

$

(91,497

)

 

$

(271,668

)

 

$

(352,884

)

Capital expenditures

 

 

(38,659

)

 

 

(13,325

)

 

 

(86,146

)

 

 

(25,941

)

Free cash flow

 

$

(117,966

)

 

$

(104,822

)

 

$

(357,814

)

 

$

(378,825

)

The Company has not provided a reconciliation of forward-looking free cash flow to the most directly comparable GAAP financial measures because such a reconciliation is not available without unreasonable efforts, due to the variability of these items and the fact that there is substantial uncertainty associated with predicting any future adjustments that we may make to our GAAP financial measures in calculating our non-GAAP financial measures.

For media inquiries:

Aleanna Crane - Vice President, Communications

news@virgingalactic.com

575.800.4422



For investor inquiries:

Eric Cerny - Vice President, Investor Relations

vg-ir@virgingalactic.com

949.774.7637

Source: Virgin Galactic Holdings, Inc.

FAQ

What were Virgin Galactic's Q3 2024 financial results?

Virgin Galactic reported a revenue of $0.4 million, a net loss of $75 million, and a cash position of $744 million.

How did Virgin Galactic's Q3 2024 revenue compare to Q3 2023?

The revenue declined to $0.4 million from $1.7 million in Q3 2023.

What is the status of Virgin Galactic's Delta Class spaceship production?

The production of the Delta Class spaceships is on track for commercial service in 2026, with initial flight-control testing completed.

How much did Virgin Galactic raise through stock issuance in Q3 2024?

Virgin Galactic raised $37 million through the issuance of 4.9 million shares of common stock.

What were Virgin Galactic's operating expenses in Q3 2024?

GAAP operating expenses were $82 million, and Non-GAAP operating expenses were $70 million.

Virgin Galactic Holdings, Inc.

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