Virgin Galactic Reports First-Quarter Financial Results
The company reported a loss of 25 cents per share, beating analyst expectations of a 29-cent loss by 13.79%.
Quarterly sales reached $2 million, exceeding analyst estimates of $1.92 million by 4.28%. This represents a significant 410.2% increase compared to the $392,000 in sales reported for the same period last year.
Virgin Galactic's spaceship final assembly facility in Arizona is on track to open in summer 2024.
The production schedule for the Delta Class spaceships remains on track for revenue service in 2026.
The company expects VMS Eve, its carrier aircraft, to support an increased flight rate of up to 125 flights per year, generating an annualized revenue run-rate of $450 million with the first two Delta Class spaceships.
Michael Colglazier, CEO of Virgin Galactic, stated, "It's an exciting time for Virgin Galactic as we celebrate the success of VSS Unity with its upcoming 'Galactic 07' mission and remain laser-focused on executing our Delta Class program. Tool delivery and parts fabrication are beginning to accelerate as we work to complete the bulk of the Delta design phase this summer and move more fully into the build phase. We remain on track for commercial service in 2026."
Virgin Galactic expects second-quarter revenue to be approximately $3.5 million.
Free cash flow is projected to be in the range of negative $110 million to negative $120 million.
As of the time of publication on Tuesday, SPCE shares were down 4.85% after-hours, trading at 96 cents.