Wed, Mar 08, 2023
Things Looking Upbeat for British Launch Specialist
Virgin Galactic announced its financial results for its 4th quarter last year, showing a "strong" cash position of $980 million despite a net loss of $151 million.
The news was no surprise, as many commercial launch providers are in similar financial positions - space launch is a nascent market, and the industry is still working out exactly how to maintain healthy profitability. Throughout the year of 2022, Virgin saw a net loss of $500 million, up from $353 million the year before. GAAP selling, general, and admin expenses similarly increased, hitting $175 million from $167M the year before. The overall adjusted EBITDA totaled $431M, compared to $245M in 2021.
Despite the apparent losses, the company remains optimistic about the irons in its fire. 2022 saw the opening of a new astronaut campus and training facility, as well as the addition of Bell Textron and Qarbon Aerospace as primary suppliers to provide major subassemblies for Delta Class spacecraft. The Delta Class also found its final manufacturing facility in Mesa, Arizona. For 2023, Virgin Galactic sees a free cash flow in the range of $135 to $135 million.
Michael Colglazier, Chief Executive Officer of Virgin Galactic commented on the news, addressing investors. “It is great to see our mothership back in the skies, and we are thrilled to have VMS Eve rejoin spaceship Unity back home at Spaceport America. With our enhancement program complete and validation flights underway, we remain on track to launch commercial service in the second quarter of 2023. Our near-term objective for commercial spaceline operations is to safely deliver recurring flights with our current ships while providing an unrivaled experience for private astronauts and researchers.”
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