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Sat, Aug 05, 2023

Virgin Galactic Discloses Q2 2023 Financials

Gaining Traction?

Virgin Galactic has announced its 2023 second-quarter financial results and provided an update of the business state and goals.

Virgin Galactic CEO Michael Colglazier stated: “During the quarter, we successfully completed two spaceflights in two months, including the launch of commercial service in late June with a scientific research mission.”

Mr. Colglazier continued: “Scheduled for next week, the Galactic 02 mission will deliver a transformational experience for our first private astronauts, and we expect to continue broadening access to space with monthly flights thereafter. Our financial position remains strong, and we remain focused on scaling the business and delivering our Delta Class spaceships for commercial service in 2026.”

Virgin Galactic’s Q2 2023 financial report set forth:

  • Cash position remains strong, with cash, cash equivalents and marketable securities of $980-million as of 30 June 2023, a sequential increase of $106-million from 2023’s first quarter.
  • Revenue of $2-million, compared to $0.4-million in 2022’s second quarter, driven by commercial spaceflight and membership fees related to future astronauts.
  • Net loss of $134-million, compared to a $111-million net loss in 2022’s second quarter, driven primarily by an increase in research and development expenses related to the development of the company’s future fleet.
  • GAAP research and development expenses of $87-million, compared to $62-million in 2022’s second quarter, with the increase driven primarily by investments related to the development of the company’s future fleet. Non-GAAP research and development expenses of $84-million in 2023’s second quarter, compared to $59-million in 2022’s second quarter.
  • GAAP selling, general and administrative expenses of $51-million, compared to $45 million in 2022’s second quarter. Non-GAAP selling, general and administrative expenses of $43-million in 2023’s the second quarter, compared to $36-million in 2022’s second quarter.
  • Adjusted EBITDA totaled $116-million, compared to $93-million in 2022’s second quarter, driven primarily by an increase in research and development expenses.
  • Net cash used in operating activities totaled $125-million, compared to $87-million in 2022’s second quarter.
  • Cash paid for capital expenditures totaled $10-million, compared to $5-million in 2022’s second quarter.
  • Free cash flow totaled $135-million, compared to $91-million in 2022’s second quarter.
  • Generated $241-million in gross proceeds through the issuance of $55-million shares of common stock as part of the Company's at-the-market offering programs.

To the subject of recent company events, Virgin Galactic reported the following:

  • On 13 July 2023, the company announced a planned launch date of 10 August 2023 for the Galactic 02 mission.
  • On 29 June 2023, the company completed its inaugural commercial spaceflight, Galactic 01, which carried 13 research payloads and three crew members from the Italian Air Force and the National Research Council of Italy.
  • On 25 May 2023, the company completed the Unity 25 mission, which carried four Virgin Galactic mission specialists to evaluate the end-to-end astronaut training and spaceflight experience prior to commencing commercial operations.
  • On 22 June 2023, the company established a new at-the-market offering program to sell up to $400-million of Virgin Galactic common stock. Through 30 June 2023, the company generated $77-million in gross proceeds from the issuance of 17-million shares of common stock under the described program.

To the subject of the company’s expectations vis-à-vis the remainder of fiscal year 2023 (as of 01 August 2023), Virgin Galactic reported:

  • Revenue for 2023’s third and fourth quarters is expected to be approximately $1-million respectively.
  • Free cash flow for 2023’s third and fourth quarters is expected to be in the range of $120-million to $130-million respectively.

Founded in 2004, Virgin Galactic is the commercial space-tourism subsidiary of Sir Richard Branson’s Virgin Group conglomerate. Though long embattled and chronically cash-strapped, the company’s recent string of successful space-launches invites optimism—albeit of the guarded persuasion.

FMI: www.virgingalactic.com

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