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Virgin Galactic | 8-K: Virgin Galactic Announces First Quarter 2024 Financial Results and Provides Business Update

SEC announcement ·  May 8 04:16
Summary by Futu AI
On May 7, 2024, Virgin Galactic Holdings, Inc. released its financial results for the first quarter ending March 31, 2024. The company reported a net loss of $102 million, an improvement from the $159 million net loss in the same quarter of the previous year. This was attributed to lower operating expenses and increased interest income. Revenue for the quarter was $2 million, up from $0.4 million in Q1 2023, driven by commercial spaceflight and membership fees. Operating expenses were reduced to $113 million from $164 million year-over-year. The company also highlighted a strong cash position with $867 million in cash, cash equivalents, and marketable securities. Virgin Galactic announced the 'Galactic 07' mission scheduled for June 8, 2024, and confirmed that its Delta Class spaceships are on track for commercial service in 2026. The VMS...Show More
On May 7, 2024, Virgin Galactic Holdings, Inc. released its financial results for the first quarter ending March 31, 2024. The company reported a net loss of $102 million, an improvement from the $159 million net loss in the same quarter of the previous year. This was attributed to lower operating expenses and increased interest income. Revenue for the quarter was $2 million, up from $0.4 million in Q1 2023, driven by commercial spaceflight and membership fees. Operating expenses were reduced to $113 million from $164 million year-over-year. The company also highlighted a strong cash position with $867 million in cash, cash equivalents, and marketable securities. Virgin Galactic announced the 'Galactic 07' mission scheduled for June 8, 2024, and confirmed that its Delta Class spaceships are on track for commercial service in 2026. The VMS Eve is expected to support up to 125 flights per year, contributing to a projected annual revenue run-rate of $450 million with the first two Delta Class spaceships. The company's spaceship final assembly facility in Arizona is set to open in summer 2024. For the second quarter of 2024, Virgin Galactic anticipates revenue of approximately $3.5 million and a free cash flow in the range of $(110) million to $(120) million.

This announcement is a separate document:

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