Virgin Galactic has reported its financial results for the first quarter of 2024, showing a significant increase in revenue to $1.985 million, up from $392 thousand in the same period of 2023, marking a 406% increase. However, the company also reported a net loss of $102.012 million, which is an improvement from the $159.385 million loss in the previous year. Operating expenses were reduced, with research and development costs decreasing by 46% to $58.969 million, and selling, general and administrative expenses down by 45% to $27.884 million. The company's interest income saw a substantial rise of 68% to $12.308 million, attributed to higher investment returns and interest rates. Virgin Galactic highlighted its aerospace and space travel business development, including the completion of its sixth commercial spaceflight, 'Galactic 06,' in January 2024. The company has...Show More

Virgin Galactic has reported its financial results for the first quarter of 2024, showing a significant increase in revenue to $1.985 million, up from $392 thousand in the same period of 2023, marking a 406% increase. However, the company also reported a net loss of $102.012 million, which is an improvement from the $159.385 million loss in the previous year. Operating expenses were reduced, with research and development costs decreasing by 46% to $58.969 million, and selling, general and administrative expenses down by 45% to $27.884 million. The company's interest income saw a substantial rise of 68% to $12.308 million, attributed to higher investment returns and interest rates. Virgin Galactic highlighted its aerospace and space travel business development, including the completion of its sixth commercial spaceflight, 'Galactic 06,' in January 2024. The company has paused Unity spaceflights in mid-2024 to focus on the development of its Delta Class spaceships, with test flights expected in 2025 and revenue service beginning in 2026. The company has over 700 future astronaut reservations, representing approximately $198 million in expected future revenue. Virgin Galactic is also developing next-generation spaceflight vehicles to increase annual flight rates and expects to introduce a new mothership in 2028. The company's liquidity remains strong with $230.4 million in cash and equivalents and $636.9 million in marketable securities, and it believes it has sufficient capital to sustain operations for at least the next twelve months.