Virgin Galactic Holdings, Inc. (Virgin Galactic) reported its financial results for the third quarter ending September 30, 2024, and provided a business update on November 6, 2024. The company announced that the build phase of its Delta Class spaceships is underway, with commercial service expected to commence in 2026. Virgin Galactic's CEO, Michael Colglazier, confirmed that the spaceship program is on schedule and that the company is now focusing on the design of a second mothership to support the next growth phase. Financial highlights for the quarter include a strong cash position of $744 million, a decrease in revenue to $0.4 million from $1.7 million in the same quarter of the previous year, and a reduction in net loss to $75 million from $105 million year-over-year. The...Show More

Virgin Galactic Holdings, Inc. (Virgin Galactic) reported its financial results for the third quarter ending September 30, 2024, and provided a business update on November 6, 2024. The company announced that the build phase of its Delta Class spaceships is underway, with commercial service expected to commence in 2026. Virgin Galactic's CEO, Michael Colglazier, confirmed that the spaceship program is on schedule and that the company is now focusing on the design of a second mothership to support the next growth phase. Financial highlights for the quarter include a strong cash position of $744 million, a decrease in revenue to $0.4 million from $1.7 million in the same quarter of the previous year, and a reduction in net loss to $75 million from $105 million year-over-year. The decrease in revenue is attributed to a pause in commercial spaceflights to concentrate on Delta Class spaceship production. Operating expenses also saw a decrease, contributing to the improved net loss figures. The company also raised $37 million through the issuance of common stock. Looking ahead, Virgin Galactic anticipates a free cash flow range of $(115) million to $(125) million for the fourth quarter of 2024. The company's financial results and business updates were discussed in a conference call, and further details can be found on Virgin Galactic's Investor Relations website.