Virgin Galactic has reported its financial results for the second quarter of 2024, showing a revenue increase to $4.22 million, up from $1.87 million in the same period of 2023, marking a 126% rise. The six-month revenue also saw a significant increase of 174%, reaching $6.21 million compared to $2.26 million in the previous year. Despite these gains, the company experienced a net loss of $93.78 million for the quarter and $195.79 million for the six-month period, although these losses represent a reduction from the previous year's $134.36 million and $293.75 million, respectively. Operating expenses for the quarter were $106.01 million, with research and development costs decreasing by 52% to $41.54 million, reflecting the completion of modifications to VSS Unity and VMS Eve. Selling, general, and administrative expenses also decreased by 34% to...Show More

Virgin Galactic has reported its financial results for the second quarter of 2024, showing a revenue increase to $4.22 million, up from $1.87 million in the same period of 2023, marking a 126% rise. The six-month revenue also saw a significant increase of 174%, reaching $6.21 million compared to $2.26 million in the previous year. Despite these gains, the company experienced a net loss of $93.78 million for the quarter and $195.79 million for the six-month period, although these losses represent a reduction from the previous year's $134.36 million and $293.75 million, respectively. Operating expenses for the quarter were $106.01 million, with research and development costs decreasing by 52% to $41.54 million, reflecting the completion of modifications to VSS Unity and VMS Eve. Selling, general, and administrative expenses also decreased by 34% to $33.93 million due to a reduction in headcount and other cost-saving measures. The company's interest income increased, driven by higher investment returns and interest rates, while interest expenses remained relatively stable. Virgin Galactic highlighted its business development progress, including the completion of its second spaceflight of 2024 and the seventh commercial spaceflight to date. The company has paused Unity spaceflights and is preparing for test flights of the new Delta Class spaceships ahead of a planned commercial service restart in 2026. The company also completed a new manufacturing facility in Mesa, Arizona, and has reservations for approximately 700 future astronauts, representing an expected $193 million in future revenue. Looking ahead, Virgin Galactic is focused on expanding its fleet and increasing its annual flight rate with the development of next-generation spaceflight vehicles and new motherships, with significant milestones expected in the design phase by the end of summer 2024.