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Mar 31, 2023
Virgin Galactic Q1 2023 Earnings Report
Announced first quarter 2023 financial results and provided a business update.
Key Takeaways
Virgin Galactic reported a net loss of $159 million for Q1 2023, driven by investments in future fleet development and enhancements to the current fleet. The company's cash position remains strong at $874 million. Commercial service is on track for Q2 2023, with the first commercial flight targeting late June.
Cash position remains strong, with cash, cash equivalents and marketable securities of $874 million as of March 31, 2023.
Net loss of $159 million, compared to a $93 million net loss in the first quarter of 2022, primarily driven by investments related to the development of the future fleet and enhancements for the current fleet.
Commercial service remains on track for Q2 2023.
VSS Unity’s successful glide flight on April 26, 2023, and earlier mated flight with VMS Eve, further validated the enhancements made to the ships during the modification period and cleared them for spaceflight.
Forward Guidance
Forecasted free cash flow for the second quarter of 2023 is expected to be in the range of $(130) million to $(140) million. Forecasted free cash flow for each of the third and fourth quarter of 2023 is expected to be in the range of $(120) million to $(130) million, as reduction of spend on current vehicles and continued cost discipline enable growth-related investments in our future fleet.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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