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Jun 30, 2020
Virgin Galactic Q2 2020 Earnings Report
Announced financial results for the second quarter ended June 30, 2020.
Key Takeaways
Virgin Galactic reported a net loss of $63 million and maintained a strong cash position with $360 million in cash and cash equivalents as of June 30, 2020. The company continued to advance its test flight program and saw growth in customer demand.
Completed first glide flight of VSS Unity from Spaceport America, New Mexico.
Completed second glide flight of VSS Unity from Spaceport America, New Mexico, achieving a glide speed of Mach 0.85.
Cleared three new FAA Verification and Validation elements, bringing the total number of elements cleared to date to 27 out of 29.
Cash position remains strong, with cash and cash equivalents of $360 million as of June 30, 2020.
Forward Guidance
Virgin Galactic expects to advance to the next phase of its test flight program with its first powered spaceflight from Spaceport America this fall, with two test pilots in the cockpit. Assuming both flights demonstrate the expected results, Virgin Galactic anticipates Sir Richard Branson’s flight to occur in the first quarter of 2021. As always, safety remains the central focus, and the test flight program will progress with a step-by-step, diligent approach.
Positive Outlook
- Advance to the next phase of test flight program with first powered spaceflight from Spaceport America this fall.
- Conduct a second powered space flight from Spaceport America, with a crew of two test pilots in the cockpit and four mission specialists in the cabin.
- Anticipate Sir Richard Branson’s flight to occur in the first quarter of 2021.
- Continue to assist with COVID-19 relief efforts in its communities.
- Announced a new scholarship, mentoring and fellowship program for Black scholars pursuing STEM education with a focus on aerospace.
Challenges Ahead
- Operations were impacted by the COVID-19 pandemic, despite efforts to minimize disruption.
Historical Earnings Impact
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