Virgin Galactic Q2 2022 Earnings Report
Key Takeaways
Virgin Galactic reported a net loss of $111 million for the second quarter of 2022, compared to a $94 million net loss in the same period of 2021. The company's cash position remains strong with $1.1 billion in cash and cash equivalents and marketable securities. Strategic initiatives, including the selection of Aurora Flight Sciences to build new motherships and the establishment of a Delta Class Spaceship manufacturing facility, are positioning the company for scaled growth. Commercial launch is anticipated for Q2 2023.
Cash position remained strong with $1.1 billion in cash and cash equivalents and marketable securities.
Net loss was $111 million, compared to $94 million in Q2 2021.
Aurora Flight Sciences was selected to build two new motherships, with the first planned to enter service in 2025.
Delta Class Spaceship manufacturing facility in Phoenix area is expected to be fully operational in late 2023.
Virgin Galactic
Virgin Galactic
Forward Guidance
Forecasted free cash flow for the third quarter of 2022 is expected to be in the range of $(110) million to $(120) million.