Virgin Galactic Q2 2023 Earnings Report
Key Takeaways
Virgin Galactic reported a revenue of $2 million, a net loss of $134 million, and a strong cash position of $980 million in the second quarter of 2023. The company successfully completed two spaceflights and launched commercial service. They are focused on scaling the business and delivering Delta Class spaceships for commercial service in 2026.
Successfully completed two spaceflights in two months.
Launched commercial service with ‘Galactic 01’ scientific research mission.
‘Galactic 02' mission carrying private astronauts planned for August 10, 2023.
Delta Class Spaceships Designed to Scale the Business Remain on Track for Commercial Service in 2026.
Virgin Galactic
Virgin Galactic
Forward Guidance
The following forward-looking statements reflect our expectations for the second quarter and fiscal year 2023 as of August 1, 2023 and are subject to substantial uncertainty.
Positive Outlook
- Revenue for each of the third and fourth quarter of 2023 is expected to be approximately $1M.
Challenges Ahead
- 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.