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Sep 30, 2020
Virgin Galactic Q3 2020 Earnings Report
Announced financial results for the third quarter ended September 30, 2020.
Key Takeaways
Virgin Galactic reported a net loss of $77 million and maintained a strong cash position with $742 million in cash and cash equivalents. The company is preparing for its first rocket-powered test flight from Spaceport America in November and progressing on its second SpaceShipTwo vehicle.
Completed the application of the thermal protection system on the Wing and Fuselage and progressed on systems installation.
Completed work on Spaceport America’s third floor astronaut training lounge and customer center.
Installed reclining seats, cabin cameras and download link hardware on VSS Unity for future live stream capability.
Completed underwritten public offering of 23.6 million shares of common stock at a public offering price of $19.50 per share, resulting in net proceeds of over $440 million.
Forward Guidance
Virgin Galactic expects the first spaceflight from Spaceport America to occur between November 19-23, 2020. Reopening ticket sales in 2021 after Sir Richard Branson's flight.
Positive Outlook
- Expect first spaceflight from Spaceport America to occur between November 19-23, 2020.
- This flight will include revenue-generating payloads as part of the NASA flight opportunities program.
- Entered into agreement with NASA and the Southwest Research Institute to fly planetary scientist Dr. Alan Stern on SpaceShipTwo vehicle from Spaceport America to conduct experiments in space.
- Reopening ticket sales in 2021 after Sir Richard Branson's flight.
- Implemented upgraded flight control system and upgraded horizontal stabilizers on VSS Unity to increase performance during the boost phase of the flight profile.
Challenges Ahead
- Continuing to experience ongoing delays to its business and operations due to COVID-19.
- COVID-19 has led to accumulated impacts to both schedule and cost efficiency.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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