Virgin Galactic Q3 2021 Earnings Report
Key Takeaways
Virgin Galactic announced its Q3 2021 financial results, highlighting a strong cash position of approximately $1.0 billion and continued progress towards the start of private astronaut commercial service, expected in Q4 2022.
Commercial service is on track for Q4 2022.
Strong ticket sales at an updated pricing of $450,000 per seat demonstrates the value of the differentiated community experience.
The company commenced a fleet enhancement program to increase flight rate and extend vehicle service life ahead of commercial launch.
Approximately 700 of the targeted 1,000 reservations have been sold to date.
Virgin Galactic
Virgin Galactic
Forward Guidance
Virgin Galactic is entering its fleet enhancement period with a clear roadmap for increasing the durability, reliability, and predictability of its vehicles in preparation for commercial service next year. Demand for space travel is strong, and the company has been selling seats ahead of the pace they had planned.
Positive Outlook
- Expected start of private astronaut commercial service on track for Q4 2022.
- Successfully completed first fully crewed spaceflight, Unity 22, on July 11, 2021.
- Opened sales to the Spacefarer community in August 2021, targeting 1,000 reservations prior to commercial service launch.
- Announced the beginning of a planned vehicle enhancement period on October 14, 2021, to increase vehicle service life and flight-rate capability.
- Entered into a lease agreement in October 2021 for a new design and collaboration center for next-generation vehicles.