Virgin Galactic Q3 2023 Earnings Report
Key Takeaways
Virgin Galactic reported a revenue of $1.7 million, a net loss of $105 million, and a strong cash position of $1.1 billion in cash, cash equivalents, and marketable securities. The company successfully completed six spaceflights in six months and is on track to open its spaceship factory in Phoenix, Arizona in mid-2024, with Delta Class spaceships expected to enter revenue service in 2026.
Successfully completed six spaceflights in six months with overwhelmingly positive customer feedback.
Q3 cash and marketable securities position of $1.1 billion.
Forecasted to have sufficient capital to bring first Delta Class Spaceships into service and achieve positive cash flow in 2026.
'Galactic 06’ spaceflight mission planned for January 2024.
Virgin Galactic
Virgin Galactic
Forward Guidance
Revenue for the fourth quarter of 2023 is expected to be approximately $3 million, and free cash flow is expected to be in the range of $(125) million to $(135) million.