Virgin Galactic Q4 2020 Earnings Report
Key Takeaways
Virgin Galactic reported a net loss of $74 million and cash and cash equivalents of $666 million for the fourth quarter of 2020. The company is preparing for its next rocket-powered spaceflight from Spaceport America, targeted for May 2021.
Completed significant build milestones on second spaceship, in preparation for its scheduled rollout on March 30, 2021.
Conducted safe test flight on December 12, 2020 during which the onboard computer lost connection and halted ignition of the rocket motor.
Successfully closed the “One Small Step” program on December 31, 2020, with approximately 1,000 participants enrolled.
Total Future Astronauts remained at approximately 600, as of December 31, 2020.
Virgin Galactic
Virgin Galactic
Forward Guidance
Virgin Galactic is preparing for its next rocket-powered spaceflight from Spaceport America, targeted for May 2021. The company is also re-confirming second and third spaceflights from Spaceport America, including Sir Richard Branson’s flight, and announced timing for revenue-generating spaceflight with the Italian Air Force.
Positive Outlook
- Completing modifications and conducting technical checks ahead of flight, which will include revenue-generating payloads as part of the NASA Flight Opportunities Program.
- Re-confirmed second and third spaceflights from Spaceport America, including Sir Richard Branson’s flight.
- Announced timing for revenue-generating spaceflight with the Italian Air Force.
- Accelerating multi-month enhancement program to mothership vehicle, VMS Eve.
- Preparing for second generation mothership build program.
Challenges Ahead
- The Company is continuing to experience ongoing delays to its business and operations due to COVID-19 in 2021.
- The Company continues to operate under strict protocols and follows rigorous health and safety procedures, in line with CDC, state and local guidelines, to ensure employee safety.