Key Highlights of Virgin Galactic’s Q3 Report
Virgin Galactic Holdings Inc SPCE witnessed remarkable growth in its third-quarter results. The company’s revenue surged to $1.7 million, marking a significant year-over-year increase attributed to commercial spaceflight and membership fees from future astronauts.
The company reported a narrower net loss of 28 cents per share, an improvement from the prior year’s quarter, signaling positive momentum.
Despite a negative free cash flow of $105 million, Virgin Galactic ended the quarter with a strong balance of $1.1 billion in cash, equivalents, and marketable securities.
CEO Michael Colglazier emphasized the success of the company’s spaceflights, highlighting the overwhelmingly positive experiences shared by the astronauts.
Future Projections and Outlook
Virgin Galactic anticipates a fourth-quarter revenue of around $3 million, with an expected free cash flow in the range of negative $125 million to negative $135 million. With a cash and marketable securities position of approximately $1.1 billion, the company aims to introduce its first two Delta ships and achieve a positive cash flow in 2026.
Investors and industry enthusiasts can gain more insights from the management’s conference call scheduled for 5 p.m. ET.
Additionally, Virgin Galactic’s stock price soared by 17.9% after hours, reaching $1.84 at the time of publication, as reported by Benzinga Pro.
Image Source: courtesy of Virgin Galactic.