Virgin Galactic Announces Fourth Quarter and Full Year 2023 Financial Results and Provides Business Update

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  • Successfully Flew Six Human Spaceflights in Six Months in 2023
  • 'Galactic 06' Mission Completed in January 2024
  • Delta Class Spaceships On Track for Ground and Flight Testing in 2025 and Commercial Service in 2026

Virgin Galactic Holdings, Inc. (NYSE:SPCE) ("Virgin Galactic" or the "Company") today announced its financial results for the fourth quarter and full year ended December 31, 2023 and provided a business update.

Michael Colglazier, Chief Executive Officer of Virgin Galactic said, "2023 was incredible for Virgin Galactic as years of R&D and flight test culminated in launching our commercial Spaceline and successfully flying back-to-back monthly spaceflights, each delivering an exceptional experience for our customers. Now, in 2024, we are focused on completing the build-out of our spaceship factory, delivering the first parts ahead of assembling the initial Delta ships, and positioning the company for long-term growth and profitability."

Fourth Quarter 2023 Financial Highlights

  • Cash position remains strong, with cash, cash equivalents and marketable securities of $982 million as of December 31, 2023.
  • Revenue of $3 million, compared to $1 million in the fourth quarter of 2022, driven by commercial spaceflights and membership fees related to future astronauts.
  • GAAP total operating expenses of $117 million, compared to $154 million in the fourth quarter of 2022. Non-GAAP total operating expenses of $100 million in the fourth quarter of 2023, compared to $140 million in the fourth quarter of 2022.
  • Net loss of $104 million, compared to a $151 million net loss in the fourth quarter of 2022, with the improvement primarily driven by lower operating expenses and an increase in interest income.
  • Adjusted EBITDA totaled $(84) million, compared to $(133) million in the fourth quarter of 2022, primarily driven by lower operating expenses and an increase in interest income.
  • Net cash used in operating activities totaled $95 million, compared to $131 million in the fourth quarter of 2022.
  • Cash paid for capital expenditures totaled $18 million, compared to $4 million in the fourth quarter of 2022.
  • Free cash flow totaled $(114) million, compared to $(135) million in the fourth quarter of 2022.

Full Year 2023 Financial Highlights

  • Revenue of $7 million, compared to $2 million in 2022, driven by commercial spaceflights and membership fees related to future astronauts.
  • Net loss of $502 million, compared to a $500 million net loss in 2022.
  • GAAP total operating expenses of $538 million, compared to $502 million in 2022. Non-GAAP total operating expenses of $476 million, compared to $445 million in 2022.
  • Adjusted EBITDA totaled $(427) million, compared to $(431) million in 2022.
  • Net cash used in operating activities totaled $448 million, compared to $380 million in 2022.
  • Cash paid for capital expenditures totaled $44 million, compared to $16 million in 2022.
  • Free cash flow totaled $(493) million, compared to $(397) million in 2022.
  • Generated $484 million in gross proceeds through the issuance of 122.8 million shares of common stock as part of the Company's at-the-market offering programs.

Business Updates

  • ‘Galactic 07' spaceflight mission planned for the second quarter of 2024.
  • Spaceship factory in Arizona on track to open in mid-2024.
  • Production schedule for the Delta Class spaceships remains on track for revenue service in 2026.

Financial Guidance

The following forward-looking statements reflect our expectations for the first quarter of 2024 as of February 27, 2024 and are subject to substantial uncertainty. Our results are based on assumptions that we believe to be reasonable as of this date, but may be materially affected by many factors, as discussed below in "Forward-Looking Statements."

  • Revenue for the first quarter of 2024 is expected to be approximately $2 million.
  • Free cash flow for the first quarter of 2024 is expected to be in the range of $(125) million to $(135) million.

Non-GAAP Financial Measures

In addition to the Company's results prepared in accordance with generally accepted accounting principles in the United States (GAAP), the Company is also providing certain non-GAAP financial measures. A discussion regarding the use of non-GAAP financial measures and a reconciliation of such measures to the most directly comparable GAAP information is presented later in this press release.

Conference Call Information

Virgin Galactic will host a conference call to discuss the results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today. To access the conference call, parties should dial +1 888-660-6131 or +1 267-764-0185 and enter the conference ID number 4014201. The live audio webcast along with supplemental information will be accessible on the Company's Investor Relations website at https://investors.virgingalactic.com/events-and-presentations/. A recording of the webcast will also be available following the conference call.

About Virgin Galactic Holdings

Virgin Galactic is an aerospace and space travel company, pioneering human spaceflight for private individuals and researchers with its advanced air and space vehicles. Scale and profitability are driven by next generation vehicles capable of bringing humans to space at an unprecedented frequency with an industry-leading cost structure. You can find more information at https://www.virgingalactic.com/.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our spaceflight systems, next commercial space mission and proposed timing thereof, scaling of our future fleet, providing repeatable and reliable access to space, development of our Delta Class spaceships and proposed timeline for testing and commercial service using such spaceships, the timing of the opening of our spaceship factory in Arizona and the delivery of parts ahead of assembling the initial Delta Class spaceships, our objectives for future operations and the Company's financial forecasts, including first quarter 2024 expected revenue and free cash flow, and the expectation for positive cash flow and the timing thereof, are forward-looking statements. The words "believe," "may," "will," "estimate," "potential," "continue," "anticipate," "intend," "expect," "strategy," "future," "could," "would," "project," "plan," "target," and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to any delay in future commercial flights of our spaceflight fleet, our ability to successfully develop and test our next generation vehicles, and the time and costs associated with doing so, our expected capital requirements and the availability of additional financing, and the other factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC's website at www.sec.gov and the Investor Relations section of our website at www.virgingalactic.com, which could cause our actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

Fourth Quarter 2023 Financial Results

VIRGIN GALACTIC HOLDINGS, INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except per share amounts)

 

 

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

December 31,

 

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

 

Revenue

 

$

2,809

 

 

$

869

 

 

$

6,800

 

 

$

2,312

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

Spaceline operations

 

 

24,338

 

 

 

1,169

 

 

 

50,538

 

 

 

1,906

 

Research and development

 

 

53,848

 

 

 

102,596

 

 

 

295,140

 

 

 

314,174

 

Selling, general and administrative

 

 

30,844

 

 

 

47,298

 

 

 

174,864

 

 

 

175,118

 

Depreciation and amortization

 

 

3,646

 

 

 

3,117

 

 

 

13,369

 

 

 

11,098

 

Special charges

 

 

4,398

 

 

 

 

 

 

4,398

 

 

 

 

Total operating expenses

 

 

117,074

 

 

 

154,180

 

 

 

538,309

 

 

 

502,296

 

 

 

 

 

 

 

 

 

 

Operating loss

 

 

(114,265

)

 

 

(153,311

)

 

 

(531,509

)

 

 

(499,984

)

 

 

 

 

 

 

 

 

 

Interest income

 

 

13,644

 

 

 

6,175

 

 

 

42,234

 

 

 

12,502

 

Interest expense

 

 

(3,224

)

 

 

(3,206

)

 

 

(12,872

)

 

 

(12,130

)

Other income, net

 

 

99

 

 

 

51

 

 

 

263

 

 

 

58

 

Loss before income taxes

 

 

(103,746

)

 

 

(150,291

)

 

 

(501,884

)

 

 

(499,554

)

Income tax expense

 

 

238

 

 

 

529

 

 

 

453

 

 

 

598

 

Net loss

 

 

(103,984

)

 

 

(150,820

)

 

 

(502,337

)

 

 

(500,152

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

72

 

 

 

168

 

 

 

81

 

 

 

(146

)

Unrealized gain (loss) on marketable securities

 

 

1,608

 

 

 

2,916

 

 

 

7,616

 

 

 

(5,311

)

Total comprehensive loss

 

$

(102,304

)

 

$

(147,736

)

 

$

(494,640

)

 

$

(505,609

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.26

)

 

$

(0.55

)

 

$

(1.49

)

 

$

(1.89

)

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

Basic and diluted

 

 

399,766

 

 

 

274,902

 

 

 

337,262

 

 

 

263,947

 

VIRGIN GALACTIC HOLDINGS, INC.

Condensed Consolidated Balance Sheets

(In thousands)

 

 

 

 

 

December 31,

 

 

2023

 

2022

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

216,799

 

 

$

302,291

 

Restricted cash

 

 

36,793

 

 

 

40,336

 

Marketable securities, short-term

 

 

657,238

 

 

 

606,716

 

Inventories

 

 

16,301

 

 

 

24,043

 

Prepaid expenses and other current assets

 

 

23,698

 

 

 

28,228

 

Total current assets

 

 

950,829

 

 

 

1,001,614

 

Marketable securities, long-term

 

 

71,596

 

 

 

30,392

 

Property, plant and equipment, net

 

 

93,806

 

 

 

53,658

 

Other non-current assets

 

 

63,286

 

 

 

54,274

 

Total assets

 

$

1,179,517

 

 

$

1,139,938

 

Liabilities and Stockholders' Equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

32,415

 

 

$

16,326

 

Accrued liabilities

 

 

50,863

 

 

 

61,848

 

Customer deposits

 

 

97,841

 

 

 

102,647

 

Other current liabilities

 

 

4,541

 

 

 

3,232

 

Total current liabilities

 

 

185,660

 

 

 

184,053

 

Non-current liabilities:

 

 

 

 

Convertible senior notes, net

 

 

417,886

 

 

 

415,720

 

Other long-term liabilities

 

 

70,495

 

 

 

59,942

 

Total liabilities

 

 

674,041

 

 

 

659,715

 

Stockholders' Equity

 

 

 

 

Common stock

 

 

40

 

 

 

28

 

Additional paid-in capital

 

 

2,631,197

 

 

 

2,111,316

 

Accumulated deficit

 

 

(2,126,132

)

 

 

(1,623,795

)

Accumulated other comprehensive income (loss)

 

 

371

 

 

 

(7,326

)

Total stockholders' equity

 

 

505,476

 

 

 

480,223

 

Total liabilities and stockholders' equity

 

$

1,179,517

 

 

$

1,139,938

 

VIRGIN GALACTIC HOLDINGS, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

 

 

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

December 31,

 

 

2023

 

2022

 

2023

 

2022

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(103,984

)

 

$

(150,820

)

 

$

(502,337

)

 

$

(500,152

)

Stock-based compensation

 

 

8,660

 

 

 

11,221

 

 

 

44,258

 

 

 

45,709

 

Depreciation and amortization

 

 

3,646

 

 

 

3,117

 

 

 

13,369

 

 

 

11,098

 

Amortization of debt issuance costs

 

 

548

 

 

 

532

 

 

 

2,166

 

 

 

1,998

 

Other non-cash items

 

 

(7,076

)

 

 

544

 

 

 

(13,576

)

 

 

10,800

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

 

Inventories

 

 

761

 

 

 

(1,192

)

 

 

4,757

 

 

 

5,625

 

Other current and non-current assets

 

 

1,501

 

 

 

(5,063

)

 

 

11,798

 

 

 

(2,810

)

Accounts payable and accrued liabilities

 

 

581

 

 

 

11,323

 

 

 

(2,360

)

 

 

35,151

 

Customer deposits

 

 

(82

)

 

 

(1,324

)

 

 

(4,806

)

 

 

11,784

 

Other current and long-term liabilities

 

 

136

 

 

 

420

 

 

 

(1,462

)

 

 

556

 

Net cash used in operating activities

 

 

(95,309

)

 

 

(131,242

)

 

 

(448,193

)

 

 

(380,241

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(18,368

)

 

 

(4,183

)

 

 

(44,309

)

 

 

(16,489

)

Purchases of marketable securities

 

 

(136,886

)

 

 

(99,620

)

 

 

(1,009,836

)

 

 

(704,565

)

Proceeds from maturities and calls of marketable securities

 

 

235,526

 

 

 

140,277

 

 

 

937,872

 

 

 

434,889

 

Net cash provided by (used in) investing activities

 

 

80,272

 

 

 

36,474

 

 

 

(116,273

)

 

 

(286,165

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Payments of finance lease obligations

 

 

(60

)

 

 

(102

)

 

 

(235

)

 

 

(234

)

Proceeds from convertible senior notes

 

 

 

 

 

 

 

 

 

 

 

425,000

 

Debt issuance costs

 

 

 

 

 

 

 

 

 

 

 

(11,278

)

Purchase of capped call

 

 

 

 

 

 

 

 

 

 

 

(52,318

)

Repayment of commercial loan

 

 

 

 

 

 

 

 

 

 

 

(310

)

Proceeds from issuance of common stock

 

 

 

 

 

3,753

 

 

 

484,145

 

 

 

103,326

 

Proceeds from issuance of common stock pursuant to stock options exercised

 

 

 

 

 

 

 

 

 

 

 

49

 

Withholding taxes paid on behalf of employees on net settled stock-based awards

 

 

(239

)

 

 

(505

)

 

 

(3,240

)

 

 

(3,984

)

Transaction costs related to issuance of common stock

 

 

(133

)

 

 

(111

)

 

 

(5,239

)

 

 

(1,248

)

Net cash provided by (used in) financing activities

 

 

(432

)

 

 

3,035

 

 

 

475,431

 

 

 

459,003

 

Net decrease in cash, cash equivalents and restricted cash

 

 

(15,469

)

 

 

(91,733

)

 

 

(89,035

)

 

 

(207,403

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

269,061

 

 

 

434,360

 

 

 

342,627

 

 

 

550,030

 

Cash, cash equivalents and restricted cash at end of period

 

$

253,592

 

 

$

342,627

 

 

$

253,592

 

 

$

342,627

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

216,799

 

 

$

302,291

 

 

$

216,799

 

 

$

302,291

 

Restricted cash

 

 

36,793

 

 

 

40,336

 

 

 

36,793

 

 

 

40,336

 

Cash, cash equivalents and restricted cash

 

$

253,592

 

 

$

342,627

 

 

$

253,592

 

 

$

342,627

 

USE OF NON-GAAP FINANCIAL MEASURES

This press release references certain financial measures that are not prepared in accordance with generally accepted accounting principles in the United States (GAAP), including total non-GAAP operating expenses, Adjusted EBITDA and free cash flow. The Company defines total non-GAAP operating expenses as total operating expenses other than stock-based compensation, depreciation and amortization and certain other items the Company believes are not indicative of its core operating performance. The Company defines Adjusted EBITDA as earnings before interest expense, income taxes, depreciation and amortization, stock-based compensation, and certain other items the Company believes are not indicative of its core operating performance. The Company defines free cash flow as net cash provided by operating activities less capital expenditures. None of these non-GAAP financial measures is a substitute for or superior to measures prepared in accordance with GAAP and should not be considered as an alternative to any other measures derived in accordance with GAAP.

The Company believes that presenting these non-GAAP financial measures provides useful supplemental information to investors about the Company in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore any non-GAAP measures the Company uses may not be directly comparable to similarly titled measures of other companies.

A reconciliation of total operating expenses to total non-GAAP operating expenses for the three months ended December 31, 2023 and 2022 and years ended December 31, 2023 and 2022, respectively, is set forth below (in thousands):

 

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

December 31,

 

 

2023

 

2022

 

2023

 

2022

Total operating expenses

 

$

117,074

 

$

154,180

 

$

538,309

 

$

502,296

Stock-based compensation

 

 

8,660

 

 

11,221

 

 

44,258

 

 

45,709

Depreciation and amortization

 

 

3,646

 

 

3,117

 

 

13,369

 

 

11,098

Special charges(1)

 

 

4,398

 

 

 

 

4,398

 

 

Total non-GAAP operating expenses

 

$

100,370

 

$

139,842

 

$

476,284

 

$

445,489

 

(1) Special charges includes severance and related benefit costs in connection with the Company's workforce reduction.

A reconciliation of net loss to Adjusted EBITDA for the three months ended December 31, 2023 and 2022 and years ended December 31, 2023 and 2022, respectively, is set forth below (in thousands):

 

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

December 31,

 

 

2023

 

2022

 

2023

 

2022

Net loss

 

$

(103,984

)

 

$

(150,820

)

 

$

(502,337

)

 

$

(500,152

)

Interest expense

 

 

3,224

 

 

 

3,206

 

 

 

12,872

 

 

 

12,130

 

Income tax expense

 

 

238

 

 

 

529

 

 

 

453

 

 

 

598

 

Depreciation and amortization

 

 

3,646

 

 

 

3,117

 

 

 

13,369

 

 

 

11,098

 

Stock-based compensation

 

 

8,660

 

 

 

11,221

 

 

 

44,258

 

 

 

45,709

 

Special charges(1)

 

 

4,398

 

 

 

 

 

 

4,398

 

 

 

 

Adjusted EBITDA

 

$

(83,818

)

 

$

(132,747

)

 

$

(426,987

)

 

$

(430,617

)

 

(1) Special charges includes severance and related benefit costs in connection with the Company's workforce reduction.

The following table reconciles net cash used in operating activities to free cash flow for the three months ended December 31, 2023 and 2022 and years ended December 31, 2023 and 2022, respectively (in thousands):

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

2023

 

2022

 

2023

 

2022

Net cash used in operating activities

 

$

(95,309

)

 

$

(131,242

)

 

$

(448,193

)

 

$

(380,241

)

Capital expenditures

 

 

(18,368

)

 

 

(4,183

)

 

 

(44,309

)

 

 

(16,489

)

Free cash flow

 

$

(113,677

)

 

$

(135,425

)

 

$

(492,502

)

 

$

(396,730

)

The following table reconciles forecasted net cash used in operating activities to forecasted free cash flow for the three months ended March 31, 2024 (in thousands):

 

 

Forecasted Range

 

 

 

Net cash used in operating activities

 

$(85,000)-$(90,000)

Capital expenditures

 

(40,000)-(45,000)

Free cash flow

 

$(125,000)-$(135,000)

 

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  • Virgin Galactic Partners with Redwire to Advance Research Capabilities for New Delta Spaceships

    Global Leader in Space Manufacturing Begins Building Next-Generation Research Lockers to Grow the Suborbital-to-Orbital Research Market Virgin Galactic Holdings, Inc. (NYSE:SPCE) ("Virgin Galactic" or the "Company") today announced a partnership with Redwire Corporation (NYSE:RDW) to manufacture the research payload lockers that will travel aboard Virgin Galactic's new Delta-Class spaceships. This new platform will significantly upgrade the microgravity research capabilities available with Virgin Galactic. Redwire is a global space infrastructure and innovation company with decades of experience in developing biotech and industrial-manufacturing technologies to operate in microgravity.

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Analyst Ratings

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Insider Trading

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SEC Filings

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Leadership Updates

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  • Virgin Galactic Appoints Luigi Brambilla to Board of Directors

    Virgin Galactic Holdings, Inc. (NYSE:SPCE) (the "Company" or "Virgin Galactic") today announced the appointment of Luigi Brambilla to Virgin Galactic's Board of Directors. Brambilla is an experienced investment and capital markets executive with an 18-year track record of experience across the Travel & Leisure, Wellness, Entertainment and Financial sectors—including 10 years at the Virgin Group. Michael Colglazier, Chief Executive Officer of Virgin Galactic, said: "We are very pleased to announce Luigi as the newest member of our Board. His long history with Virgin Group, along with his extensive investment and capital markets expertise, make him an ideal fit for the role as we continue t

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  • Virgin Galactic Appoints Henio Arcangeli, Jr. to Board of Directors and Announces Dr. Wanda Austin's Retirement

    Seasoned Manufacturing Executive Brings Decades of Business Experience Across Sectors to New Role Virgin Galactic Holdings, Inc. (NYSE:SPCE) (the "Company" or "Virgin Galactic") today announced the appointment of Henio Arcangeli, Jr. to Virgin Galactic's Board of Directors. Arcangeli is a seasoned consumer and industrial manufacturing executive with more than 20 years of experience leading businesses across the automotive, electronics, and industrial sectors. Michael Colglazier, Chief Executive Officer of Virgin Galactic, said: "We are incredibly pleased to welcome Henio as the newest member of our Board. His proven business prowess gained from decades of experience helping lead global

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  • Virgin Galactic Announces Changes to Board of Directors

    Virgin Group Executive Evan Lovell Appointed Chair of the Board of Directors Former U.S. Secretary of the Navy Raymond Mabus, Jr. to Join Board as Lead Independent Director Former Global Investment Manager Diana Strandberg to Join as New Director Board Members Bring Strong Mix of Expertise, Industry Experience and Diverse Perspectives Virgin Galactic Holdings, Inc. (NYSE:SPCE) (the "Company" or "Virgin Galactic") today announced several changes to Virgin Galactic's Board of Directors including the appointment of two new directors. The Company also announced that Virgin Group's Chief Investment Officer, Evan Lovell, has been appointed Chair of the Board of Directors, effective April

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Financials

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  • Virgin Galactic Announces Fourth Quarter and Full Year 2024 Financial Results and Provides Business Update

    First spaceflight with new Delta SpaceShip carrying research payloads planned for summer 2026 Private astronaut spaceflights planned for fall 2026 Assembly of first Delta SpaceShip begins in March 2025 Virgin Galactic Holdings, Inc. (NYSE:SPCE) ("Virgin Galactic" or the "Company") today announced its financial results for the fourth quarter and full year ended December 31, 2024 and provided a business update. CEO Michael Colglazier said, "We are excited to share that our first spaceflight with our new Delta SpaceShips is planned for summer 2026. This first spaceflight will carry scientific research, and we expect to begin private astronaut spaceflights in the fall of 2026. We ha

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  • Virgin Galactic Announces Date of Fourth Quarter and Full Year 2024 Financial Results and Conference Call

    Virgin Galactic Holdings, Inc. (NYSE:SPCE) ("Virgin Galactic" or the "Company") today announced that it will report its financial results for the fourth quarter and full year of 2024 following the close of the U.S. markets on Wednesday, February 26, 2025. Virgin Galactic will host a conference call to discuss the results that day at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). A live webcast and replay of the conference call will be available on the Company's Investor Relations website at investors.virgingalactic.com. About Virgin Galactic Virgin Galactic is an aerospace and space travel company, pioneering human-first spaceflight for private individuals and researchers with its a

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  • Virgin Galactic Announces Third Quarter 2024 Financial Results And Provides Business Update

    Build Phase of Delta Class Spaceships Underway with Commercial Service on Track for 2026 Fleet Expansion Progressing as Design Efforts Shift to Mothership Program Virgin Galactic Holdings, Inc. (NYSE:SPCE) ("Virgin Galactic" or the "Company") today announced its financial results for the third quarter ended September 30, 2024 and provided a business update. CEO Michael Colglazier said, "Our spaceship program remains on track to begin commercial operations in 2026, and with strong progress made on the Delta program, we now have the engineering capacity to advance design work on a second mothership, which will accelerate the next phase of growth for Virgin Galactic." Third Quarter 2024

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Large Ownership Changes

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