Virgin Galactic (SPCE) Q2 2023 revenues report

Virgin Galactic launches first-ever commercial space flight

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VMS Eve, run by Virgin Galactic, returns after the business’s very first industrial flight to the edge of area, at the Spaceport America center, in Truth or Consequences, New Mexico, U.S., June 29,2023

Jose Luis Gonzalez|Reuters

Virgin Galactic reported second-quarter losses on Tuesday that were a little broader the year-ago duration, as the area tourist business presses on towards flying consumers on regular monthly flights after introducing industrial service.

For the quarter ended June 30, Virgin Galactic published a bottom line of $1344 million, or 46 cents a share, compared to a loss of $1107 million, or 43 cents a share, in the very same duration a year previously.

The business generated profits of $1.9 million throughout the quarter– up from $357,000 in the duration a year prior– created by “commercial spaceflight and membership fees related to future astronauts.”

Virgin Galactic flew 2 spaceflights throughout the 2nd quarter: Its last test spaceflight and its very first industrial spaceflight, the latter a long-awaited action to bring its service to market. It anticipates to fly its 2nd industrial spaceflight onAug 10.

Virgin Galactic stock slipped about 3% in after-hours trading from its close at $4.14 a share. The stock is up 19% year-to-date.

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Virgin Galactic had money and securities amounting to $980 million at the end of the quarter, up from about $874 million at the end of the very first quarter. That boost came as Virgin Galactic generated funds through “at the market” sales of typical stock.

“Our financial position remains strong, and we remain focused on scaling the business and delivering our Delta Class spaceships for commercial service in 2026,” Virgin Galactic CEO Michael Colglazier stated in a declaration.

The business has actually been investing greatly to broaden its fleet beyond the existing sole VSS Unity spacecraft. Virgin Galactic is establishing its Delta- class spacecraft to fly at an enhanced weekly rate, keeping in mind the bottom line for the 2nd quarter was “primarily driven by an increase in research and development expenses related to the development of the future fleet.”