Virgin Galactic Reports Q3 2024 Earnings and Progress

Virgin Galactic Holdings Inc ( (SPCE) ) has released its Q3 earnings. Here is a breakdown of the information Virgin Galactic Holdings Inc presented to its investors.

Virgin Galactic Holdings Inc. is a pioneering aerospace and space travel company focused on private and research-based human spaceflight, utilizing advanced air and space vehicles designed for frequent space travel at competitive costs.

In its latest earnings report for the third quarter of 2024, Virgin Galactic announced significant progress in its spaceship development program, with the Delta Class spaceships’ build phase underway and commercial service expected by 2026. The company is also advancing its mothership program to support future growth.

Financially, the company reported a net loss of $75 million, an improvement from the $105 million loss in the same quarter of the previous year, primarily due to reduced operating expenses. Revenue dropped to $0.4 million from $1.7 million year-over-year, reflecting a strategic pause in commercial spaceflights to prioritize spaceship production. Despite this, Virgin Galactic maintains a strong cash position with $744 million in cash, cash equivalents, and marketable securities.

Strategic developments include the completion of initial flight-control testing for the Delta Class spaceships and preparations to increase staffing at the Phoenix-Mesa spaceship factory to meet production demands. The company generated $37 million in gross proceeds through the issuance of shares, supporting its investment in future growth.

Looking ahead, Virgin Galactic’s management remains optimistic about the company’s progress and its financial outlook, as it continues to develop its fleet for commercial operations anticipated in 2026. The focus remains on expanding its capabilities to support the next phase of growth and maintain its pioneering position in the space travel industry.