Balance Sheet StrengthThe company's balance sheet is strong, with more than $800 million in cash and equivalents, considered sufficient to produce 2 weekly flying VSS-Delta spaceships for commercial service.
Business ModelVirgin Galactic's model is attractive due to a highly leverageable fixed cost structure, strong competitive advantage in a high barrier to entry market, and a unique high-touch focus on a luxury consumer experience.
Financial PerformanceScaling with one spaceport to 4 spaceships unlocks approximately 48% EBITDA margins with a consistent contribution margin and driving down operational expenses to 35% of revenue.