Virgin Galactic Holdings Inc (NYSE:SPCE) reported financial results for the third quarter after the market close on Thursday. Here’s a rundown of the report.
- Virgin Galactic shares are experiencing downward pressure. What’s pulling SPCE shares down?
Virgin Galactic Q3 Results
Virgin Galactic reported third-quarter revenue of $427,000, beating estimates of $400,000, according to Benzinga Pro. Revenue in the quarter was attributable to access fees related to future astronauts, as well as a future astronaut event.
The aerospace and space travel company reported a third-quarter loss of 39 cents per share, beating estimates for a loss of 50 cents per share.
Virgin Galactic used $58 million of cash in operating activities and generated negative free cash flow of $99 million in the quarter. The company ended the period with $184 million in total cash, cash equivalents and marketable securities.
“Spaceship Apeiron’s arrival at Spaceport America shifts our focus towards operational readiness, as we now prepare for flight test and the launch of commercial spaceflight,” said Michael Colglazier, CEO of Virgin Galactic.
“With our second spaceship on track to join Apeiron and Eve in late Q2/early Q3 2027, we have initiated near-term growth projects expected to increase capacity from this initial fleet to a rate of 150 spaceflights per year by the end of 2028.”
Virgin Galactic said its first glide flight with Apeiron is expected in January, followed by the company’s first commercial spaceflight in the early second quarter. The company said it recently began booking a limited tranche of spaceflight expeditions at $850,000 per seat.
Virgin Galactic expects fourth-quarter free cash flow to be between negative $80 million and negative $90 million.
Virgin Galactic management will discuss the quarter on an earnings call at 5 p.m. ET.
SPCE Shares Slide After Earnings
SPCE Price Action: Virgin Galactic shares were down 1.50% in after-hours, trading at $2.63 at the time of publication on Thursday, according to Benzinga Pro.
Image: courtesy of Virgin Galactic.
