Q2 2023 Earnings Report: Reviewing Virgin Galactic (SPCE)’s Financial Performance

Virgin Galactic








reported second-quarter losses on Tuesday that were slightly wider the year-ago period, as the space tourism company continues its mission to fly customers on monthly flights post-commercial launch.

For the quarter ended June 30, Virgin Galactic recorded a net loss of $134.4 million, or 46 cents per share, compared to a loss of $110.7 million, or 43 cents per share, in the same period last year.

The company generated revenue of $1.9 million during the quarter, up from $357,000 in the same period last year, driven by commercial spaceflights and membership fees from future astronauts.

Virgin Galactic conducted two spaceflights in the second quarter: its final test flight and its first commercial flight, marking a significant milestone in bringing its service to the market. The company plans to conduct its second commercial spaceflight on August 10.

Virgin Galactic’s stock declined approximately 3% in after-hours trading from its closing price of $4.14 per share. However, the stock has shown a 19% increase year-to-date.

By the end of the quarter, Virgin Galactic had $980 million in cash and securities, up from approximately $874 million at the end of the previous quarter. This increase in funds was a result of “at the market” sales of common stock.

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

The company has been investing heavily in expanding its fleet beyond the current VSS Unity spacecraft. Virgin Galactic is developing its Delta-class spacecraft to increase its flight frequency, with the second-quarter net loss primarily driven by increased research and development expenses related to the future fleet.