Financial Data and Key Metrics Changes - Revenue for Q3 2024 was $402,000, driven by future astronaut membership fees, with total operating expenses at $82 million, down from $116 million in the prior year period, primarily due to lower R&D and SG&A expenses [21] - Capital expenditures for the quarter increased to $39 million from $13 million in the prior year, reflecting ramped-up investment in property, plant, and equipment related to the Delta Class fleet [22] - Free cash flow was negative $118 million in Q3 2024, compared to negative $105 million in the same period last year [22] Business Line Data and Key Metrics Changes - The company is in the build phase of its spaceship program, focusing on building tools, fabricating parts, and assembling spaceships, with assembly expected to commence in Q1 2025 [6][12] - The first two Delta spaceships are projected to generate positive operating cash flow, which can be used for organic fleet expansion [24] Market Data and Key Metrics Changes - The company anticipates that the addition of a second mothership and two additional spaceships will significantly enhance its capacity and profitability, with expectations to double revenue and quadruple EBITDA [25][46] Company Strategy and Development Direction - The company is focused on expanding its fleet beyond the first two spaceships to capture economies of scale and enhance profitability [7][18] - The strategy includes targeted use of growth capital to accelerate fleet expansion, with a goal to achieve a fully utilized spaceport by 2028 [27][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the customer experience and business model, planning to accelerate economic expansion through growth capital [9][10] - The company remains on track for commercial operations to begin in 2026, with a strong cash position providing flexibility for growth capital acquisition [10][23] Other Important Information - The company is ramping up hiring in the Phoenix Mesa area in preparation for spaceship assembly, focusing on key personnel to support the build phase [16] - The company has refined its schedules to manage tool deliveries, parts fabrication, and assembly sequences effectively [17] Q&A Session Summary Question: What is the latest thinking on reopening ticket sales? - Management indicated that ticket sales will likely open towards the back half of 2025, as they want to ensure they are supply constrained relative to demand [31][32] Question: Any additional equity issuance for the mothership program? - Management clarified that while they have enough cash to bring the first two Delta ships into service, they see an opportunity to bring in growth capital to accelerate expansion [34][35] Question: Thoughts on tariffs and sourcing risks? - Management believes they are reasonably insulated from tariffs as most efforts are based in the U.S., and partnerships with Bell and Qarbon are progressing well [38][39] Question: What is the timing for the second mothership? - Management confirmed that the second mothership and the third and fourth Delta ships are targeted for 2028, aligning with their growth strategy [58][59] Question: How is Delta Class progressing relative to the initial budget? - Management reported that Delta Class is tracking well against the initial budget, with active spending management contributing to lower cash burn expectations [66][67]

Group 1 - Virgin Galactic reported a quarterly loss of $2.66 per share, which was better than the Zacks Consensus Estimate of a loss of $4.10, and an improvement from a loss of $5.60 per share a year ago, resulting in an earnings surprise of 35.12% [1] - The company posted revenues of $0.4 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 13.55%, and down from $1.73 million in the same quarter last year [2] - Virgin Galactic shares have declined approximately 86% since the beginning of the year, contrasting with the S&P 500's gain of 21.2% [3] Group 2 - The earnings outlook for Virgin Galactic is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to those expectations [4] - The trend of estimate revisions for Virgin Galactic is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] - The current consensus EPS estimate for the upcoming quarter is -$4.28 on revenues of $0.27 million, and for the current fiscal year, it is -$18.11 on revenues of $7.29 million [7] Group 3 - The Aerospace - Defense industry, to which Virgin Galactic belongs, is currently ranked in the bottom 46% of over 250 Zacks industries, suggesting that the industry's outlook can significantly impact stock performance [8]

GALACTIC THIRD QUARTER 11.6.2024 ARTIST RENDERING OF FUTURE FLEET AT SPACEPORT AMERICA FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as am ...

Revenue and Financial Performance - Revenue for the three months ended September 30, 2024, was $402,000, a decrease of 77% compared to $1.728 million for the same period in 2023[105] - Operating loss for the three months ended September 30, 2024, was $(81.728) million, compared to $(114.272) million for the same period in 2023[104] - Total operating expenses for the three months ended September 30, 2024, were $82.130 million, down from $116 million in the same period in 2023[104] - Net cash used in operating activities was $271.7 million for the nine months ended September 30, 2024, compared to $352.9 million for the same period in 2023[126][127] - Interest income increased from $28.6 million for the nine months ended September 30, 2023 to $33.8 million for the nine months ended September 30, 2024, primarily due to higher investment returns on marketable securities[121] Research and Development - Research and development expenses decreased by 47% to $23.937 million for the three months ended September 30, 2024, from $44.848 million in the same period in 2023[111] - Research and development expenses decreased from $241.3 million for the nine months ended September 30, 2023 to $124.4 million for the nine months ended September 30, 2024, primarily due to a $48.2 million decrease in materials and consulting costs[113] Cash and Investments - As of September 30, 2024, the company had cash, cash equivalents, and restricted cash of $204.7 million and marketable securities of $539.2 million[124] - Net cash provided by investing activities was $116.4 million for the nine months ended September 30, 2024, consisting primarily of $729.4 million in proceeds from maturities and calls of marketable securities[128] - Net cash provided by financing activities was $106.3 million for the nine months ended September 30, 2024, primarily from net cash proceeds from the sale and issuance of common stock[130] Future Plans and Expectations - As of September 30, 2024, the company has reservations for approximately 700 future astronauts, representing approximately $194 million in expected future spaceflight revenue[98] - The company expects to commence commercial service with its new Delta Class spaceships in 2026[92] - The company anticipates deploying a new mothership for commercial service in 2028, supported by additional engineering resources and growth capital[100] - The company expects expenditures to increase as it scales up manufacturing processes and capabilities to support the expansion of its fleet of spaceships[132] - The company anticipates that costs to manufacture additional vehicles will begin to decrease as it continues to scale up manufacturing processes[133] Operational Developments - The company completed its second spaceflight of 2024, 'Galactic 07,' in June, carrying one researcher and three private astronauts[92] - The company completed a new manufacturing facility in Mesa, Arizona, with final assembly of Delta Class spaceships scheduled to begin in 2025[95] Compliance and Risk Management - Following a 1-for-20 reverse stock split, the company regained compliance with NYSE listing requirements on July 1, 2024[93] - No significant changes to critical accounting policies and estimates during the fiscal quarter ended September 30, 2024[143] - No significant changes to market risks compared to previous disclosures during the fiscal quarter ended September 30, 2024[145] Cost Management - Selling, general and administrative expenses decreased from $144.0 million for the nine months ended September 30, 2023 to $95.8 million for the nine months ended September 30, 2024, driven by a $30.7 million decrease in cash compensation and other employee benefit costs[116] - The company expects to meet its short-term liquidity requirements primarily through its cash, cash equivalents, and marketable securities on hand[138]

Topline United Airlines will be equipping its planes with free in-flight Wi-Fi using SpaceX's Starlink internet service next year, the airline announced Thursday, becoming the latest airline to offer complimentary internet service. WASHINGTON - AUGUST 16: A United Airlines aircraft passes by a Continental Airlines aircraft as it ... [+] taxis to takeoff from the runway of Ronald Reagan National Airport August 16, 2006 in Washington, DC. (Photo by Alex Wong/Getty Images) Getty Images Key Facts United will st ...

Virgin Galactic just sold tickets on its orbital flights at the highest prices ever. Shares of Virgin Galactic (SPCE 6.75%) have fallen about 90% during the past year, tumbling from a high of $65 a share to less than $7. The space stock enjoyed a bit of a bounce after the company on Aug. 7 delivered better-than-expected revenue results for the second quarter. But since then, the stock has retreated. Why is that? From $250,000 to infinity, and beyond It wasn't exactly "infinity." But the biggest single surpr ...

Shares of Virgin Galactic (SPCE) have gained 4.4% over the past four weeks to close the last trading session at $6.85, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $35.67 indicates a potential upside of 420.7%. The mean estimate comprises nine short-term price targets with a standard deviation of $30.04. While the lowest estimate of $6 indicates a 12.4% decline from the curre ...

Financial Performance - Virgin Galactic reported a quarterly loss of $4.36 per share, better than the Zacks Consensus Estimate of a loss of $5.40, and an improvement from a loss of $9.20 per share a year ago, representing an earnings surprise of 19.26% [1] - The company posted revenues of $4.22 million for the quarter ended June 2024, exceeding the Zacks Consensus Estimate by 20.57%, compared to revenues of $1.87 million in the same quarter last year [2] Stock Performance - Virgin Galactic shares have declined approximately 88.5% since the beginning of the year, contrasting with the S&P 500's gain of 9.9% [3] - The current Zacks Rank for Virgin Galactic is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] Earnings Outlook - The consensus EPS estimate for the upcoming quarter is -$5.40 on revenues of $0.55 million, and for the current fiscal year, it is -$19.67 on revenues of $6.55 million [7] - The estimate revisions trend for Virgin Galactic is mixed, and future stock movements will depend on management's commentary during the earnings call [3][4] Industry Context - The Aerospace - Defense industry, to which Virgin Galactic belongs, is currently ranked in the top 23% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Another company in the same industry, Rocket Lab USA, Inc., is expected to report a quarterly loss of $0.10 per share, with revenues projected to increase by 72.8% year-over-year [9][10]

A reverse stock split didn't help Virgin Galactic this week. A reverse stock split can't save Virgin Galactic That wasn't the case, despite no real news from Virgin Galactic itself. The company is in a pretty quiet period while it's building the Delta class spacecraft and completing both ground and flight testing. But commercial operations aren't expected to start until at least mid-2026, so the company needs to lower its cash burn dramatically and save as much cost as possible. Any turnaround is a long way ...

Group 1 - Virgin Galactic (SPCE) stock has decreased significantly, with its cash on the balance sheet exceeding the total market value of the company [3] - If Virgin Galactic can achieve a commercial launch within two years, the potential upside for investors is substantial [3] - The current risk level remains high, but the potential rewards for investors could be even higher [1]