The Company believes that presenting these non-GAAP financial measures provides useful supplemental information to investors about the Company in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making. However, there are a number of limitations related to the use of non-GAAP measures and ...

Financial Data and Key Metrics - Total operating expenses were $113 million, down from $164 million in the prior year, primarily due to lower R&D and SG&A expenses, reflecting restructuring efforts [8] - Free cash flow was negative $126 million in Q1 2024, compared to negative $139 million in the same period last year [8] - The company generated $7 million in gross proceeds through an at-the-market (ATM) equity offering program in Q1 2024 [17] - Revenue for Q2 2024 is expected to be approximately $3.5 million, with forecasted free cash flow in the range of negative $110 million to $120 million [17] - The balance sheet remains strong with $867 million in cash, cash equivalents, and marketable securities [8] Business Line Data and Key Metrics - The company expects to achieve a run rate of $450 million annually within a year after Delta enters service, based on a ticket price of $600,000 per seat and 750 astronauts flown annually with the first two Delta ships [7][13] - The average price per seat for the upcoming Galactic 7 flight is over $800,000, demonstrating pricing leverage [10] - The company has a backlog of over 600 astronauts at lower price points, with some tickets sold at $450,000 [19] - The company plans to fly 125 flights per year, carrying 750 astronauts annually, with the first two Delta ships [7][13] Market Data and Key Metrics - The company expects to begin commercial service with the first two Delta ships in 2026, with a target of 125 flights per year [6][9] - The company is targeting 2028 for the delivery of the first next-gen mothership, which will support the scaling of operations [4][59] - The company plans to expand to additional spaceports globally, with each operational spaceport estimated to generate over $1 billion in annual revenue [85] Company Strategy and Industry Competition - The company is focusing on scaling operations at Spaceport America with a fleet of four to five spaceships, followed by the creation of fully utilized spaceports globally [9][85] - The company is leveraging partnerships with Bell and Carbon for the manufacturing and engineering of Delta spaceships, maintaining design authority [4][5] - The company is prioritizing cash management to bring Delta ships into service, with a focus on achieving positive operating cash flow [14] Management Commentary on Operating Environment and Future Outlook - The company expects to achieve a contribution margin above 75% for each spaceflight, leading to meaningful operating cash flow [84] - The company is confident in its long-term high-growth business model, with plans to scale operations and expand globally [9][85] - The company is managing its capital and spending levels to ensure long-term success, with a focus on delivering the next-gen mothership by 2028 [59] Other Important Information - The company is nearing completion of its final assembly factory in Phoenix, with occupancy expected this summer [15] - The company is developing a targeted maintenance plan and operations schedule for Eve, supporting three space missions per week, a 50% increase over prior estimates [2][71] - The company is using an Iron Bird test asset to verify the operation of Delta subsystems, streamlining flight tests [60] Q&A Session Summary Question: Backlog and Pricing Strategy - The company has a backlog of over 600 astronauts at lower price points, with plans to cycle through the backlog within 12 months after Delta enters service [19] - The company plans to reopen ticket sales in 2025 to maintain a two-year backlog, balancing pricing power and customer planning [22][29] Question: Physical Plant Improvements - The company plans to add a launch hangar at Spaceport America to support operations with additional motherships and spaceships [23][30] - Training facilities will also be expanded as the company increases flight frequency [68] Question: Cash Burn and Capex - The company expects 2024 to be the peak cash burn year, with increased spending on tooling and parts fabrication for Delta [34][45] - Capex is expected to ramp up in the second half of 2024 as the company transitions from R&D to parts fabrication [67] Question: Mothership Program and Boeing Legal Issues - The company is targeting 2028 for the delivery of the first next-gen mothership, with no material impact from ongoing legal issues with Boeing [46][35] - The company is confident in its position regarding intellectual property and work received from Boeing [35] Question: Delta Ship Rollout and Mothership Timing - The first two Delta ships are expected to enter commercial service simultaneously in 2026, with the third Delta ship planned for 2028 to align with the next mothership [64][78] - The company is balancing the arrival of new motherships with additional Delta ships to optimize fleet growth [39]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-38202 Virgin Galactic Holdings, Inc. (Exact name of registrant as specified in its charter) | Delaware | 85-3608069 | | --- | --- | ...

Exhibit 99.1 Virgin Galactic Announces First Quarter 2024 Financial Results and Provides Business Update ORANGE COUNTY, CALIFORNIA – May 7, 2024 – Virgin Galactic Holdings, Inc. (NYSE: SPCE) ("Virgin Galactic" or the "Company") today announced its financial results for the first quarter ended March 31, 2024 and provided a business update. Michael Colglazier, Chief Executive Officer of Virgin Galactic said, "It's an exciting time for Virgin Galactic as we celebrate the success of VSS Unity with its upcoming ...

Even small signs of progress can help Virgin Galactic stock.Virgin Galactic (SPCE -3.69%) announced early testing for its next-generation spacecraft on Monday, and the market reacted positively. In this video, Travis Hoium covers why this is a bigger deal than it may seem.*Stock prices used were end-of-day prices of April 6, 2024. The video was published on May 7, 2024. ...

Virgin Galactic is gambling its future on Delta -- but so far, the bet is working out.Shares of space-tourism pioneer Virgin Galactic (SPCE 12.34%) took off like a rocket this morning after the company announced it has opened a "systems integration facility" to begin testing its new Delta-class spaceplane -- and that testing of "initial subsystems" has already begun. Even better, Virgin Galactic confirmed that it remains on track to begin flying Delta commercially in 2026.As of 10:25 a.m. ET, Virgin Galacti ...

Virgin Galactic is now officially a penny stock -- but it has a fix for that. Call it a "dilution solution."On Friday, April 19, Virgin Galactic (SPCE 3.15%) told investors that it was planning to conduct a reverse split of its stock, potentially reducing every 20 shares of space stock they owned (or 15, 10, 5, or just 2) to just one single, solitary share.And Virgin Galactic investors did not like that news one bit.Over the next two days, Virgin Galactic stock plunged a total of 22.5% from its preannouncem ...

In the latest market close, Virgin Galactic (SPCE) reached $0.86, with a -1.09% movement compared to the previous day. This change lagged the S&P 500's daily loss of 0.46%. On the other hand, the Dow registered a loss of 0.98%, and the technology-centric Nasdaq decreased by 0.64%.The company's stock has dropped by 40.42% in the past month, falling short of the Aerospace sector's loss of 6.98% and the S&P 500's loss of 3.04%.The investment community will be closely monitoring the performance of Virgin Galact ...

Virgin Galactic (NYSE: SPCE) stock price continued its strong sell-off this week after the company announced a plan to do a reverse stock. It crashed by more than 10%, moving to an all-time low of $0.85, a sharp decline since it was trading at $62.7 at its peak in 2021.Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.Virgin Galactic’s reverse splitCopy link to sectionThe ongoing collapse of SPCE share price is in line with a prediction I made two weeks ...

Virgin Galactic wants to reverse-split its stock. Should you be scared?Virgin Galactic (SPCE -11.69%) stock tumbled 16.5% through 10:40 a.m. ET Friday morning on what should have been ho-hum news. This morning, the company filed its regularly scheduled "notice of annual meeting of stockholders" (to be held on June 12). On the agenda: electing directors, approving an auditor, and setting executive salaries.Oh, and one more thing.Virgin Galactic will propose a reverse stock split. What will a reverse split do ...