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]

Core Insights - Virgin Galactic is facing significant challenges, including the retirement of its only operational spaceplane, Unity, and a potential two-year wait for a new Delta class spaceplane to be built and certified [5][9] - The company's stock has experienced a dramatic decline, with a 31% drop in value since the announcement of a 1-for-20 reverse share split [4][9] - To retain employees during this uncertain period, Virgin Galactic has been awarding restricted stock units (RSUs), indicating growing nervousness among staff [3][10][12] Company Actions - Virgin Galactic awarded 1,741 RSUs to a new non-executive employee, which will not fully vest for four years [3] - The company has issued RSUs to new hires five times in the past three months, suggesting a trend to incentivize employee retention [11] - The total RSU awards this year amount to 6,460 shares, valued at less than $66,000, indicating a low financial impact but a significant concern regarding employee morale [12] Stock Performance - Following the reverse share split, the stock initially rose to $14.80 but quickly resumed its downward trend [4] - As of Tuesday morning, the stock was down 13% from the previous close, reflecting investor skepticism about the company's future [9] - The overall sentiment among investors appears to be cautious, with many unsure about the long-term viability of the company [8]

Well, it seems I was too optimistic. Virgin Galactic is no longer a penny stock -- for now. Instead, Virgin Galactic's share price has plunged, and as of 11:50 a.m. ET Monday is down 17.2% at $11.34. This was probably unavoidable. As I explained last week, and also two months prior, Virgin Galactic is a company in decline. Its sole operational spaceplane, Unity, has been retired, and the company can't fly space tourists, or make revenue from space tourism flights, until it builds a new Delta spaceplane curr ...

Group 1 - Virgin Galactic is executing a 1-for-20 reverse stock split to comply with NYSE's minimum bid requirement, as its stock closed at 68.49 cents and had not been above $1 since May 21 [1][2] - The reverse split will reduce the number of shares outstanding by 95%, leading to an approximate 20-fold increase in share price, while the overall value of each investor's holdings will remain roughly the same [5] - The company expects to have two Delta ships operational by 2026, conducting about 750 space flights annually and generating approximately $450 million in revenue [3] Group 2 - SPCE stock has decreased by 54% over the last three months and 72% in 2024, despite a 410% increase in revenue last quarter, totaling $1.99 million [6] - The firm had $867 million in cash at the end of the first quarter, which positions it well for future operations [6] - Operating expenditures for the firm were $410 million over the 12 months ending in March, and if revenue targets are met while keeping spending flat, positive operating income is expected in 2026, potentially boosting SPCE stock [9]