Virgin Galactic(SPCE) - 2024 Q4 - Annual Results

Revenue Performance - Revenue for Q4 2024 was $0.4 million, a decrease of 85.7% compared to $2.8 million in Q4 2023, due to the pause in commercial spaceflights[5] - Full year 2024 revenue was $7 million, compared to $6.8 million in 2023, primarily from commercial spaceflights and membership fees[5] Operating Expenses - GAAP total operating expenses for Q4 2024 were $82 million, down 29.6% from $117 million in Q4 2023[5] - Full year 2024 GAAP total operating expenses were $384 million, a decrease of 28.7% from $538 million in 2023[5] - Total operating expenses for Q4 2024 were $82,382 thousand, down from $117,074 thousand in Q4 2023, resulting in non-GAAP total operating expenses of $72,499 thousand compared to $100,370 thousand[20] Net Loss - Net loss for Q4 2024 was $76 million, an improvement from a net loss of $104 million in Q4 2023, primarily driven by lower operating expenses[5] - Net loss for the full year 2024 was $347 million, improved from a net loss of $502 million in 2023[5] - Net loss for Q4 2024 was $76,413 thousand, an improvement from a net loss of $103,984 thousand in Q4 2023[17] - Adjusted EBITDA for Q4 2024 was $(63,438) thousand, an improvement from $(83,818) thousand in Q4 2023[21] Cash Position - Cash position as of December 31, 2024, was strong with cash, cash equivalents, and marketable securities totaling $657 million[5] - Cash, cash equivalents, and restricted cash at the end of Q4 2024 totaled $210,885 thousand, down from $253,592 thousand at the end of Q4 2023[17] - The company reported a decrease in cash and cash equivalents from $216,799 thousand in Q4 2023 to $178,605 thousand in Q4 2024[17] Free Cash Flow - Free cash flow for Q1 2025 is expected to be in the range of $(115) million to $(125) million[6] - Free cash flow for Q4 2024 was $(116,744) thousand, slightly worse than $(113,677) thousand in Q4 2023[21] Capital Expenditures - Capital expenditures in Q4 2024 were $35,709 thousand, significantly higher than $18,368 thousand in Q4 2023[21] Cash Flow from Activities - Net cash used in operating activities for Q4 2024 was $(81,035) thousand, compared to $(95,309) thousand in Q4 2023[21] - The company experienced a net cash provided by investing activities of $59,212 thousand in Q4 2024, compared to $80,272 thousand in Q4 2023[17] Future Plans - The first spaceflight with the new Delta SpaceShip is planned for summer 2026, with private astronaut spaceflights expected to begin in fall 2026[4] - Assembly of the first Delta SpaceShip is set to begin in March 2025[4] Stock Issuance - Proceeds from the issuance of common stock in Q4 2024 amounted to $29,098 thousand, compared to no proceeds in Q4 2023[17]