Virgin Galactic(SPCE) - 2023 Q4 - Annual Results

Revenue Performance - Revenue for Q4 2023 was $3 million, up from $1 million in Q4 2022, driven by commercial spaceflights and membership fees[6] - Full year 2023 revenue reached $7 million, compared to $2 million in 2022[6] - Revenue for Q1 2024 is expected to be approximately $2 million, with free cash flow projected to be in the range of $(125) million to $(135) million[11] Net Loss and Financial Improvement - Net loss for Q4 2023 was $104 million, an improvement from a net loss of $151 million in Q4 2022, primarily due to lower operating expenses[6] - Net loss for the full year 2023 was $502 million, slightly higher than the $500 million net loss in 2022[6] - The company reported a net loss of $103,984 for the three months ended December 31, 2023, compared to a net loss of $150,820 for the same period in 2022, indicating a 31% improvement year-over-year[17] Operating Expenses - Total operating expenses for Q4 2023 were $117 million, down from $154 million in Q4 2022[6] - Total non-GAAP operating expenses for the three months ended December 31, 2023, were $100,370, down from $139,842 in the same period of 2022, representing a 28% decrease[21] - The total operating expenses for the year ended December 31, 2023, were $538,309, up from $502,296 in 2022, indicating a 7% increase[21] Cash Position and Flow - Cash position as of December 31, 2023, was strong at $982 million, including cash, cash equivalents, and marketable securities[6] - The company had cash, cash equivalents, and restricted cash of $253,592 at the end of the period, down from $342,627 at the end of the previous year[18] - Free cash flow for the three months ended December 31, 2023, was $(113,677), compared to $(135,425) for the same period in 2022, showing a 16% improvement[22] - The company experienced a net cash used in operating activities of $(95,309) for the three months ended December 31, 2023, compared to $(131,242) for the same period in 2022, reflecting a 27% improvement[22] - The forecasted net cash used in operating activities for the three months ending March 31, 2024, is estimated to be between $(85,000) and $(90,000)[22] Capital Expenditures - Capital expenditures for the three months ended December 31, 2023, were $18,368, significantly higher than $4,183 in the same period of 2022[22] Future Plans and Developments - The company plans to deliver the first parts for the Delta Class spaceships ahead of assembly in 2024, with commercial service expected in 2026[5] - The spaceship factory in Arizona is on track to open in mid-2024[11] - The company successfully completed six human spaceflights in six months during 2023[5]