Virgin Galactic Q2: “Cash remains strong”
August 3, 2023
By Chris Forrester
Space tourism company Virgin Galactic reported its Q2 financials saying that its cash, cash equivalents and marketable securities were $980 million (€897.9m) as of June 30th 2023, a sequential increase of $106 million from the first quarter of 2023.
Michael Colglazier, CEO of Virgin Galactic said, “During the quarter, we successfully completed two spaceflights in two months, including the launch of commercial service in late June with a scientific research mission. Scheduled for [August 10th] the ‘Galactic 02’mission will deliver a transformational experience for our first private astronauts, and we expect to continue broadening access to space with monthly flights thereafter. Our financial position remains strong, and we remain focused on scaling the business and delivering our Delta Class spaceships for commercial service in 2026.”
Virgin Galactic earned revenues of $2 million in Q2 (compared to just $400,000 a year ago). It also generated $241 million in gross proceeds through the issuance of 55 million shares of common stock.
The company reported a Net loss of $134 million, compared to a $111 million net loss in the second quarter of 2022, primarily driven by an increase in research and development expenses related to the development of the future fleet.
It said it expected revenues for Q3 and Q4 this year to be about $1 million for each quarter-year.