Virgin Galactic has reported its financial results for the nine months ending September 30, 2024. The company saw a decrease in revenue for the third quarter, down 77% to $402,000 from $1.7 million in the same period the previous year. However, for the nine-month period, revenue increased by 66% to $6.6 million from $4 million year-on-year. Operating expenses decreased across the board, with spaceline operations down 23% for the quarter, research and development expenses dropping 47%, and selling, general and administrative expenses decreasing by 20%. The company's net loss for the quarter was $74.5 million, a slight improvement from a net loss of $104.6 million in the third quarter of 2023. Virgin Galactic also highlighted the completion of its second spaceflight of 2024 and the seventh commercial spaceflight to date. The...Show More

Virgin Galactic has reported its financial results for the nine months ending September 30, 2024. The company saw a decrease in revenue for the third quarter, down 77% to $402,000 from $1.7 million in the same period the previous year. However, for the nine-month period, revenue increased by 66% to $6.6 million from $4 million year-on-year. Operating expenses decreased across the board, with spaceline operations down 23% for the quarter, research and development expenses dropping 47%, and selling, general and administrative expenses decreasing by 20%. The company's net loss for the quarter was $74.5 million, a slight improvement from a net loss of $104.6 million in the third quarter of 2023. Virgin Galactic also highlighted the completion of its second spaceflight of 2024 and the seventh commercial spaceflight to date. The company paused spaceflights to commence test flights of the new Delta Class spaceships, with commercial service expected to begin in 2026. Additionally, Virgin Galactic completed a new manufacturing facility in Mesa, Arizona, and settled a lawsuit with The Boeing Company and Aurora Flight Sciences Corporation. Looking ahead, Virgin Galactic has reservations for approximately 700 future astronauts, representing about $194 million in expected future revenue. The company's liquidity remains strong, with cash, cash equivalents, and marketable securities totaling $743.9 million as of September 30, 2024.