Summary by Moomoo AI
Virgin Galactic Holdings, Inc., an aerospace and space travel company, reported a net loss of $502.3 million for the year ended December 31, 2023. The company, which offers space travel for private individuals, researchers, and government agencies, generated revenue of $6.8 million, primarily from commercial spaceflights and membership fees. Operating expenses totaled $538.3 million, with significant investments in research and development, spaceline operations, and selling, general and administrative expenses. The company also recognized $44.3 million in stock-based compensation expense. Virgin Galactic completed an offering of $425 million in convertible senior notes and entered into capped call transactions to reduce potential dilution from the conversion of the notes. The company's cash and cash equivalents stood at $216.8 million, with an additional $728.8 million in marketable securities. Virgin Galactic's financial results reflect the ongoing development and commercialization of its spaceflight system, with the first commercial spaceflight, 'Galactic 01,' launched in June 2023.