Summary by Moomoo AI
Virgin Galactic reported Q2 2024 revenue of $4.2 million, up 126% from $1.9 million in Q2 2023, driven by commercial spaceflight operations and Future Astronaut membership fees. The net loss narrowed to $93.8 million from $134.4 million year-over-year. The company ended the quarter with $820.7 million in cash, cash equivalents and marketable securities.The company completed its second spaceflight of 2024 and seventh commercial flight overall in June 2024. Following this flight, Virgin Galactic paused Unity spaceflights and expects to resume operations with test flights of new Delta Class spaceships before restarting commercial service in 2026. The company also completed its new manufacturing facility in Mesa, Arizona, where final assembly of Delta Class spaceships will begin in 2025.Looking ahead, Virgin Galactic maintains reservations for approximately 700 future astronauts, representing about $193 million in expected future revenue. The company expects to reach a significant milestone for Delta Class spaceship design by end of summer 2024 and projects its new motherships to be ready for service in 2028. Management believes current capital is adequate to sustain operations for at least the next twelve months.
