Summary by Moomoo AI
Virgin Galactic has reported its financial results for the second quarter of 2024, showing a revenue increase to $4.22 million, up from $1.87 million in the same period of 2023, marking a 126% rise. The six-month revenue also saw a significant increase of 174%, reaching $6.21 million compared to $2.26 million in the previous year. Despite these gains, the company experienced a net loss of $93.78 million for the quarter and $195.79 million for the six-month period, although these losses represent a reduction from the previous year's $134.36 million and $293.75 million, respectively. Operating expenses for the quarter were $106.01 million, with research and development costs decreasing by 52% to $41.54 million, reflecting the completion of modifications to VSS Unity and VMS Eve. Selling, general, and administrative expenses also decreased by 34% to...Show More