Summary by Moomoo AI
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
