Virgin Galactic Holdings, Inc. (NYSE:SPCE) shares are trading higher after the company reported its second-quarter financial results Wednesday. Here's a look at the details from the report.
The Details: Virgin Galactic reported quarterly losses of $4.36 per share, which beat the analyst consensus estimate by 11.56%.
Quarterly revenue came in at $4.22 million, which beat the analyst consensus estimate of $3.361 million by 25.56% and represents a 125.55% increase from the same period last year. The company said the increase in revenue was driven by commercial spaceflight and membership fees related to future astronauts.
Virgin Galactic posted a net loss of $94 million, compared to a $134 million net loss in the second quarter of 2023, with the improvement primarily driven by lower operating expenses.
"Progress on our Delta Class spaceship program was substantial in Q2, with the pace of design completion accelerating and tool fabrication underway. In the next month, our teams will pivot primary focus from design completion to the build and test phases of our production spaceships, which remain on track to enter commercial service in 2026," said Michael Colglazier, CEO of Virgin Galactic.
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Outlook: Virgin Galactic sees free cash flow for the third quarter of 2024 to be in the range of negative $115 million to negative $125 million.
SPCE Price Action: According to Benzinga Pro,Virgin Galactic shares are up 2.66% after-hours at $5.41 at the time of publication Wednesday.
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Image: Courtesy of Virgin Galactic Holdings, Inc.
