Author Topic: Virgin Galactic merger to make it publicly traded  (Read 79442 times)

Offline Andy Bandy

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Re: Virgin Galactic merger to make it publicly traded
« Reply #180 on: 06/01/2021 10:04 pm »
Ah, the alpha male world of Wall Street.

Billionaire Chamath Palihapitiya once blasted a prospective Virgin Galactic investor for questioning his track record - and called him a 'complete f---ing idiot'

https://markets.businessinsider.com/news/stocks/chamath-palihapitiya-virgin-galactic-blasted-potential-investor-question-track-record-2021-6-1030483546

And the prospective investors loved it! Instead of listening the skeptic's warnings, they cheered Chamath for pummeling the man in front of them. But, Chamath's behavior gets him on CNBC! A network full of credulous anchors that employs Jim Cramer. What could go wrong.
« Last Edit: 06/01/2021 10:07 pm by Andy Bandy »

Online FutureSpaceTourist

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Re: Virgin Galactic merger to make it publicly traded
« Reply #181 on: 06/02/2021 04:09 pm »
https://twitter.com/thesheetztweetz/status/1400098789109686275

Quote
Morgan Stanley notes Virgin Galactic $SPCE issued a new shelf registration on Friday, providing "flexibility to raise $1 billion in new capital through a mix of securities."

"We are not surprised" and expect $200 million "of annual capital infusion through 2024."

Online FutureSpaceTourist

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Re: Virgin Galactic merger to make it publicly traded
« Reply #182 on: 06/25/2021 04:05 pm »
https://twitter.com/thesheetztweetz/status/1408438053287477248

Quote
Virgin Galactic $SPCE is now up more than 30% today and on pace for its best trading day ever.

Online FutureSpaceTourist

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Re: Virgin Galactic merger to make it publicly traded
« Reply #183 on: 07/02/2021 02:28 pm »
https://www.cnbc.com/amp/2021/07/02/virgin-galactic-stock-spce-surges-as-richard-branson-aims-for-july-11.html

Quote
Virgin Galactic shares surge as Branson tries to take lead in billionaire space race
PUBLISHED FRI, JUL 2 2021 8:57 AM EDT
UPDATED 9 MIN AGO
Michael Sheetz
@THESHEETZTWEETZ

KEY POINTS

Virgin Galactic shares surged on Friday after the space tourism venture announced its next spaceflight test will carry founder Sir Richard Branson.

Two pilots will fly spacecraft VSS Unity, carrying Branson alongside three Virgin Galactic employees, planning to launch on July 11.

The launch marks an attempt to beat fellow billionaire Jeff Bezos. The latter announced in May that he will launch on his company Blue Origin's first passenger spaceflight on July 20.

Online AnalogMan

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Re: Virgin Galactic merger to make it publicly traded
« Reply #184 on: 07/12/2021 08:01 pm »
Virgin Galactic may sell $500m of shares after space success

Virgin Galactic has said it may sell up to $500m of shares after completing a successful space trip on Sunday.
In a filing, the company says it plans to use cash raised to develop its spaceship fleet and infrastructure.

https://www.bbc.co.uk/news/business-57810029

(SEC 8-K filing attached)

Offline Danderman

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Re: Virgin Galactic merger to make it publicly traded
« Reply #185 on: 07/13/2021 05:13 am »
If that happens, I will take a look at the share price and maybe add to my portfolio.

Online FutureSpaceTourist

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Re: Virgin Galactic merger to make it publicly traded
« Reply #186 on: 08/13/2021 07:01 am »
twitter.com/spacecom/status/1426037809014444032

Quote
#RichardBranson and #VirginInvestments just sold nearly 9 million shares of #VirginGalactic for just over $300 million. A week after announced another  delay in the start of space tourism flights to late Q3 2022. Someone's making money even if company isnt investors.virgingalactic.com/financials/sec…

https://twitter.com/spacecom/status/1426039098544848899

Quote
Amazing the stock has risen at all. Before #VirginGalactic went public they were projecting tourism flights by June 2020. Now September 2022. Everything keeps moving to the right.
« Last Edit: 08/13/2021 07:02 am by FutureSpaceTourist »

Offline su27k

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Re: Virgin Galactic merger to make it publicly traded
« Reply #187 on: 01/14/2022 04:19 am »
Virgin Galactic stock falls after announcing plans to add up to $500 million in debt

Quote from: CNBC
* Shares of Virgin Galactic fell in trading on Thursday after the company announced plans to add up to $500 million in debt.

* The space tourism company’s plans include raising up to $425 million from the sale of 2027 convertible senior notes through a private offering.

* Delays have pushed Virgin Galactic’s commercial service launch until late 2022 at the earliest.

Offline ZachF

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Re: Virgin Galactic merger to make it publicly traded
« Reply #188 on: 01/19/2022 11:16 pm »
This stock is now well below its IPO price of several years ago.

I really don’t see how this company doesn’t go under, and they want another half billion to borrow? I’m not sure it even has any real liquidation value either…  :o

If they could make $30k per passenger in profit they’d have to fly like 1000 people to space per year just to service the interest on that debt!

This company is unfortunately a dumpster fire
« Last Edit: 01/19/2022 11:23 pm by ZachF »
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Offline Robotbeat

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Re: Virgin Galactic merger to make it publicly traded
« Reply #189 on: 01/20/2022 04:16 pm »
Their plan is to expand beyond just suborbital tourist hops and do longer range point to point stuff (perhaps with glide or skip capability) with a new vehicle.not saying you’re wrong, but they weren’t just planning on relying only on suborbital tourism with SpaceShipTwo or whatever.
« Last Edit: 01/20/2022 04:17 pm by Robotbeat »
Chris  Whoever loves correction loves knowledge, but he who hates reproof is stupid.

To the maximum extent practicable, the Federal Government shall plan missions to accommodate the space transportation services capabilities of United States commercial providers. US law http://goo.gl/YZYNt0

Offline Kryten

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Re: Virgin Galactic merger to make it publicly traded
« Reply #190 on: 01/20/2022 05:00 pm »
This stock is now well below its IPO price of several years ago.
The Space Review just put out an article on the recent space SPACs, none of them seem to be doing terribly well.

 https://www.thespacereview.com/article/4315/1
Quote
Since the start of last year, nine space companies went public through SPAC mergers, part of a much larger wave of companies that decided to raise money and go public by merging with such “blank-check” entities that offered a faster path to public markets than a traditional initial public offering. As of the closing of trading Friday, all nine were trading below the price when their SPAC deals closed, in some cases by large margins. Spire was down by more than 70%, as was imaging company BlackSky. Momentus, an in-space transportation company, was down by more than 60%. Even Rocket Lab, the small launch vehicle and spacecraft developer that had seen strong performance of its stock in the last few months of 2021, was down by about 10%.

Offline Andy Bandy

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Re: Virgin Galactic merger to make it publicly traded
« Reply #191 on: 01/21/2022 11:16 pm »
Their plan is to expand beyond just suborbital tourist hops and do longer range point to point stuff (perhaps with glide or skip capability) with a new vehicle.not saying you’re wrong, but they weren’t just planning on relying only on suborbital tourism with SpaceShipTwo or whatever.

Yes, they announced such plans. And they produced some nice looking illustrations. Whether the plan has advanced very far -- or every produce anything flyable -- remains to be seen.

Offline TrevorMonty

Re: Virgin Galactic merger to make it publicly traded
« Reply #192 on: 01/22/2022 11:19 am »
Their plan is to expand beyond just suborbital tourist hops and do longer range point to point stuff (perhaps with glide or skip capability) with a new vehicle.not saying you’re wrong, but they weren’t just planning on relying only on suborbital tourism with SpaceShipTwo or whatever.

Yes, they announced such plans. And they produced some nice looking illustrations. Whether the plan has advanced very far -- or every produce anything flyable -- remains to be seen.
They need to be flying frequent suborbital flights before expanding into other projects.



Sent from my SM-G570Y using Tapatalk


Offline Andy Bandy

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Re: Virgin Galactic merger to make it publicly traded
« Reply #193 on: 01/22/2022 08:50 pm »
Their plan is to expand beyond just suborbital tourist hops and do longer range point to point stuff (perhaps with glide or skip capability) with a new vehicle.not saying you’re wrong, but they weren’t just planning on relying only on suborbital tourism with SpaceShipTwo or whatever.

Yes, they announced such plans. And they produced some nice looking illustrations. Whether the plan has advanced very far -- or every produce anything flyable -- remains to be seen.
They need to be flying frequent suborbital flights before expanding into other projects.



Sent from my SM-G570Y using Tapatalk

Yes. What I'm telling you is that VG might not ever actually do the point to point supersonic.

Offline ZachF

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Re: Virgin Galactic merger to make it publicly traded
« Reply #194 on: 01/22/2022 10:08 pm »
Their plan is to expand beyond just suborbital tourist hops and do longer range point to point stuff (perhaps with glide or skip capability) with a new vehicle.not saying you’re wrong, but they weren’t just planning on relying only on suborbital tourism with SpaceShipTwo or whatever.

Yes, they announced such plans. And they produced some nice looking illustrations. Whether the plan has advanced very far -- or every produce anything flyable -- remains to be seen.
They need to be flying frequent suborbital flights before expanding into other projects.



Sent from my SM-G570Y using Tapatalk

It’s a straight up awful design. The IP is worthless.

They’ve been messing with derivations of this design for about a quarter century now, today they’re spending almost a million dollars a day… and they still haven’t been able to achieve a annual cadence to space of (checks notes) one. It’s been “one year away” from regular launches into space for like 15 years now.

The more I look into this company, the more I wonder if perp walks will be involved after it folds.
« Last Edit: 01/23/2022 01:06 am by ZachF »
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Online FutureSpaceTourist

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Re: Virgin Galactic merger to make it publicly traded
« Reply #195 on: 08/04/2022 08:27 pm »
https://investors.virgingalactic.com/news/news-details/2022/Virgin-Galactic-Announces-Second-Quarter-2022-Financial-Results-And-Provides-Business-Update/default.aspx

Quote
VIRGIN GALACTIC ANNOUNCES SECOND QUARTER 2022 FINANCIAL RESULTS AND PROVIDES BUSINESS UPDATE

AUGUST, 04, 2022
Advancement of Strategic Initiatives Positions the Company for Scaled Growth

Selected Aurora Flight Sciences, a Boeing Subsidiary, to Build Two New Motherships; First Next-Generation Mothership Planned to Enter Service in 2025

Delta Class Spaceship Manufacturing Facility in Phoenix Area, Expected to be Fully Operational in Late 2023

Commercial Launch Anticipated for Q2 2023

TUSTIN, Calif.--(BUSINESS WIRE)-- Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or the "Company”) today announced its financial results for the second quarter ended June 30, 2022 and provided a business update.

Michael Colglazier, Chief Executive Officer of Virgin Galactic said “As we prepare to return to the skies, we have put in place many powerful initiatives to drive our long-term success. Our agreement with Aurora to develop new motherships, selection of Phoenix as the location for our new Spaceship factory in Phoenix, and acquisition of an incredible land parcel in New Mexico for our Future Astronaut Campus are cornerstone elements of how we will build and operate our global Spaceline. While our short-term plans now call for commercial service to launch in the second quarter of 2023, progress on our future fleet continues and many of the key elements of our roadmap are now in place to scale the business in a meaningful way."

Second Quarter 2022 Financial Highlights:

Cash position remains strong, with cash and cash equivalents and marketable securities of $1.1 billion as of June 30, 2022.

Net loss of $111 million compared to a $94 million net loss in the second quarter of 2021.

GAAP selling, general, and administrative expenses of $45 million, compared to $37 million in the second quarter of 2021. Non-GAAP selling, general and administrative expenses of $36 million in the second quarter of 2022, compared to $26 million in the second quarter of 2021.

GAAP research and development expenses of $62 million, compared to $35 million in the second quarter of 2021. Non-GAAP research and development expenses of $59 million in the second quarter of 2022, compared to $31 million in the second quarter of 2021.

Adjusted EBITDA totaled $(93) million, compared to $(56) million in the second quarter of 2021.
Net cash used in operating activities totaled $(87) million, compared to $(65) million in the second quarter of 2021.

Free cash flow totaled $(91) million, compared to $(66) million in the second quarter of 2021.
Cash paid for capital expenditures totaled $5 million, compared to $1 million in the second quarter of 2021.

Business Highlights and Recent Updates:

On July 6, 2022, announced selection of Boeing subsidiary, Aurora Flight Sciences, to build two new motherships, each designed to fly up to 200 launches per year. The first new mothership is planned to enter service in 2025.

On July 14, 2022, announced new Delta class manufacturing facility in Mesa, Arizona. This site is expected to have the capacity to produce up to six spaceships per year and is expected to be fully operational in late 2023, bringing hundreds of new highly skilled jobs to the Greater Phoenix area.
On July 21, 2022, announced partnership with Virtuoso to make a limited number of reservations within Virgin Galactic's first 1,000 seats available to their exclusive global portfolio offering.

On August 2, 2022, announced expanded presence in New Mexico to support scaled operations.
Commercial service expected to launch in Q2 2023 due to extended completion dates within the mothership enhancement program.

Financial Guidance:

The following forward-looking statements reflect our expectations for the third quarter of 2022 as of August 04, 2022 and are subject to substantial uncertainty. Our results are based on assumptions that we believe to be reasonable as of this date, but may be materially affected by many factors, as discussed below in “Forward-Looking Statements.”

Forecasted free cash flow for the third quarter of 2022 is expected to be in the range of $(110) million to $(120) million.

Conference Call Information

Virgin Galactic will host a conference call to discuss the results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today. To access the conference call, parties should dial +1 844 200 6205 or +1 646 904 5544 and enter the conference ID number 643846. The live audio webcast along with supplemental information will be accessible on the Company’s Investor Relations website at https://investors.virgingalactic.com/events-and-presentations/. A recording of the webcast will also be available following the conference call.

About Virgin Galactic Holdings

Virgin Galactic is an aerospace and space travel company, pioneering human spaceflight for private individuals and researchers with its advanced air and space vehicles. It is developing a spaceflight system designed to connect the world to the love, wonder and awe created by space travel and to offer customers a transformative experience. You can find more information at https://www.virgingalactic.com/.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Virgin Galactic Holdings, Inc. (the "Company"), including statements regarding the Company’s spaceflight systems, markets, expected flight schedule, timing of commercial launch, completion of new motherships and launch capacity, expected timing of completion and benefits from the Mesa manufacturing facility and the Company’s financial forecast. These forward-looking statements generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “can,” “continue,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.virgingalactic.com. These filings identify and address other important risks and uncertainties that could cause the Company’s actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

USE OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)

This press release references certain financial measures that are not prepared in accordance with generally accepted accounting principles in the United States (GAAP), including Adjusted EBITDA, non-GAAP selling, general, and administrative expense, non-GAAP research and development expense and free cash flow. The Company defines Adjusted EBITDA as earnings before interest expense, taxes, depreciation and amortization, stock-based compensation, and certain other items the Company believes are not indicative of its core operating performance. It defines non-GAAP selling, general, and administrative expenses as selling, general, and administrative expenses other than stock-based compensation and non-GAAP research and development expenses as research and development expenses other than stock-based compensation. It defines free cash flow as net cash used by operating activities less capital expenditures. None of these non-GAAP financial measures is a substitute for or superior to measures prepared in accordance with GAAP and should not be considered as an alternative to any other measures derived in accordance with GAAP.

The Company believes that presenting these non-GAAP financial measures provides useful supplemental information to investors about the Company in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore any non-GAAP measures the Company uses may not be directly comparable to similarly titled measures of other companies.

Second Quarter 2022 Financial Results

[for financial tables etc see link at top of post]
« Last Edit: 08/04/2022 08:28 pm by FutureSpaceTourist »

Offline ZachF

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Re: Virgin Galactic merger to make it publicly traded
« Reply #196 on: 08/05/2022 05:25 pm »
VG remains a million dollar per day dumpster fire.

Commercial launch is still “one year away” like it has been for over a decade now.
 ::)
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Offline Steven Pietrobon

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Re: Virgin Galactic merger to make it publicly traded
« Reply #197 on: 08/06/2022 06:16 am »
At about $100M per quarter, they have about 2.75 years of runway left.
Akin's Laws of Spacecraft Design #1:  Engineering is done with numbers.  Analysis without numbers is only an opinion.

Online FutureSpaceTourist

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Re: Virgin Galactic merger to make it publicly traded
« Reply #198 on: 11/03/2022 07:28 pm »
https://investors.virgingalactic.com/news/news-details/2022/Virgin-Galactic-Announces-Third-Quarter-2022-Financial-Results-And-Provides-Business-Update/default.aspx

Quote
VIRGIN GALACTIC ANNOUNCES THIRD QUARTER 2022 FINANCIAL RESULTS AND PROVIDES BUSINESS UPDATE

NOVEMBER, 03, 2022
Contracted With Bell Textron and Qarbon Aerospace as Primary Suppliers to Build Delta Class Spaceships
Commercial Launch Remains on Track for Q2 2023


TUSTIN, Calif.--(BUSINESS WIRE)-- Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or the "Company”) today announced its financial results for the third quarter ended September 30, 2022 and provided a business update.

Michael Colglazier, Chief Executive Officer of Virgin Galactic said, “We remain on track to launch commercial service in the second quarter of 2023, and we look forward to validating the modifications to VMS Eve and VSS Unity with multiple scheduled test flights in the coming months. We are also executing on our key strategic initiatives to scale our business as a global Spaceline over the long-term. With Aurora Flight Sciences building our next generation motherships, and the selection of experienced manufacturers, Bell Textron and Qarbon Aerospace, to help build our Delta Class Spaceships, we have our primary suppliers in place to expand our fleet and support our long-term growth.”

Third Quarter 2022 Financial Highlights:

Cash position remains strong, with cash and cash equivalents and marketable securities of $1.1 billion as of September 30, 2022.
Net loss of $146 million, compared to a $48 million net loss in the third quarter of 2021.
GAAP selling, general, and administrative expenses of $46 million, compared to $48 million in the third quarter of 2021. Non-GAAP selling, general and administrative expenses of $38 million in the third quarter of 2022, compared to $40 million in the second quarter of 2021.
GAAP research and development expenses of $97 million, compared to $34 million in the third quarter of 2021. Non-GAAP research and development expenses of $94 million in the third quarter of 2022, compared to $31 million in the third quarter of 2021.
Adjusted EBITDA totaled $(129) million, compared to $(68) million in the third quarter of 2021.
Net cash used in operating activities totaled $(101) million, compared to $(52) million in the third quarter of 2021.
Free cash flow totaled $(107) million, compared to $(53) million in the third quarter of 2021.
Cash paid for capital expenditures totaled $6 million, compared to $1 million in the third quarter of 2021.
Generated $100 million in gross proceeds through the issuance of 15.6 million shares of common stock as part of the at the market offering announced on August 4, 2022.
Business Highlights and Recent Updates:

On November 2, 2022, we announced Bell Textron and Qarbon Aerospace as primary suppliers to build Delta Class spaceships. The first Delta Class spaceship is expected to be completed in 2025.
On track to launch commercial service in Q2 2023.
Financial Guidance:

The following forward-looking statements reflect our expectations for the fourth quarter of 2022 as of November 3, 2022 and are subject to substantial uncertainty. Our results are based on assumptions that we believe to be reasonable as of this date, but may be materially affected by many factors, as discussed below in “Forward-Looking Statements.”

Forecasted free cash flow for the fourth quarter of 2022 is expected to be in the range of $(120) million to $(130) million.
Conference Call Information

Virgin Galactic will host a conference call to discuss the results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today. To access the conference call, parties should dial +1 844 200 6205 or +1 646 904 5544 and enter the conference ID number 199443. The live audio webcast along with supplemental information will be accessible on the Company’s Investor Relations website at https://investors.virgingalactic.com/events-and-presentations/. A recording of the webcast will also be available following the conference call.

About Virgin Galactic Holdings

Virgin Galactic is an aerospace and space travel company, pioneering human spaceflight for private individuals and researchers with its advanced air and space vehicles. It is developing a spaceflight system designed to connect the world to the love, wonder and awe created by space travel and to offer customers a transformative experience. You can find more information at https://www.virgingalactic.com/.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our spaceflight systems, expected flight schedule, timing of commercial launch and payload flights, expected completion of the first Delta class spaceship, our objectives for future operations and the Company’s financial forecast, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “strategy,” “future,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.virgingalactic.com, which could cause our actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

USE OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)

This press release references certain financial measures that are not prepared in accordance with generally accepted accounting principles in the United States (GAAP), including Adjusted EBITDA, non-GAAP selling, general, and administrative expense, non-GAAP research and development expense and free cash flow. The Company defines Adjusted EBITDA as earnings before interest expense, taxes, depreciation and amortization, stock-based compensation, and certain other items the Company believes are not indicative of its core operating performance. It defines non-GAAP selling, general, and administrative expenses as selling, general, and administrative expenses other than stock-based compensation and non-GAAP research and development expenses as research and development expenses other than stock-based compensation. It defines free cash flow as net cash used by operating activities less capital expenditures. None of these non-GAAP financial measures is a substitute for or superior to measures prepared in accordance with GAAP and should not be considered as an alternative to any other measures derived in accordance with GAAP.

The Company believes that presenting these non-GAAP financial measures provides useful supplemental information to investors about the Company in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore any non-GAAP measures the Company uses may not be directly comparable to similarly titled measures of other companies.

Third Quarter 2022 Financial Results

[detailed financial tables omitted]

Online FutureSpaceTourist

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Re: Virgin Galactic merger to make it publicly traded
« Reply #199 on: 02/28/2023 08:18 pm »
https://twitter.com/virgingalactic/status/1630677898389598209

Quote
Virgin Galactic announced Q4 2022 earnings today. You can find call details, press release and presentation here:

https://investors.virgingalactic.com/news/news-details/2023/Virgin-Galactic-Announces-Fourth-Quarter-and-Full-Year-2022-Financial-Results-and-Provides-Business-Update/default.aspx

Quote
VIRGIN GALACTIC ANNOUNCES FOURTH QUARTER AND FULL YEAR 2022 FINANCIAL RESULTS AND PROVIDES BUSINESS UPDATE

FEBRUARY, 28, 2023

Commercial Service Remains on Track for Q2 2023
Enhancements to VMS Eve and VSS Unity Complete
VMS Eve Has Returned to Spaceport America to Begin Flights with VSS Unity


ORANGE COUNTY, Calif.--(BUSINESS WIRE)-- Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or the "Company”) today announced its financial results for the fourth quarter and full year ended December 31, 2022 and provided a business update.

Michael Colglazier, Chief Executive Officer of Virgin Galactic said, “It is great to see our mothership back in the skies, and we are thrilled to have VMS Eve rejoin spaceship Unity back home at Spaceport America. With our enhancement program complete and validation flights underway, we remain on track to launch commercial service in the second quarter of 2023. Our near-term objective for commercial spaceline operations is to safely deliver recurring flights with our current ships while providing an unrivaled experience for private astronauts and researchers.”

Fourth Quarter 2022 Financial Highlights

Cash position remains strong, with cash and cash equivalents and marketable securities of $980 million as of December 31, 2022.
Net loss of $151 million, compared to a $81 million net loss in the fourth quarter of 2021.
GAAP selling, general and administrative expenses of $47 million, compared to $38 million in the fourth quarter of 2021. Non‐GAAP selling, general and administrative expenses of $39 million in the fourth quarter of 2022, compared to $29 million in the fourth quarter of 2021.
GAAP research and development expenses of $103 million, compared to $40 million in the fourth quarter of 2021. Non‐GAAP research and development expenses of $99 million in the fourth quarter of 2022, compared to $36 million in the fourth quarter of 2021.
Adjusted EBITDA totaled $(133) million, compared to $(65) million in the fourth quarter of 2021.
Net cash used in operating activities totaled $131 million, compared to $65 million in the fourth quarter of 2021.
Cash paid for capital expenditures totaled $4 million, compared to $2 million in the fourth quarter of 2021.
Free cash flow totaled $(135) million, compared to $(67) million in the fourth quarter of 2021.
Generated $3.8 million in gross proceeds through the issuance of 0.7 million shares of common stock as part of the Company's at-the-market offering program announced on August 4, 2022.

Full Year 2022 Financial Highlights

Net loss of $500 million, compared to a $353 million net loss in 2021.
GAAP selling, general and administrative expenses of $175 million, compared to $167 million in 2021. Non-GAAP selling, general and administrative expenses of $143 million, compared to $121 million in 2021.
GAAP research and development expenses of $314 million, compared to $144 million in 2021. Non-GAAP research and development expenses of $300 million, compared to $129 million in 2021.
Adjusted EBITDA totaled $(431) million, compared to $(245) million in 2021.
Net cash used in operating activities totaled $380 million, compared to $231 million in 2021.
Cash paid for capital expenditures totaled $16 million, compared to $5 million in 2021.
Free cash flow totaled $(397) million, compared to $(235) million in 2021.
Generated $103.3 million in gross proceeds through the issuance of 16.3 million shares of common stock as part of the Company's at-the-market offering program announced on August 4, 2022.
Generated $425 million in gross proceeds through the issuance of convertible senior notes on January 19, 2022.

Recent Updates and Full Year Business Highlights

Commercial service remains on track for Q2 2023.
On November 2, 2022, announced Bell Textron and Qarbon Aerospace as primary suppliers to provide major subassemblies for Delta Class spaceships.
On August 2, 2022, announced land in New Mexico secured for a new astronaut campus and training facility.
On July 14, 2022, announced new final assembly manufacturing facility in Mesa, Arizona for the Delta Class spaceships.
On July 6, 2022, announced agreement with Aurora Flight Sciences to build the next generation motherships.

Financial Guidance

The following forward-looking statements reflect our expectations for the first quarter of 2023 as of February 28, 2023 and are subject to substantial uncertainty. Our results are based on assumptions that we believe to be reasonable as of this date, but may be materially affected by many factors, as discussed below in “Forward-Looking Statements.”

Forecasted free cash flow for the first quarter of 2023 is expected to be in the range of $(135) million to $(145) million.
Non-GAAP Financial Measures

In addition to the Company's results prepared in accordance with generally accepted accounting principles in the United States (GAAP), the Company is also providing certain non-GAAP financial measures. A discussion regarding the use of non-GAAP financial measures and a reconciliation of such measures to the most directly comparable GAAP information is presented later in this press release.

Conference Call Information

Virgin Galactic will host a conference call to discuss the results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today. To access the conference call, parties should dial +1 844 200 6205 or +1 646 904 5544 and enter the conference ID number 237767. The live audio webcast along with supplemental information will be accessible on the Company’s Investor Relations website at https://investors.virgingalactic.com/events-and-presentations/. A recording of the webcast will also be available following the conference call.

About Virgin Galactic Holdings

Virgin Galactic is an aerospace and space travel company, pioneering human spaceflight for private individuals and researchers with its advanced air and space vehicles. It is developing a spaceflight system designed to connect the world to the love, wonder and awe created by space travel and to offer customers a transformative experience. You can find more information at https://www.virgingalactic.com/.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our spaceflight systems, expected flight schedule, timing of commercial launch, completion of our Delta class spaceship and motherships, our objectives for future operations and the Company’s financial forecasts, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “strategy,” “future,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.virgingalactic.com, which could cause our actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
« Last Edit: 02/28/2023 08:20 pm by FutureSpaceTourist »

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