Author Topic: Virgin Galactic merger to make it publicly traded  (Read 56473 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 »

Offline 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."

Offline 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.

Offline 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.

Offline 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

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#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

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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 »
artist, so take opinions expressed above with a well-rendered grain of salt...
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Online 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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Offline 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.

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