Virgin Galactic Holdings, Inc. (NASDAQ:SPCE) released its first quarter financial results after the bell on Tuesday. here is a watch the highlights.
The details: Virgin Galactic reported quarterly losses of 25 cents per share, which beat analysts’ consensus estimate of losses of 29 cents by 13.79%.
Quarterly sales were $2 million, beating analysts’ consensus estimate of $1.92 million by 4.28% and representing an increase of 410.2% from sales of $392,000. from the same period last year.
The company said its spacecraft final assembly plant in Arizona is on track to open in summer 2024 and its production schedule for Delta-class spacecraft remains on track for a commercial service in 2026. VMS Eve is expected to support a flight rate increase of up to 125 flights per year and generates annualized revenue of $450 million with the first two Delta-class spacecraft.
“This is an exciting time for Virgin Galactic as we celebrate the success of VSS Unity with its upcoming mission “Galactic 07” and remain focused on executing our Delta-class program. Tool delivery and part manufacturing are beginning to ramp up as we work to complete the bulk of the Delta design phase this summer and move more fully into the construction phase. We remain on track for commercial service in 2026,” said Michael ColglazierCEO of Virgin Galactic.
Outlook: Virgin Galactic expects revenue for the second quarter to be around $3.5 million and free cash flow to be between negative $110 million and $120 million.
Related news: Hims & Hers Health Reports Better Than Expected First Quarter Results and Strong Guidance
SPCE Price Action: According to BenzingaProVirgin Galactic shares are down 4.85% after hours at 96 cents at press time Tuesday.
Photo: Shutterstock
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