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Virgin Galactic | 8-K: Virgin Galactic Announces Fourth Quarter and Full Year 2023 Financial Results and Provides Business Update

SEC announcement ·  Feb 27 16:23
Summary by Moomoo AI
On February 27, 2024, Virgin Galactic Holdings, Inc. reported its financial results for the fourth quarter and full year ended December 31, 2023. The company announced a revenue increase to $3 million for the fourth quarter, up from $1 million in the same period of the previous year, attributed to commercial spaceflights and membership fees. Despite this, Virgin Galactic experienced a net loss of $104 million for the quarter, an improvement from a $151 million net loss in the fourth quarter of 2022. The full-year results showed a revenue of $7 million, up from $2 million in 2022, and a net loss of $502 million, slightly higher than the $500 million net loss in the previous year. The company highlighted the successful completion of six human spaceflights within six months in 2023 and the...Show More
On February 27, 2024, Virgin Galactic Holdings, Inc. reported its financial results for the fourth quarter and full year ended December 31, 2023. The company announced a revenue increase to $3 million for the fourth quarter, up from $1 million in the same period of the previous year, attributed to commercial spaceflights and membership fees. Despite this, Virgin Galactic experienced a net loss of $104 million for the quarter, an improvement from a $151 million net loss in the fourth quarter of 2022. The full-year results showed a revenue of $7 million, up from $2 million in 2022, and a net loss of $502 million, slightly higher than the $500 million net loss in the previous year. The company highlighted the successful completion of six human spaceflights within six months in 2023 and the completion of the 'Galactic 06' mission in January 2024. Looking forward, Virgin Galactic is on track with its Delta Class spaceships for ground and flight testing in 2025 and commercial service in 2026. The company's cash position remains strong with $982 million in cash, cash equivalents, and marketable securities as of December 31, 2023. Virgin Galactic also provided updates on its business operations, including the planned 'Galactic 07' spaceflight mission for the second quarter of 2024, the opening of a spaceship factory in Arizona in mid-2024, and the production schedule for Delta Class spaceships. The company's financial guidance for the first quarter of 2024 anticipates revenue to be approximately $2 million and free cash flow to be in the range of $(125) million to $(135) million.

This announcement is a separate document:

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