Summary by Moomoo AI
Virgin Galactic, an aerospace and space travel company, reported a significant increase in revenue for the year ended December 31, 2023, reaching $6.8 million, a 194% rise from the $2.3 million recorded in 2022. This growth was primarily driven by commercial spaceflights and membership fees from their Future Astronaut community. Despite the revenue growth, the company faced a net loss of $502.3 million in 2023, slightly more than the $500.1 million loss in 2022. Operating expenses were substantial, with spaceline operations costing $50.5 million and research and development expenses amounting to $295.1 million. Selling, general and administrative expenses slightly decreased to $174.9 million. The company also reported an increase in interest income to $42.2 million, attributed to higher investment returns and interest rates. Virgin Galactic highlighted the successful completion of their first commercial spaceflight...Show More