Virgin Galactic Stock Gains Momentum Ahead of June Mission
The company is currently targeting a launch window that opens June 8 for its Galactic 07 mission. Galactic 07 will be the final flight of Virgin Galactic’s Unity spacecraft before it halts commercial operations to develop its new Delta-class spacecraft. The Delta spacecraft will boast six passenger seats and be capable of making up to eight spaceflights a month. The tickets for a Delta spaceflight will be priced at USD$600,000 – up from the Unity ticket price of USD$450,000.
Investors got to see Virgin Galactic’s first quarter (Q1) fiscal 2024 earnings on May 7, 2024. The company’s cash position remained strong with cash, cash equivalents, and marketable securities of $867 million. Meanwhile, revenue hit $2 million – up from $0.4 million in Q1 FY2023. The increase in revenue was powered by its commercial spaceflight and the membership fees related to future astronauts.
It reported GAAP total operating expenses of $113 million in Q1 FY2024. EBITDA stands for earnings before interest, taxes, depreciation, and amortization. Virgin Galactic posted an adjusted EBITDA loss of $87 million – up from an adjusted EBITDA loss of $140 million in the previous year.
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