Virgin Galactic surges 30% after earnings

Virgin Galactic (SPCE.US) surges 30% today after reporting Q3 2023 earnings yesterday after the close of the Wall Street session. Company reported better-than-expected revenue, smaller-than-expected losses as well as smaller-than-expected cash burn.

Virgin Galactic reported an over-120% year-over-year jump in Q3 revenue, to $1.73 million (exp. $1.14 million), while net loss at $104.6 million was narrower than $137.7 million expected. Cash burn at $104.8 million was also smaller than expected. However, forecasts for Q4 2023 free cash flow suggested a higher-than-expected cash burn in the final three months of the year. A revenue forecast for Q4 was boosted from 'about $1 million' to 'about $3 million'. Nevertheless, company does not expect to become profitable before its new launch vehicle Delta is introduced into operations in 2026.

Virgin Galactic announced earlier this week that it plans to cut around 18% of its workforce and suspend space flights from mid-2024 in order to focus on development of its new launch vehicle, Delta spaceplane. This means that recently launched commercial space flights will be paused. A cut will allow for around $25 million in annual savings.

Q3 2023 earnings

Revenue: $1.73 million vs $1.14 million expected (+124% YoY)
R&D expenses: $44.8 million vs $88.9 million expected (-54% YoY)
SG&A expenses: $42.2 million vs $49.4 million expected (-8.4% YoY)
Free cash flow: -$104.8 million vs -$126.6 million expected
Adjusted EBITDA: -$87.3 million vs -$120 million expected
Net result: -$104.6 million vs -$137.7 million
Loss per share: -$0.28 vs -$0.43 expected

Q4 2023 forecasts

Revenue: 'about $3 million' vs 'about $1 million' previously
Free cash flow: -$125-135 million vs -$120-130 million previously

Virgin Galactic (SPCE.US) surged today following release of better-than-expected earnings report. Stock is trading at the highest level since mid-September. Share price jumped above $2.00 earlier today and even tested the $2.07 resistance zone but has pulled back since. Source: xStation5

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Virgin Galactic surges 30% after earnings

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