Virgin Galactic Holdings Inc Stock Price, News & Analysis

Virgin Galactic (NYSE: SPCE) released its Q2 2024 financial results. The company reported revenue of $4 million, up from $2 million in Q2 2023, primarily due to commercial spaceflight and membership fees. Net loss narrowed to $94 million from $134 million in the previous year, aided by reduction in operating expenses. Cash position remains strong at $821 million.

The 'Galactic 07' mission completed successfully, generating $900K revenue per seat. Progress on Delta Class spaceships is on track, with commercial service expected by 2026. The company completed the construction of an assembly facility in Phoenix, Arizona.

Q2 saw GAAP operating expenses at $106 million, down from $141 million, and non-GAAP operating expenses at $95 million, down from $126 million. Adjusted EBITDA was $(79) million, improved from $(116) million in Q2 2023.

Virgin Galactic Holdings (NYSE: SPCE) has announced the date for its second quarter 2024 financial results release and conference call. The company will report its financial results after U.S. markets close on Wednesday, August 7, 2024. A conference call to discuss the results is scheduled for 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on the same day. Investors and interested parties can access a live webcast and replay of the conference call on Virgin Galactic's Investor Relations website at investors.virgingalactic.com.

Virgin Galactic Holdings, Inc. (NYSE: SPCE) has announced the approval of inducement restricted stock unit awards for two new non-executive employees. The Compensation Committee of Virgin Galactic's Board of Directors granted these awards, covering a total of 3,089 shares of Virgin Galactic common stock, effective July 15, 2024. These awards, granted under the company's 2023 Employment Inducement Incentive Award Plan, are designed to attract new talent to the company.

The restricted stock units will vest over a four-year period, with 25% vesting on the first anniversary of the grant date and the remaining 75% vesting quarterly over the next three years, subject to continued employment. This announcement is in compliance with NYSE Listing Rule 303A.08, which requires public disclosure of such inducement awards.

Virgin Galactic (NYSE: SPCE) announced the completion of its new manufacturing facility in Phoenix, Arizona. The facility, designed for the assembly of next-generation Delta spaceships, received its certificate of occupancy and is set to begin operations in Q1 2025. The initial team is currently preparing the facility to receive tooling by Q4 2024, followed by major subassemblies like the wing and fuselage in 2025. Ground testing in Phoenix will precede the transportation of completed ships to Spaceport America, New Mexico for flight tests. Commercial operations are expected to start in 2026. The multiuse facility, equipped with two hangars and supported by digital twin technology, aims to enhance efficiency and reliability. The Delta spaceships will accommodate up to six private passengers and are projected to conduct up to eight missions a month.

Virgin Galactic has secured a new contract with the International Institute for Astronautical Sciences (IIAS) to conduct a space research mission on a Delta Class spaceship. The mission will involve three IIAS research astronauts, including bioastronautics researcher Kellie Gerardi, who previously flew on Galactic 05. The upcoming mission will build on the results from Galactic 05, which successfully tested healthcare technologies and fluid dynamics in microgravity. The Delta spaceships, set to commence service in 2026, can conduct up to eight missions per month, significantly increasing Virgin Galactic's capacity for space research.

Virgin Galactic (NYSE: SPCE) announced a new employee inducement award under NYSE Listing Rule 303A.08.

The Compensation Committee approved a time-based restricted stock unit award of 1,741 shares, effective June 15, 2024, following a 1-for-20 reverse stock split effective June 14, 2024. The award falls under Virgin Galactic's 2023 Employment Inducement Incentive Award Plan and will vest over four years. 25% of the shares vest on the first anniversary of the grant date, with the remaining 75% vesting over the next 12 quarters, contingent on continued service.

Virgin Galactic Holdings (NYSE: SPCE) announced a 1-for-20 reverse stock split, effective June 14, 2024, after trading closes. The stock will trade on a split-adjusted basis from June 17, 2024, under the ticker 'SPCE' with the new CUSIP number 92766K 403. The split aims to increase per-share price to meet NYSE's minimum bid requirements. Stockholders approved this at the annual meeting on June 12, 2024. No fractional shares will be issued; cash payments will be made instead. Adjustments will be made to equity awards and stock issuances under existing agreements and incentive plans. Continental Stock Transfer & Trust will manage the exchange. More details are available in the company's proxy statement on the SEC website.

Virgin Galactic has completed its 12th successful spaceflight, 'Galactic 07,' marking its second spaceflight of 2024. The mission carried one researcher and three private astronauts, including Turkish astronaut Tuva Cihangir Atasever. The flight conducted several experiments for space-based scientific research. The company has now completed seven research missions. Virgin Galactic's spacecraft, VSS Unity, made its final commercial flight and achieved significant milestones, reaching an apogee of 54.4 miles and a top speed of Mach 2.96. As VSS Unity retires, the company focuses on developing its next-generation Delta Class spaceships, set to enter commercial service in 2026.

Virgin Galactic Holdings (NYSE: SPCE) has announced its participation in TD Cowen's 8th Annual Future of the Consumer Conference on June 5, 2024, at 10:50am ET.

CEO Michael Colglazier will engage in a fireside chat, which will be webcast live and accessible on the Investors Relations section of Virgin Galactic's website.