Virgin Galactic Holdings Inc Stock Price, News & Analysis

Virgin Galactic Holdings, Inc. (NYSE: SPCE) reported a second quarter 2022 net loss of $111 million, worsening from $94 million a year earlier. Expenses rose with GAAP selling, general, and administrative costs at $45 million, and R&D expenses increasing to $62 million. Despite this, cash and cash equivalents stand at a robust $1.1 billion. Major developments include a partnership with Aurora Flight Sciences to construct two new motherships, with the first expected to be operational by 2025, and a new manufacturing facility in Arizona expected to be fully operational by late 2023, supporting upcoming commercial launches in Q2 2023.

Virgin Galactic Holdings (NYSE: SPCE) has appointed Mike Moore as Executive Vice President of Spaceline Technical Operations as of August 22. Moore, a veteran with over 28 years in aerospace, will oversee the technical operations team and facilitate the readiness of vehicles for high-frequency commercial flights. His previous experience includes leadership roles at Delta Air Lines, where he was instrumental in major maintenance partnerships. CEO Michael Colglazier highlighted Moore’s expertise in safety and process improvement as crucial for the company’s ambitious expansion plans.

Virgin Galactic (NYSE: SPCE) has announced plans for a new astronaut campus and training facility in Sierra County, New Mexico. This facility aims to enhance the customer journey for future astronauts and their guests prior to flights from Spaceport America. The campus will feature training facilities, accommodations, and recreational options while emphasizing sustainability. Virgin Galactic has committed over $180 million to local suppliers since 2011 and employs more than 200 people in New Mexico, with expectations of creating additional jobs.

Virgin Galactic (NYSE: SPCE) has partnered with Virtuoso, a luxury travel network, to offer limited spaceflight experiences to its elite client base. This collaboration provides access to Virgin Galactic's spaceflight, priced at $450,000 per ticket, along with exclusive events and astronaut training for guests. With the inclusion of Virgin Galactic, Virtuoso enhances its portfolio of over 2,200 luxury partners, creating new marketing avenues for both companies. This strategic move aims to reach high-net-worth travelers seeking unique experiences across global markets.

Virgin Galactic Holdings (NYSE: SPCE) has signed a long-term lease for a new assembly facility in the Greater Phoenix area, capable of producing up to six spaceships per year. This facility aims to significantly enhance flight frequency, supporting the target of 400 flights annually from Spaceport America. Hundreds of skilled jobs will be created in aerospace engineering and manufacturing. The first Delta class spaceship is projected to begin revenue-generating flights by late 2025, with private astronaut flights expected in 2026.

Virgin Galactic (NYSE: SPCE) has announced an agreement with Aurora Flight Sciences, a Boeing company, to develop two next-generation motherships designed for up to 200 flights per year. The first mothership is expected to enter service in 2025, coinciding with the arrival of the first Delta-class spaceship for revenue missions. The partnership aims to leverage Aurora's manufacturing expertise to enhance production efficiency and minimize supply chain disruptions. Overall, this collaboration is crucial for scaling operations and increasing flight capacity at Spaceport America.

Virgin Galactic Holdings, Inc. (NYSE: SPCE) will report its financial results for Q2 2022 on August 4, 2022, after U.S. markets close. A conference call to discuss the results is scheduled for 2:00 p.m. PT (5:00 p.m. ET) on the same day. This event will be accessible via a live webcast on the Company’s Investor Relations website. Virgin Galactic is focused on pioneering human spaceflight for private individuals and researchers through its spaceflight systems, aiming to offer transformative experiences in space travel.

Virgin Galactic (NYSE: SPCE) announced its Q1 2022 financial results, reporting a net loss of $93 million, an improvement from a $130 million loss in Q1 2021. The company maintains a strong cash position of $1.22 billion. Ticket demand is robust, with around 800 future astronaut reservations, although the launch of commercial service has been postponed from Q4 2022 to Q1 2023 due to supply chain constraints. Notable developments include the completion of a $425 million convertible debt offering and ongoing enhancements to the current fleet to improve flight frequency.

Virgin Galactic Holdings, Inc. (NYSE: SPCE) has announced it will report its financial results for the first quarter of 2022 on May 5, 2022, after U.S. market close. A conference call will be held at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss these results. The call will be accessible via a live webcast on the Company's Investor Relations website. Virgin Galactic is focused on pioneering human spaceflight for private individuals and researchers, creating advanced air and space vehicles.