Virgin Galactic Reports Q2 Financial Figures, Focuses on Space Tourism Expansion

Virgin Galactic Reports: Its second-quarter financial figures on Tuesday, showing a slight increase in losses. After a second year of losses, the business revealed this information. After a successful launch, the cutting-edge space tourism company is still working toward its ultimate objective of offering frequent spaceflights to its most loyal customers. This is a major company improvement.

Virgin Galactic lost $134.4 million in the June 30, 2018 fiscal quarter. Each share lost 46 cents. One year before, the loss was $110.7 million, or 43 cents per share. However, the business made $1.9 million more. This is a substantial increase from the $357,000 reported last year. Commercial spaceflight and membership fees from future pilots generated these earnings.

Virgin Galactic’s second-quarter space flights were unprecedented. One flight was the company’s last test, while the other was the inaugural business flight, which everyone was excited about. The second event advanced the company’s market awareness. This trip has begun. The company’s second business flight is scheduled on August 10.

Virgin Galactic Reports

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Virgin Galactic shares fell 3% in after-hours trade following the company’s financial results. Virgin Galactic shares fell from $4.14 the day before. The company remains strong. It rose 19% since January.

Virgin Galactic ended the quarter with $980 million in cash, which is terrific. “At the market” common stock trades enabled this huge gain compared to the $874 million made in the previous quarter.
Virgin Galactic CEO Michael Colglazier believes in the company’s financial future and underlined its commitment to growth. He also said the company was still growing. The goal is to deliver Delta-class spacecraft on schedule for commercial usage. This objective is planned for 2026.

Virgin Galactic has invested much on developing its fleet to change space travel. This money helped the company attain its goal. The VSS Unity spaceship will work with the more advanced Delta-class spacecraft, which will run more often than once a week. VSS Unity is being flown by the US Space Shuttle. The daring project’s greater R&D spending contributed to the second quarter’s financial loss. The enormous project cost more time and money.

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