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Virgin Galactic(SPCE) - 2024 Q4 - Annual Results
SPCEVirgin Galactic(SPCE)2025-02-26 21:08

Revenue Performance - Revenue for Q4 2024 was 0.4million,adecreaseof85.70.4 million, a decrease of 85.7% compared to 2.8 million in Q4 2023, due to the pause in commercial spaceflights[5] - Full year 2024 revenue was 7million,comparedto7 million, compared to 6.8 million in 2023, primarily from commercial spaceflights and membership fees[5] Operating Expenses - GAAP total operating expenses for Q4 2024 were 82million,down29.682 million, down 29.6% from 117 million in Q4 2023[5] - Full year 2024 GAAP total operating expenses were 384million,adecreaseof28.7384 million, a decrease of 28.7% from 538 million in 2023[5] - Total operating expenses for Q4 2024 were 82,382thousand,downfrom82,382 thousand, down from 117,074 thousand in Q4 2023, resulting in non-GAAP total operating expenses of 72,499thousandcomparedto72,499 thousand compared to 100,370 thousand[20] Net Loss - Net loss for Q4 2024 was 76million,animprovementfromanetlossof76 million, an improvement from a net loss of 104 million in Q4 2023, primarily driven by lower operating expenses[5] - Net loss for the full year 2024 was 347million,improvedfromanetlossof347 million, improved from a net loss of 502 million in 2023[5] - Net loss for Q4 2024 was 76,413thousand,animprovementfromanetlossof76,413 thousand, an improvement from a net loss of 103,984 thousand in Q4 2023[17] - Adjusted EBITDA for Q4 2024 was (63,438)thousand,animprovementfrom(63,438) thousand, an improvement from (83,818) thousand in Q4 2023[21] Cash Position - Cash position as of December 31, 2024, was strong with cash, cash equivalents, and marketable securities totaling 657million[5]−Cash,cashequivalents,andrestrictedcashattheendofQ42024totaled657 million[5] - Cash, cash equivalents, and restricted cash at the end of Q4 2024 totaled 210,885 thousand, down from 253,592thousandattheendofQ42023[17]−Thecompanyreportedadecreaseincashandcashequivalentsfrom253,592 thousand at the end of Q4 2023[17] - The company reported a decrease in cash and cash equivalents from 216,799 thousand in Q4 2023 to 178,605thousandinQ42024[17]FreeCashFlow−FreecashflowforQ12025isexpectedtobeintherangeof178,605 thousand in Q4 2024[17] Free Cash Flow - Free cash flow for Q1 2025 is expected to be in the range of (115) million to (125)million[6]−FreecashflowforQ42024was(125) million[6] - Free cash flow for Q4 2024 was (116,744) thousand, slightly worse than (113,677)thousandinQ42023[21]CapitalExpenditures−CapitalexpendituresinQ42024were(113,677) thousand in Q4 2023[21] Capital Expenditures - Capital expenditures in Q4 2024 were 35,709 thousand, significantly higher than 18,368thousandinQ42023[21]CashFlowfromActivities−NetcashusedinoperatingactivitiesforQ42024was18,368 thousand in Q4 2023[21] Cash Flow from Activities - Net cash used in operating activities for Q4 2024 was (81,035) thousand, compared to (95,309)thousandinQ42023[21]−Thecompanyexperiencedanetcashprovidedbyinvestingactivitiesof(95,309) thousand in Q4 2023[21] - The company experienced a net cash provided by investing activities of 59,212 thousand in Q4 2024, compared to 80,272thousandinQ42023[17]FuturePlans−ThefirstspaceflightwiththenewDeltaSpaceShipisplannedforsummer2026,withprivateastronautspaceflightsexpectedtobegininfall2026[4]−AssemblyofthefirstDeltaSpaceShipissettobegininMarch2025[4]StockIssuance−ProceedsfromtheissuanceofcommonstockinQ42024amountedto80,272 thousand in Q4 2023[17] Future Plans - The first spaceflight with the new Delta SpaceShip is planned for summer 2026, with private astronaut spaceflights expected to begin in fall 2026[4] - Assembly of the first Delta SpaceShip is set to begin in March 2025[4] Stock Issuance - Proceeds from the issuance of common stock in Q4 2024 amounted to 29,098 thousand, compared to no proceeds in Q4 2023[17]