Workflow
Virgin Galactic(SPCE) - 2023 Q4 - Annual Results
SPCEVirgin Galactic(SPCE)2024-02-26 16:00

Revenue Performance - Revenue for Q4 2023 was 3million,upfrom3 million, up from 1 million in Q4 2022, driven by commercial spaceflights and membership fees[6] - Full year 2023 revenue reached 7million,comparedto7 million, compared to 2 million in 2022[6] - Revenue for Q1 2024 is expected to be approximately 2million,withfreecashflowprojectedtobeintherangeof2 million, with free cash flow projected to be in the range of (125) million to (135)million[11]NetLossandFinancialImprovement−NetlossforQ42023was(135) million[11] Net Loss and Financial Improvement - Net loss for Q4 2023 was 104 million, an improvement from a net loss of 151millioninQ42022,primarilyduetoloweroperatingexpenses[6]−Netlossforthefullyear2023was151 million in Q4 2022, primarily due to lower operating expenses[6] - Net loss for the full year 2023 was 502 million, slightly higher than the 500millionnetlossin2022[6]−Thecompanyreportedanetlossof500 million net loss in 2022[6] - The company reported a net loss of 103,984 for the three months ended December 31, 2023, compared to a net loss of 150,820forthesameperiodin2022,indicatinga31150,820 for the same period in 2022, indicating a 31% improvement year-over-year[17] Operating Expenses - Total operating expenses for Q4 2023 were 117 million, down from 154millioninQ42022[6]−Totalnon−GAAPoperatingexpensesforthethreemonthsendedDecember31,2023,were154 million in Q4 2022[6] - Total non-GAAP operating expenses for the three months ended December 31, 2023, were 100,370, down from 139,842inthesameperiodof2022,representinga28139,842 in the same period of 2022, representing a 28% decrease[21] - The total operating expenses for the year ended December 31, 2023, were 538,309, up from 502,296in2022,indicatinga7502,296 in 2022, indicating a 7% increase[21] Cash Position and Flow - Cash position as of December 31, 2023, was strong at 982 million, including cash, cash equivalents, and marketable securities[6] - The company had cash, cash equivalents, and restricted cash of 253,592attheendoftheperiod,downfrom253,592 at the end of the period, down from 342,627 at the end of the previous year[18] - Free cash flow for the three months ended December 31, 2023, was (113,677),comparedto(113,677), compared to (135,425) for the same period in 2022, showing a 16% improvement[22] - The company experienced a net cash used in operating activities of (95,309)forthethreemonthsendedDecember31,2023,comparedto(95,309) for the three months ended December 31, 2023, compared to (131,242) for the same period in 2022, reflecting a 27% improvement[22] - The forecasted net cash used in operating activities for the three months ending March 31, 2024, is estimated to be between (85,000)and(85,000) and (90,000)[22] Capital Expenditures - Capital expenditures for the three months ended December 31, 2023, were 18,368,significantlyhigherthan18,368, significantly higher than 4,183 in the same period of 2022[22] Future Plans and Developments - The company plans to deliver the first parts for the Delta Class spaceships ahead of assembly in 2024, with commercial service expected in 2026[5] - The spaceship factory in Arizona is on track to open in mid-2024[11] - The company successfully completed six human spaceflights in six months during 2023[5]