Virgin Galactic Holdings, Inc. (NYSE: SPCE) today announced its financial
results for the second quarter ended June 30, 2020.Shares traded down after hours almost 7%. The company is raising new funds through a 20.5 million dollar offering.
“During the second quarter we continued to advance our test flight program, including conducting two successful glide flights from Spaceport America,” said George Whitesides, Chief Space Officer of Virgin Galactic. “We saw continued growth in customer demand, with increases in paid enrollments for our ‘One Small Step’ program, and entered into deposit agreements for orbital spaceflights with twelve customers. During the period, our operations were impacted by the COVID-19 pandemic, despite our efforts to minimize disruption. However, our preparations for commercial service are well underway under the leadership of our new CEO, Michael Colglazier. Going forward, I am excited to focus my efforts and expertise on important future business areas, including high speed travel, in my new role as Chief Space Officer. We believe that these new technologies represent the future of aviation and we look forward to working with respected parties like NASA, Boeing and Rolls Royce to explore how we can revolutionize the way we travel.”
Michael Colglazier, Chief Executive Officer, added: “I am thrilled to be leading Virgin Galactic at this exciting time. We are making substantial progress across many areas of the company as we continue to focus on our path to commercial launch and the steps we are taking to get there, including conducting our first powered spaceflight from Spaceport America this fall.”
Financial Highlights:
• Cash position remains strong, with cash and cash equivalents of $360 million as of June 30, 2020.
• Net loss of $63 million, compared to a $60 million net loss in first quarter of 2020.
• GAAP selling, general, and administrative expenses of $26 million, compared to $27 million in first quarter of 2020. Non-GAAP selling, general and administrative expenses of $23 million in the second quarter of 2020, compared to $23 million in the first quarter of 2020.
• GAAP research and development expenses of $37 million, compared to $34 million in first quarter of 2020. Non-GAAP research and development expenses of $35 million in second quarter of 2020, compared to $33 million in the first quarter of 2020.
• Adjusted EBITDA totalled $(54) million, compared to $(53) million in first quarter of 2020.
• Cash paid for capital expenditures totalled $6 million, compared to $4 million in first quarter of 2020.
See the full financials here:
https://s24.q4cdn.com/816362521/files/doc_financials/Quarterly/2020/q2/Virgin-Galactic-Q2-2020-Earnings-Press-Release-8.3.20.pdf