Virgin Galactic Holdings, Inc. SPCE

$SPCE Cutting of 18% of its workforce

$SPCE Form 8-K Virgin Galactic Holdings For: Nov 07

http://archive.fast-edgar.com/20231108/AWV3622CB222S2Z2222A2CZWQU8NZ2229252

$SPCE

Virgin Galactic Announces Third Quarter 2023 Financial Results And Provides Business Update

Michael Colglazier, Chief Executive Officer of Virgin Galactic(SPCE) said, "With six spaceflights successfully completed in under six months, Virgin Galactic(SPCE) has demonstrated the repeatability of our spaceflight system and also showcased the overwhelmingly positive experience of our Astronauts. With our third quarter cash and marketable securities position of approximately $1.1 billion, we forecast having sufficient capital to bring our first two Delta ships into service and achieve positive cash flow in 2026."

Third Quarter 2023 Financial Highlights

Cash position remains strong, with cash, cash equivalents and marketable securities of $1.1 billion as of September 30, 2023, a sequential increase of $108 million from the second quarter of 2023.

Revenue of $1.7 million, compared to $0.8 million in the third quarter of 2022, driven by commercial spaceflight and membership fees related to future astronauts.

GAAP total operating expenses of $116 million, compared to $146 million in the third quarter of 2022. Non-GAAP total operating expense of $102 million in the third quarter of 2023, compared to $133 million in the third quarter of 2022.

Net loss of $105 million, compared to a $146 million net loss in the third quarter of 2022, with the improvement primarily driven by lower operating expenses and an increase in interest income.

Adjusted EBITDA totaled $(87) million, compared to $(129) million in the third quarter of 2022, primarily driven by lower operating expenses and an increase in interest income.

Net cash used in operating activities totaled $91 million, compared to $96 million in the third quarter of 2022.

Cash paid for capital expenditures totaled $13 million, compared to $6 million in the third quarter of 2022.

Free cash flow totaled $(105) million, compared to $(102) million in the third quarter of 2022.

Generated $211 million in gross proceeds through the issuance of 62 million shares of common stock as part of the Company's at-the-market offering program.

$SPCE $1.51-54 gap isn't closed yet

$SPCE Russell 2000 dropped $20 today which is why this trash went down like Branson on his boyfriend

$SPCE Pre-earnings options volume in $SPCE is 1.4x normal with calls leading puts 8:5. Implied volatility suggests the market is anticipating a move near 11.6%, or 18c, after results are released. Median move over the past eight quarters is 6.3%.

$SPCE Email to employees included. ??? https://www.businesswire.com/news/home/20231107369107/en/

Evry weak fly but thes stock no move any where

$SPCE It doesn't matter now. Even if it goes bankrupt. Even if it goes to $0 now. Because with your biased nonsense, you single handedly rekt and fucked so many people now. You ain't no fuckin trader. Let that sink in. ✅?☝??

$SPCE $1.50-54 gap. ✅?