Virgin Galactic Soars Post Earnings

2024-02-28 10:13:44

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Virgin Galactic Soars Post Earnings Virgin Galactic (NYSE:SPCE) is a California-based company that is focused on the development, manufacture, and operation of spaceships and related technologies for conducting commercial human spaceflight and flying commercial research and development payloads into space.
Shares of Virgin Galactic jumped 6.74% on Tuesday, February 27. This occurred after the company announced its final batch of earnings for the previous fiscal year.
This company unveiled its fourth quarter (Q4) and full-year fiscal 2023 earnings on February 27, 2024. In Q4 FY2023, Virgin Galactic reported a strong cash position of $982 million. It reported revenue of $3 million in the final quarter of 2023 – up from $1 million in the fourth quarter of fiscal 2022. Moreover, adjusted EBITDA was reported at negative $84 million, which was still an improvement over negative adjusted EBITDA of $133 million in the prior year. For the full year, Virgin Galactic saw its revenue more than triple to $7 million compared to $2 million in fiscal 2022.
Space tourism is a vocation that is restricted to the super rich. Indeed, the average cost of a seat on a Virgin Galactic flight come in at $450,000. Despite the hefty price tag, Virgin Galactic has managed to generate significant interest among those that can meet the number.
Virgin Galactic successfully flew six human spaceflights over a six-month span in 2023. Its Delta Class spaceships are on track for ground and flight testing by 2025.
Shares of Virgin Galactic are still down 19% so far in 2024. This company boasts an immaculate balance sheet and its stock offers sneaky value at the time of this writing.

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