Virgin Galactic
Virgin Galactic Announces Fourth Quarter and Full Year 2022 Financial Results and Provides Business Update (Press Release - February 28)
ORANGE COUNTY, CALIFORNIA – Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or the "Company”) today announced its financial results for the fourth quarter and full year ended December 31, 2022 and provided a business update. Michael Colglazier, Chief Executive Officer of Virgin Galactic said “It is great to see our mothership back in the skies, and we are thrilled to have VMS Eve rejoin spaceship Unity back home at Spaceport America. With our enhancement program complete and validation flights underway, we remain on track to launch commercial service in the second quarter of 2023. Our near-term objective for commercial spaceline operations is to safely deliver recurring flights with our current ships while providing an unrivaled experience for private astronauts and researchers.”
Fourth Quarter 2022 Financial Highlights
- Cash position remains strong, with cash and cash equivalents and marketable securities of $980 million as of December 31, 2022.
- Net loss of $151 million, compared to a $81 million net loss in the fourth quarter of 2021.
- GAAP selling, general and administrative expenses of $47 million, compared to $38 million in the fourth quarter of 2021. Non‐GAAP selling, general and administrative expenses of $39 million in the fourth quarter of 2022, compared to $29 million in the fourth quarter of 2021.
- GAAP research and development expenses of $103 million, compared to $40 million in the fourth quarter of 2021. Non‐GAAP research and development expenses of $99 million in the fourth quarter of 2022, compared to $36 million in the fourth quarter of 2021.
- Adjusted EBITDA totaled $(133) million, compared to $(65) million in the fourth quarter of 2021.
- Net cash used in operating activities totaled $131 million, compared to $65 million in the fourth quarter of 2021.
- Cash paid for capital expenditures totaled $4 million, compared to $2 million in the fourth quarter of 2021.
- Free cash flow totaled $(135) million, compared to $(67) million in the fourth quarter of 2021.
- Generated $3.8 million in gross proceeds through the issuance of 0.7 million shares of common stock as part of the Company's at-the-market offering program announced on August 4, 2022.
Full Year 2022 Financial Highlights
- Net loss of $500 million, compared to a $353 million net loss in 2021.
- GAAP selling, general and administrative expenses of $175 million, compared to $167 million in 2021. Non-GAAP selling, general and administrative expenses of $143 million, compared to $121 million in 2021.
- GAAP research and development expenses of $314 million, compared to $144 million in 2021. Non-GAAP research and development expenses of $300 million, compared to $129 million in 2021.
- Adjusted EBITDA totaled $(431) million, compared to $(245) million in 2021.
- Net cash used in operating activities totaled $380 million, compared to $231 million in 2021.
- Cash paid for capital expenditures totaled $16 million, compared to $5 million in 2021.
- Free cash flow totaled $(397) million, compared to $(235) million in 2021.
- Generated $103.3 million in gross proceeds through the issuance of 16.3 million shares of common stock as part of the Company's at-the-market offering program announced on August 4, 2022.
- Generated $425 million in gross proceeds through the issuance of convertible senior notes on January 19, 2022.
Recent Updates and Full Year Business Highlights
- Commercial service remains on track for Q2 2023.
- On November 2, 2022, announced Bell Textron and Qarbon Aerospace as primary suppliers to provide major subassemblies for Delta-class spaceships.
- On August 2, 2022, announced land in New Mexico secured for a new astronaut campus and training facility.
- On July 14, 2022, announced new final assembly manufacturing facility in Mesa, Arizona for the Delta-class spaceships.
- On July 6, 2022, announced agreement with Aurora Flight Sciences to build the next-generation motherships.
Source: Virgin Galactic
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Virgin Galactic
Virgin Galactic
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