Virgin Galactic Files Q2 2024 10-Q Report

TL;DR

Virgin Galactic dropped its Q2 2024 10-Q. Check financials.

AI Summary

Virgin Galactic Holdings, Inc. filed its Q2 2024 10-Q report on August 7, 2024. The company, operating in transportation services, reported financial data for the period ending June 30, 2024. Key financial figures and operational details for the second quarter of 2024 are detailed within this filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational updates for Virgin Galactic, crucial for understanding the company's trajectory in the commercial spaceflight industry.

Risk Assessment

Risk Level: medium — As a company in the nascent and capital-intensive space tourism sector, Virgin Galactic faces inherent risks related to technological development, regulatory hurdles, and market adoption.

Key Numbers

• Q2 2024 — Reporting Period (Financial and operational data pertains to this quarter.)
• 2024-06-30 — Period End Date (The specific date up to which financial information is reported.)
• 2024-08-07 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• Virgin Galactic Holdings, Inc. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240807 (date) — Filing date of the report
• 1700 FLIGHT WAY, TUSTIN, CA 92782 (address) — Company's business and mailing address
• (575) 424-2100 (phone_number) — Company's business phone number

FAQ

Key Financial Figures

• $0.0001 — ange on which registered Common stock, $0.0001 par value per share SPCE New York Sto

Filing Documents

• spce-20240630.htm (10-Q) — 1000KB
• spce-20240630_exh311.htm (EX-31.1) — 11KB
• spce-20240630_exh312.htm (EX-31.2) — 11KB
• spce-20240630_exh321.htm (EX-32.1) — 7KB
• spce-20240630_exh322.htm (EX-32.2) — 7KB
• 0001706946-24-000176.txt ( ) — 5757KB
• spce-20240630.xsd (EX-101.SCH) — 36KB
• spce-20240630_cal.xml (EX-101.CAL) — 69KB
• spce-20240630_def.xml (EX-101.DEF) — 118KB
• spce-20240630_lab.xml (EX-101.LAB) — 504KB
• spce-20240630_pre.xml (EX-101.PRE) — 338KB
• spce-20240630_htm.xml (XML) — 899KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Cautionary Note Regarding Forward-Looking Statements 2 Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations and Comprehensive Loss 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 8 Notes to Condensed Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 31 Item 6. Exhibits 31

Signatures

Signatures 33 1 Table of Contents Cautionary Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning us and other matters. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of management, as well as assumptions made by, and information currently available to management. Forward-looking statements may be accompanied by words such as "achieve," "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "future," "grow," "increase," "intend," "may," "opportunity," "plan," "possible," "potential," "predict," "project," "should," "strategy," "target," "will," "would," or similar words, phrases, or expressions. These forward-looking statements are subject to various risks and uncertainties, many of which are outside our control. Therefore, you should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the following: any delay in future commercial flights of our spaceflight fleet; our ability to successfully develop and test our next-generation vehicles, and the time and costs associated with doing so; the safety of our spaceflight systems; the development of the markets for commercial spaceflight and commercial research and development payloads; our ability to effectively market and sell spaceflights; our ability to convert our backlog or inbound inquiries into revenue; our anticipated full passenger capacity; our ability to achieve or maintain profitability; delay in development or the manufacture of spaceflight systems; our ability to supply our technology to additional market opportunities; our expected capi

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION VIRGIN GALACTIC HOLDINGS, INC. Condensed Consolidated Balance Sheets (Unaudited; in thousands, except share and per share amounts) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 182,310 $ 216,799 Restricted cash 32,518 36,793 Marketable securities, short-term 593,375 657,238 Other current assets 35,711 39,999 Total current assets 843,914 950,829 Marketable securities, long-term 12,536 71,596 Property, plant and equipment, net 144,455 93,806 Other non-current assets 61,563 63,286 Total assets $ 1,062,468 $ 1,179,517 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 37,705 $ 32,415 Customer deposits 87,726 97,841 Other current liabilities 53,780 55,404 Total current liabilities 179,211 185,660 Non-current liabilities: Convertible senior notes, net 418,995 417,886 Other non-current liabilities 69,435 70,495 Total liabilities 667,641 674,041 Commitments and contingencies (Note 14) Stockholders' Equity Preferred stock, $ 0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding — — Common stock, $ 0.0001 par value; 700,000,000 shares authorized; 23,984,220 and 19,995,449 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 2 2 Additional paid-in capital 2,717,327 2,631,235 Accumulated deficit ( 2,321,919 ) ( 2,126,132 ) Accumulated other comprehensive income (loss) ( 583 ) 371 Total stockholders' equity 394,827 505,476 Total liabilities and stockholders' equity $ 1,062,468 $ 1,179,517 See accompanying notes to condensed consolidated financial statements. 4 Table of Contents VIRGIN GALACTIC HOLDINGS, INC. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited; in thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue $ 4,220 $ 1,871 $ 6,205 $ 2,263 Operating expenses: Spaceline o