Virgin Galactic Files Q3 2024 10-Q Report

TL;DR

Virgin Galactic dropped its Q3 2024 10-Q. Check financials.

AI Summary

Virgin Galactic Holdings, Inc. filed its Q3 2024 10-Q report on November 6, 2024, covering the period ending September 30, 2024. The filing details the company's financial performance and operational status during the third quarter. Specific financial figures and operational updates are provided within the report.

Why It Matters

This filing provides investors and the public with the latest financial and operational details for Virgin Galactic, crucial for understanding the company's progress in the commercial spaceflight industry.

Risk Assessment

Risk Level: medium — As a company in a nascent and capital-intensive industry, Virgin Galactic faces inherent risks related to technological development, market adoption, and financial sustainability.

Key Numbers

• Q3 2024 — Reporting Period (Covers the third quarter of 2024.)
• 2024-09-30 — Period End Date (The specific date up to which financial information is reported.)
• 2024-11-06 — 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
• 20240930 (date) — End of the reporting period
• 20241106 (date) — Filing date of the report

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-20240930.htm (10-Q) — 1042KB
• spce-2024930_exh101qarbona.htm (EX-10.1) — 50KB
• spce-20240930_exh311.htm (EX-31.1) — 11KB
• spce-20240930_exh312.htm (EX-31.2) — 11KB
• spce-20240930_exh321.htm (EX-32.1) — 7KB
• spce-20240930_exh322.htm (EX-32.2) — 7KB
• 0001706946-24-000238.txt ( ) — 5803KB
• spce-20240930.xsd (EX-101.SCH) — 34KB
• spce-20240930_cal.xml (EX-101.CAL) — 69KB
• spce-20240930_def.xml (EX-101.DEF) — 117KB
• spce-20240930_lab.xml (EX-101.LAB) — 498KB
• spce-20240930_pre.xml (EX-101.PRE) — 333KB
• spce-20240930_htm.xml (XML) — 900KB

- 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 30 Item 4.

Controls and Procedures

Controls and Procedures 30

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 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) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 172,359 $ 216,799 Restricted cash 32,357 36,793 Marketable securities, short-term 478,741 657,238 Other current assets 29,788 39,999 Total current assets 713,245 950,829 Marketable securities, long-term 60,434 71,596 Property, plant and equipment, net 181,154 93,806 Other non-current assets 61,476 63,286 Total assets $ 1,016,309 $ 1,179,517 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 8,078 $ 32,415 Customer deposits 86,140 97,841 Other current liabilities 63,688 55,404 Total current liabilities 157,906 185,660 Non-current liabilities: Convertible senior notes, net 419,555 417,886 Other non-current liabilities 72,856 70,495 Total liabilities 650,317 674,041 Commitments and contingencies (Note 13) 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; 28,864,637 and 19,995,449 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 3 2 Additional paid-in capital 2,761,206 2,631,235 Accumulated deficit ( 2,396,459 ) ( 2,126,132 ) Accumulated other comprehensive income 1,242 371 Total stockholders' equity 365,992 505,476 Total liabilities and stockholders' equity $ 1,016,309 $ 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue $ 402 $ 1,728 $ 6,607 $ 3,991 Operating expenses: Spac