Full report here!Virgin Galactic’s quarterly reports have fallen into a familiar pattern since the company went public 2.5 years ago. Optimistic talk about past and future progress is mixed in with a large net loss and another delay in the start of commercial service that was originally forecast to begin back in 2007.
Richard Branson’s space tourism company didn’t fail to disappoint on Thursday. The net loss for Q1 2022 was $93 million, which was higher than Q4 2021 net loss of $81 million but less than the $130 million loss for the first quarter of 2021.
Flight tests of Virgin Galactic’s VSS Unity suborbital space plane that were supposed to take place this summer have been pushed back to the fourth quarter. And the start of commercial service has been delayed from the fourth quarter to 2023. The company said the delays were due to supply chain and labor constraints.
On the plus side, the company reported cash and cash equivalents, restricted cash and marketable securities of $1.22 billion as of March 31. The company received $425 million of that amount by selling convertible debt during the first quarter. Virgin Galactic said it has “approximately 800” people reservations for suborbital flights.
Virgin Galactic’s stock fell by 76 cents to $7.50 in trading on Thursday, a decrease of 9.2 percent. Stock fell another 11 cents or 1.47 percent to $7.39 in after-hours trading.
Since then, not much joy at all from this company, long on hype, slow on delivery...
http://www.parabolicarc.com/?s=Virgin+GalacticAs at August Truist Financial Says Sell Virgin Galactic on Latest Schedule Delay, Quarterly Loss - Virgin Galactic is getting pounded by Wall Street analysts after announcing on Thursday that it was delaying the commercial start of its suborbital space tourism service from Q1 to Q2 2023. MarketBeat reports:
Virgin Galactic (NYSE:SPCE – Get Rating) was downgraded by Truist Financial from a “hold” rating to a “sell” rating in a report released on Friday, The Fly reports. They presently have a $5.00 price objective on the stock, down from their previous price objective of $8.00. Truist Financial’s target price indicates a potential downside of 28.67% from the stock’s previous close.
Several other research firms have also recently commented on SPCE. Wells Fargo & Company initiated coverage on Virgin Galactic in a research note on Tuesday, June 21st. They issued an “underweight” rating and a $4.00 target price for the company. Canaccord Genuity Group lowered shares of Virgin Galactic from a “buy” rating to a “hold” rating and decreased their price target for the company from $36.00 to $8.00 in a report on Friday, May 6th. Finally, Canaccord Genuity Group cut Virgin Galactic from a “buy” rating to a “hold” rating and lowered their target price for the stock from $36.00 to $8.00 in a research note on Friday, May 6th. Five investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $13.00.
Virgin Galactic reported a net loss of $111 million for Q2. The company has lost more than $1 billion since going public in October 2019. Prior to being listed on the New York Stock Exchange, the company had forecast beginning commercial flights in June 2020. The latest schedule shift represents a delay of nearly three years.
A major reason for the latest delay is the overhaul of the 14-year old WhiteKnightTwo VMS Eve mothership, which air launches SpaceShipTwo vehicles from around 50,000 ft. The vehicle was rolled out by builder Scaled Composites in July 2018 and first flew in December of that year. Scaled intended it as a proof of concept prototype that was never designed to enter commercial service.
In September the desk chairs are being rearranged.
http://www.parabolicarc.com/2022/08/15/ ... -strategy/TUSTIN, Calif. (Virgin Galactic PR) — Virgin Galactic Holdings, Inc. (NYSE: SPCE) (the “Company” or “Virgin Galactic”), an aerospace and space travel company, today announced that former Rolls-Royce executive Matthew Boguradzki has been appointed Vice President, Sales and Strategy, effective today.
This comment is apposite.
Go figure as they say in the USA!duheagle • a month ago
I hope this guy's employment contract covers the services of his dominatrix as it is obvious he has to be a world-class masochist to want this job.