Virgin Galactic posted a net loss of $130 million on revenue of $1.9 million in the second quarter.
On Tuesday, local time, Virgin Galactic, an American commercial space company, released its second-quarter results ending June 30, 2023. Virgin Galactic reported second-quarter revenue of $1.9 million and a net loss of $134.4 million, or 46 cents a share. By comparison, the company lost $110.7 million, or 43 cents a share, a year earlier.
Virgin Galactic's second-quarter loss widened slightly from a year earlier. After launching commercial space services, the company is striving to complete a space mission for its customers once a month.
Virgin Galactic's second-quarter revenue was $1.9 million, up from $357000 in the same period last year, mainly from "commercial space flight and membership fees related to future space flight customers."
Virgin Galaxy completed two space flights in the second quarter, the last space flight test and the first commercial space flight. The first commercial space flight is Virgin Galactic's first step in bringing space flight services to market, and the company is expected to conduct its second commercial space flight on August 10.
Virgin Galactic shares were down 5.5% from their closing price of $4.14 in after-hours trading. Virgin Galactic shares have risen 19% so far this year.
Virgin Galactic had a total of $980 million in cash and securities at the end of the second quarter, up from about $874 million at the end of the first quarter. This is because Virgin Galactic has raised money by selling common shares on the market.
"our financial position remains good and the company remains focused on expanding its business and delivering Delta-class spaceships for commercial services in 2026," Michael Colglazier, chief executive of Virgin Galactic, said in a statement.
Virgin Galactic currently has only one VSS Unity spacecraft, and the company is investing heavily in building more spacecraft. The Delta-class spacecraft being developed by Virgin Galactic is expected to complete a space flight once a week. Virgin Galactic stressed that the net loss in the second quarter was "mainly due to increased R & D costs related to the development of spacecraft".
