Business

$SPCE Reports 2021 Q4 and FY Results

Virgin Galactic (NYSE:SPCE) announced its Q4 and FY 2021 results after market close yesterday. A few key numbers from Q4 results:

  • $141,000 in revenue
  • Losses of 31 cents per share
  • Adj. EBITDA losses of $65M
  • Net loss of $81M

The company had $931M in cash, cash equivalents, and marketable securities as of the end of 2021. 

Company losses were lower than expected, but so were earnings. Virgin Galactic is hoping to bounce back this year with more ticket sales for its commercial astronaut tourist flights and beginning commercial service for several new vehicles in the coming year.

  • In January, Virgin Galactic offered $425M in convertible bonds, increasing gross proceeds, which it reported would be used for R&D on its Delta class spaceship along with other G&A matters.

Looking forward: Virgin Galactic is working to implement updates before beginning commercial flights later this year.

  • Virgin Galactic has sold about 750 of 1,000 available tickets, CEO Michael Colglazier said yesterday. Tickets recently went on sale to the general public at a price point of $450,000. 
  • The company is also working on a fleet enhancement program for “mothership” Eve and spaceship Unity, which is targeted for completion in Q3 2022.
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