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In the second quarter of 2021, Virgin Galactic reported a net loss of $94 million compared to $72 million reported during the second quarter of 2020.
Virgin Galactic Holdings Inc (NYSE: SPCE) announced Q2 2021 financial results on August 5. After suffering notable headwinds in the past few months, the company was finally successful in taking its space flight. After closing yesterday trading at $31.53, up 2.44%, SPCE stock had added approximately 3.39% during the pre-market trading session to trade around $32.60.
Having successfully launched its flights to space, Virgin Galactic announced the reopening of ticket sales, whereby one will be starting at $450,000.
“In the second quarter, we made meaningful progress towards commencing commercial service in 2022. We successfully completed two spaceflights from New Mexico — the latest carrying a full crew of mission specialists in the cabin and garnering an extraordinary global media and consumer response. In addition, we received FAA approval to expand our existing launch license, marking the first time the FAA has licensed a Spaceline to fly customers to space,” said Michael Colglazier, Chief Executive Officer of Virgin Galactic. “Leveraging the surge in consumer interest following the Unity 22 flight, we are excited to announce the reopening of sales effective today, beginning with our Spacefarer community. As we endeavor to bring the wonder of space to a broad global population, we are delighted to open the door to an entirely new industry and consumer experience.”
In the Q2 of 2021, Virgin Galactic reported a net loss of $94 million compared to $72 million reported during the second quarter of 2020. Additionally, the total amount of cash paid for capital expenditure came in at $1 million compared to the same quarter last year when the company reported $6 million.
Notably, the GAAP research and development expenses came in at $36 million, $1 million less to the same quarter last year. On the other hand, the non-GAAP research and development expenses for the second quarter came in at $31 million compared to $34 million in Q2 2020.
Worth noting, as of June 30, 2021, the company has a cash equivalent of $552 million. However, the company remains under Covid-19 constraints and is operating under strict protocols provided by the CDC.
Forward, the company is optimistic the core operations will grow further in the third quarter. Moreover, there is a notable demand in the private sector seeking to travel to space and experience the breathtaking view from above.
SPCE stock has added approximately 72.77%, 32.87%, and 60.79% in the past year, seven months, and three months respectively through Thursday according to metrics provided by MarketWatch.
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