Financial Results Announced by Virgin Galactic
Virgin Galactic Holdings, a vertically integrated aerospace and space travel company, recently announced its financial results for the fourth quarter and full year ended December 31, 2020.
"We’re focused on completing our test flight program, expanding our fleet of spaceships and motherships, and developing our unique and transformative customer experience. I am excited about the talent we’re bringing on to our leadership team and the investments we’re making in the business."
Michael Colglazier, Chief Executive Officer of Virgin Galactic.
“We accomplished several significant milestones during 2020 despite the ongoing challenges posed by the COVID-19 pandemic,” said Michael Colglazier, Chief Executive Officer of Virgin Galactic. “Looking ahead, we’re focused on completing our test flight program, expanding our fleet of spaceships and motherships, and developing our unique and transformative customer experience. I am excited about the talent we’re bringing on to our leadership team and the investments we’re making in the business, both of which will position us well to scale for future growth.”
According the financial result released by the company, Virgin Galactic's cash position remains strong, with cash and cash equivalents of $666 million as of December 31, 2020. The company realized a net loss of $74 million, compared to a $77 million net loss in the third quarter of 2020.
The financial results document reports GAAP selling, general, and administrative expenses of $33 million, compared to $31 million in the third quarter of 2020. Non-GAAP selling, general and administrative expenses of $23 million in the fourth quarter of 2020, compared to $26 million in the third quarter of 2020. GAAP research and development expenses were reported at $41 million, compared to $46 million in the third quarter of 2020. Non-GAAP research and development expenses of $40 million in the fourth quarter of 2020, compared to $43 million in the third quarter of 2020.
Cash paid for capital expenditures totaled $3.5 million, compared to $3.7 million in the third quarter of 2020.
During the 4th quarter of 2020, Virgin Galactic:
Completed significant build milestones on a second spaceship, in preparation for its scheduled rollout on March 30, 2021.
Conducted a safe test flight on December 12, 2020 during which the onboard computer lost connection and halted ignition of the rocket motor.
Appointed two new pilots into Virgin Galactic Pilot Corps, bringing the total number of pilots to eight as of October 27, 2020.
Successfully closed the “One Small Step” program on December 31, 2020, with approximately 1,000 participants enrolled.
Appointed Alistair Burns as Chief Information Officer on November 9, 2020.
Total Future Astronauts remained at approximately 600, as of December 31, 2020.
Virgin Galactic continues to prepare for next rocket-powered spaceflight from Spaceport America, targeted for May 2021, and has re-confirmed second and third spaceflights from Spaceport America, including Sir Richard Branson’s flight, and announced timing for revenue-generating spaceflight with the Italian Air Force.
(Source: Virgin Galactic news release. Image from file)