Financial Results for 2022 Posted by Virgin Galactic
Full-year 2022 financial results and a business update have been posted by Virgin Galactic, showing a net loss of $500 million during the previous year, compared to a $353 million net loss in 2021. Still, the company expects to begin commercial operations in the next few months.
“It is great to see our mothership back in the skies, and we are thrilled to have VMS Eve rejoin spaceship Unity back home at Spaceport America."
Michael Colglazier, Chief Executive Officer of Virgin Galactic
Along with the net loss, the financial results posted by the company show that GAAP selling, general and administrative expenses rose to $175 million, compared to $167 million in 2021. Non-GAAP selling, general and administrative expenses grew to $143 million, compared to $121 million in 2021.
Other Financial Results Include:
GAAP research and development expenses of $314 million, compared to $144 million in 2021. Non-GAAP research and development expenses of $300 million, compared to $129 million in 2021.
Adjusted EBITDA totaled $(431) million, compared to $(245) million in 2021.
Net cash used in operating activities totaled $380 million, compared to $231 million in 2021.
Cash paid for capital expenditures totaled $16 million, compared to $5 million in 2021
Free cash flow totaled $(397) million, compared to $(235) million in 2021.
Generated $103.3 million in gross proceeds through the issuance of 16.3 million shares of common stock as part of the Company's at-the-market offering program announced on August 4, 2022.
Generated $425 million in gross proceeds through the issuance of convertible senior notes on January 19, 2022.
Michael Colglazier, Chief Executive Officer of Virgin Galactic pointed out some of the business highlights for the year. “It is great to see our mothership back in the skies, and we are thrilled to have VMS Eve rejoin spaceship Unity back home at Spaceport America," Colglazier said. "With our enhancement program complete and validation flights underway, we remain on track to launch commercial service in the second quarter of 2023. Our near-term objective for commercial spaceline operations is to safely deliver recurring flights with our current ships while providing an unrivaled experience for private astronauts and researchers.”
For the first quarter of 2023, Virgin Galactic forecasts that free cash flow for the first quarter of 2023 is expected to be in the range of $(135) million to $(145) million.
(Source: Virgin Galactic news release. Images from file)