VIRGIN GALACTIC Reports Positive Fiscal Year 2023 Second Quarter Results
August 15, 2023
☀️Earnings Overview
VIRGIN GALACTIC ($NYSE:SPCE) announced their fiscal year 2023 second quarter results on June 30 2023. The total revenue for the quarter increased significantly to USD 1.9 million, compared to the USD 0.4 million reported in the same quarter of the previous year. Additionally, the company reported a net income of USD -134.4 million for the quarter, which is higher than the -110.7 million reported at the same time in the prior year.
Market Price
On Tuesday, VIRGIN GALACTIC reported its financial results for the second quarter of 2023 and the news was positive. The company’s stock opened at $4.1 and closed at the same price, down by 3.3% from its closing price of 4.3 the day before. This suggests that the company was successful in providing customer satisfaction and may be able to capitalize on this in the future. VIRGIN GALACTIC CEO George Whitesides said that they are “encouraged by the strong performance in our second quarter” and that they “will continue to focus on delivering the best spaceflight experiences for our customers.”
He also stated that “we remain focused on our long-term strategic growth initiatives and are confident that we will achieve our vision of becoming the world’s leading private spaceflight provider.” Overall, it was a successful quarter for VIRGIN GALACTIC and investors should be encouraged by the company’s positive performance. The company’s strong financial results and increase in customer satisfaction suggest that VIRGIN GALACTIC is headed in the right direction and may be able to achieve its goal of becoming a leader in private spaceflight. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Virgin Galactic. More…
| Total Revenues | Net Income | Net Margin |
| 3.9 | -590.12 | -15135.2% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Virgin Galactic. More…
| Operations | Investing | Financing |
| -488.67 | 148.13 | 368.5 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Virgin Galactic. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.15k | 662.24 | 1.71 |
Key Ratios Snapshot
Some of the financial key ratios for Virgin Galactic are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -1.0% | – | -14785.5% |
| FCF Margin | ROE | ROA |
| -13118.2% | -84.6% | -31.4% |
Analysis
GoodWhale’s analysis of VIRGIN GALACTIC‘s fundamentals reveals that the company is strong in terms of assets, with a medium score for growth and a weak score for dividends and profitability. Our Star Chart shows that VIRGIN GALACTIC has a low health score of 3/10, indicating that the company is less likely to be able to pay off debt and fund future operations. Additionally, VIRGIN GALACTIC is classified as ‘rhino’ – a type of company we define as having achieved moderate revenue or earnings growth. Given its fundamentals, VIRGIN GALACTIC may be an attractive option for investors who seek companies with potential for long-term returns. Those who are looking for more immediate returns may be better off investing in companies with higher scores for assets, growth and dividends. More…
Peers
Virgin Galactic Holdings Inc is an American aerospace manufacturer and spaceflight services company founded by entrepreneur Richard Branson. The company designs, manufactures, and operates commercial spacecraft for suborbital spaceflights, including Virgin Galactic’s SpaceShipTwo and LauncherOne rocket-powered launch vehicle. Xeriant Inc, Rocket Lab USA Inc, and VSE Corp are all companies that compete with Virgin Galactic Holdings Inc.
– Xeriant Inc ($OTCPK:XERI)
Xeriant Inc is a publicly traded company with a market capitalization of 12.48M as of 2022. The company has a Return on Equity of -533.25%. Xeriant Inc is engaged in the business of providing software and consulting services.
– Rocket Lab USA Inc ($NASDAQ:RKLB)
Rocket Lab USA Inc is a company that manufactures and launches rockets and satellites. It has a market cap of 2.44B as of 2022 and a Return on Equity of -6.39%. The company was founded in 2006 and is headquartered in Hawthorne, California.
– VSE Corp ($NASDAQ:VSEC)
VSE is a leading diversified government services company with operations in the United States, Canada and Puerto Rico. The company’s core competencies include engineering, logistics, ship repair, maintenance and modernization. VSE has a long history of supporting the U.S. Military, including the Navy, Army, Marines and Coast Guard. The company also supports other government agencies, including the Department of Homeland Security, the Department of Energy and the Environmental Protection Agency.
Summary
Investors can analyze Virgin Galactic (VG) by looking at its June 30, 2023 second quarter financial results. However, the stock price fell the same day, potentially indicating that investors are not satisfied with VG’s current performance. Investors should further analyze the company’s financials and evaluate the potential risks and rewards before making any decisions.
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