- Virgin Galactic's loss per share was double what analysts expected.
- The company reported its fourth consecutive quarter of zero revenue.
- VSS Unity is ready to begin pre-flight procedures as the company evaluates the timing of the next flight test.
|Virgin Galactic Earnings Results|
|Metric||Beat/Miss/Match||Reported Value||Analysts' Prediction|
Source: Predictions based on analysts' consensus from Visible Alpha
Virgin Galactic (SPCE) Financial Results: Analysis
Virgin Galactic Holdings, Inc. (SPCE) reported Q1 FY 2021 earnings that dramatically missed analyst expectations. The company's loss per share was about twice as big as analysts expected. Virgin Galactic reported zero revenue for the fourth straight quarter. Analysts were expecting approximately $0.3 million in quarterly revenue. Virgin Galactic's shares were down about 6% in after-hours trading. Over the past year, the company's shares have provided a total return of -7.4%, well below the S&P 500's total return of 42.9%.
SCPE Flight Test
Virgin Galactic is looking to finalize flight testing of its VSS Unity spacecraft. Technical complications in December of last year led to the postponement of testing until February, but further complications caused the date to be pushed back again until May. The company noted in its earnings press release that the VSS Unity is ready to begin pre-flight procedures, but it is currently evaluating the timing of the next flight. Virgin Galactic plans to generate the majority of revenue from selling tickets for flights into space. However, it must complete flight testing before it is able to begin flying customers.
The company did not offer any forward earnings or revenue guidance in its earnings press release.
Virgin Galactic Holdings Inc. "VIRGIN GALACTIC ANNOUNCES FIRST QUARTER 2021 FINANCIAL RESULTS." Accessed May 10, 2021.
TradingView. "Price Chart: SPCE and S&P 500." Accessed May 10, 2021.
CNBC. "Virgin Galactic stock falls after test flight delays push back debut of space tourism service." Accessed May 10, 2021.