Virgin Galactic Q1 2022 Earnings Report Recap

^{Source: Predictions based on analysts' consensus from Visible Alpha}

Virgin Galactic (SPCE) Financial Results: Analysis

Virgin Galactic Holdings, Inc. (SPCE) reported mixed results in its Q1 FY 2022 earnings report. The company's loss per share was wider than analysts expected. However, Virgin Galactic reported revenue that beat analysts' estimates by approximately $0.2 million. It was the company's fourth straight quarter of revenue following four consecutive quarters in which it posted no revenue.

Virgin Galactic's shares were down as much as 4% at one point in extended trading. Over the past year, the company's shares have provided a total return of -62.4%, well below the S&P 500's total return of 3.2%.

SPCE Commercial Space Tourism Service

Virgin Galactic announced that it had shifted the expected launch date of its commercial services to the first quarter of 2023. It had previously expected to launch sometime in the fourth quarter of 2022. The company cited supply chain and labor constraints as reasons for the change. Its VSS Unity is expected to conduct a test spaceflight in Q4 2022.

Virgin Galactic said that it was progressing through its fleet enhancement program. The company's goal is to improve the durability and reliability of its fleet as well as enable higher-frequency flight rates.

SPCE Ticket Sales

Virgin Galactic opened up ticket sales for its commercial spaceflight services to the general public for the first time in mid-February. It said that demand for tickets remains strong and that it had secured about 800 reservations.

Virgin Galactic's next earnings report (for Q2 FY 2022) is estimated to be released on Aug. 3, 2022.