Virgin Galactic Holdings, Inc. reported a net loss of $346.7 million for the fiscal year ending December 31, 2024, a decrease from a loss of $502.3 million in the previous year. The company generated revenue of $7.0 million, primarily from its commercial spaceflight operations, which began in June 2023. This represents a modest increase from $6.8 million in 2023. Operating expenses totaled $383.7 million, down from $538.3 million in 2023, reflecting a significant reduction in research and development costs, which fell from $295.1 million to $152.7 million as the company completed modifications to its initial spaceflight systems.
In terms of operational developments, Virgin Galactic paused its commercial spaceflights in mid-2024 after completing its seventh flight, 'Galactic 07,' in June. The company is now focusing on the development of its next-generation Delta Class spaceships, which are expected to enter commercial service in 2026. As of December 31, 2024, Virgin Galactic had approximately 700 reservations for future spaceflights, representing an estimated $190 million in potential revenue. The company aims to increase its annual flight rate significantly with the new Delta Class vehicles, which are designed to accommodate six passengers and operate at a higher frequency.
Strategically, Virgin Galactic has made several key moves, including the completion of a new manufacturing facility in Arizona, which will support the assembly of the Delta Class spaceships. The company also entered into an Agreement of Cooperation with Italy's civil aviation authority to explore spaceflight operations from Grottaglie Spaceport. Additionally, in June 2024, Virgin Galactic executed a 1-for-20 reverse stock split to regain compliance with NYSE listing requirements, which had been triggered by a drop in share price.
The company’s workforce was reduced by approximately 18% in late 2023 as part of a restructuring plan aimed at cost reduction and resource realignment. As of December 31, 2024, Virgin Galactic employed 744 individuals. The filing indicates that the company anticipates increased operating expenses as it scales its spaceflight operations and develops new vehicles, which may impact its ability to achieve profitability in the near term.
Looking ahead, Virgin Galactic's management expressed optimism about the future of commercial spaceflight, citing a growing demand for space tourism and research opportunities. However, the company acknowledged the inherent risks and uncertainties associated with the development of its next-generation spaceflight systems and the broader market conditions that could affect its operations and financial performance.
About Virgin Galactic Holdings, Inc
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