Virgin Galactic Holdings (NYSE: SPCE) has reported financial results for the third quarter of 2023. The space tourism company reported revenues of $1.73 million for the three-month period, which is more than double the revenue it generated in the prior-year quarter.
Virgin incurred a net loss of $104.6 million or $0.28 per share in the third quarter, compared to a loss of $145.6 million or $0.55 per share in the corresponding period of last year. Research & development expenses decreased 54% to $44.8 million.
“With our third quarter cash and marketable securities position of approximately $1.1 billion, we forecast having sufficient capital to bring our first two Delta ships into service and achieve positive cash flow in 2026,” said Michael Colglazier, chief executive officer of Virgin Galactic.