Categories AlphaGraphs, Earnings, Industrials

Virgin Galactic Holdings (SPCE) posts wider loss in Q1 on higher costs

Virgin Galactic Holdings, Inc. (NYSE: SPCE) reported its financial results for the quarter ended March 31, 2020, on Tuesday after the market closes. Also, the company provided an update regarding the impact of COVID-19 on its business and operations.

Virgin Galactic posted a wider loss in the first quarter of 2020 due to higher costs and expenses despite a dip in the top-line. The revenue for the latest quarter was generated by providing engineering services.

Virgin Galactic Holdings (SPCE) Q1 2020 earnings review

The full impact of the pandemic on the company’s full-year results and test flight program will depend on future developments. Virgin Galactic continues to monitor the impact of COVID-19 and will provide updates as appropriate.

In a separate release, the company and its subsidiary The Spaceship Company, announced the signing of a Space Act Agreement with NASA to facilitate the development of high-speed technologies. The deal is set to enable and foster collaboration between NASA, Virgin Galactic, and The Spaceship Company in order to advance the US’ efforts to produce technically feasible, high Mach vehicles for potential civil applications.

The Registrations of interest in flight reservations increased by about 1,200 as of April 29, 2020, a 15% increase since February 23, 2020. The company completed the transition of all Virgin Galactic operations personnel from Mojave, California to Spaceport America, bringing the current total number of staff in New Mexico to 178. As on May 1, 2020, the glide flight of VSS Unity from Spaceport America was completed, marking the spaceship’s first flight from a new home base and in new airspace.

Past Performance

Most Popular

KB Home (KBH): What did and did not work for the homebuilder in the third quarter

Shares of KB Home (NYSE: KBH) were up slightly on Friday. The stock has dropped 40% year-to-date and 35% over the past 12 months. The company delivered mixed results for

Infographic: A snapshot of Costco’s (COST) Q4 2022 earnings

Warehouse behemoth Costco Wholesale Corporation (NASDAQ: COST) has reported a 15% increase in fourth-quarter 2022 revenues, which translated into double-digit growth in net income. Fourth-quarter revenues increased sharply to $72.09 billion.

FDX Earnings: FedEx Q1 adjusted earnings drop; revenue up 5%

Cargo giant FedEx Corporation (NYSE: FDX) Thursday reported a decline in first-quarter adjusted earnings, despite an increase in revenues. The company also provided guidance for fiscal 2023. Net income, adjusted

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top