Virgin Galactic Expects Q1'2024 Revenue To Be Approximately $2M, Est $4.08M
Portfolio Pulse from Benzinga Newsdesk
Virgin Galactic anticipates Q1'2024 revenue to be around $2M, falling short of the estimated $4.08M. The company expects a free cash flow between $(125) million to $(135) million for the same period. It also announced the 'Galactic 07' spaceflight mission for Q2'2024, the opening of a spaceship factory in Arizona by mid-2024, and confirmed that the production schedule for Delta Class spaceships, aimed for revenue service in 2026, is on track.
February 27, 2024 | 10:38 pm
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Virgin Galactic projects lower-than-expected Q1'2024 revenue at $2M vs. an estimated $4.08M and anticipates a significant negative free cash flow. However, it confirms progress on upcoming spaceflight missions, factory openings, and spaceship production.
The lower-than-expected revenue forecast for Q1'2024 and the anticipated significant negative free cash flow are likely to negatively impact investor sentiment and the stock price in the short term. However, the confirmation of progress on key projects such as the 'Galactic 07' mission, the opening of a new factory, and the on-schedule production of Delta Class spaceships may provide some positive outlook for the medium to long term.
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