Virgin Galactic Holdings Inc. (SPCE) shares declined 3.62% in after-market on Friday, May 28, 2021, and close the week at $30.1 per share. Earlier in the morning session on Friday, SPCE’s stock gained 0.45%. SPCE shares have risen 83.27% over the last 12 months, and they have moved up 48.22% in the past week. Over the past three months, the stock has lost 18.12%, while over the past six months, it has added 15.24%.
Successfulfirst human spaceflight
On May 22, 2021, Virgin Galactic Holdings, Inc. completed its third spaceflight and the first-ever spaceflight from Spaceport America, New Mexico.
VSS Unity achieved a speed of Mach 3 after being released from the mothership, VMS Eve, and reached space, at an altitude of 55.45 miles before gliding smoothly to a runway landing at Spaceport America.
Financial results announcement
On May 10, 2021, Virgin Galactic Holdings, Inc released its financial results for the first quarter of 2021, which ended on March 31, 2021.
Q1 2021financial highlights
- There was no revenue earned by the company in Q1 2021 compared to $238 million in Q1 2020
- Virgin Galactic suffered a net loss of $130 million in Q1 2021, compared to a $377 million net loss in the first quarter of 2020.
- Net loss per basic and diluted share was $0.55 in Q1 2021 compared to $1.86 in Q1 2020.
- GAAP selling, general, and administrative expenses were $45 million in Q1 2021 compared to $27 million in Q1 2020.
- GAAP research and development expenses were$36 million in Q1 2021 compared to $34 million in the first quarter of 2020.
- Adjusted EBITDA was$56 million in Q1 2021, compared to $53million in Q1 2020.
- The company paid $1 million cash for capital expenditures in Q1 2021 compared with 4 million in the first quarter of 2020.
- As of March 31, 2021, the company had cash and cash equivalents of $617 million.
On March 30, 2021, Virgin Galactic unveiled the Company’s first Spaceship III in its growing fleet, VSS Imagine. The spaceship showcases Virgin Galactic’s innovation in design and astronaut experience. Imagine also demonstrates progress toward efficient design and production, as Virgin Galactic works to scale the business for the long term.
Well, as of this writing there is no recent developments, and companies like, Virgin Galactic does not have news every day but their developments are quite big ones such as its first-ever spaceflight which moved SPCE stock for many days but its recent loss on Friday makes no sense and we hope that it will do recovery after the long weekend.