Virgin Galactic reports first loss since stock went public
Capitalism in space: Virgin Galactic today released its first quarterly report since the company’s stock went public in October, reporting a net loss of $51.5 million during the third quarter of 2019.
The stock initially opened in October at $12.93. It quickly dropped 25% in value, and has generally been trading at about $10 a share since. With today’s release the stock immediately dropped below $10, but it appears to have settled at around $9.75, for the moment.
According to this story, they presently have reservations from 600 people for suborbital flights, and have received 3,557 inquiries about flight reservations as of the end of September.”
On Christmas Eve 1968 three Americans became the first humans to visit another world. What they did to celebrate was unexpected and profound, and will be remembered throughout all human history. Genesis: the Story of Apollo 8, Robert Zimmerman's classic history of humanity's first journey to another world, tells that story, and it is now available as both an ebook and an audiobook, both with a foreword by Valerie Anders and a new introduction by Robert Zimmerman.
The ebook is available everywhere for $5.99 (before discount) at amazon, or direct from my ebook publisher, ebookit. If you buy it from ebookit you don't support the big tech companies and the author gets a bigger cut much sooner.
The audiobook is also available at all these vendors, and is also free with a 30-day trial membership to Audible.
"Not simply about one mission, [Genesis] is also the history of America's quest for the moon... Zimmerman has done a masterful job of tying disparate events together into a solid account of one of America's greatest human triumphs."--San Antonio Express-News
Capitalism in space: Virgin Galactic today released its first quarterly report since the company’s stock went public in October, reporting a net loss of $51.5 million during the third quarter of 2019.
The stock initially opened in October at $12.93. It quickly dropped 25% in value, and has generally been trading at about $10 a share since. With today’s release the stock immediately dropped below $10, but it appears to have settled at around $9.75, for the moment.
According to this story, they presently have reservations from 600 people for suborbital flights, and have received 3,557 inquiries about flight reservations as of the end of September.”
On Christmas Eve 1968 three Americans became the first humans to visit another world. What they did to celebrate was unexpected and profound, and will be remembered throughout all human history. Genesis: the Story of Apollo 8, Robert Zimmerman's classic history of humanity's first journey to another world, tells that story, and it is now available as both an ebook and an audiobook, both with a foreword by Valerie Anders and a new introduction by Robert Zimmerman.
The ebook is available everywhere for $5.99 (before discount) at amazon, or direct from my ebook publisher, ebookit. If you buy it from ebookit you don't support the big tech companies and the author gets a bigger cut much sooner.
The audiobook is also available at all these vendors, and is also free with a 30-day trial membership to Audible.
"Not simply about one mission, [Genesis] is also the history of America's quest for the moon... Zimmerman has done a masterful job of tying disparate events together into a solid account of one of America's greatest human triumphs."--San Antonio Express-News
Of course, they reported a loss, they have no income. If they have 600 reservations, they may have a plie of cash, they also have 600 debts and not a penny of revenue. If I pay them $1K to reserve a flight, it is not recorded as revenue, it is recorded as an increase to Cash of $1K and a corresponding Debt of $1K (they owe me a flight). When they send me up, the debt is reversed (goes to zero) and $1K of revenue recognized. This is all Accounting 101. Unless Branson is selling VG tchotchkes or something (wouldn’t put it past him), they have no sales to record.
In my personal accounts I have moved $1K from the asset Cash to another asset, Prepaid Flights They owe me either a flight or my money back. (or I could sell the reservation to you, like any other asset)
Speculation 1) the loss was bigger than the Street expected 2) Buyers remorse at seeing the word “loss” drove the stock price down.
…and have received “3,557 inquiries about flight reservations as of the end of September.”
But since when? Since Virgin Galactic was first organized? Since it went public? I’m guessing the former which is not encouraging.
I wonder what their policy is on getting your deposit back?
If I had a few 10’s of 1000’s to spend on a suborbital flight… I’d be depositing with Blue Origens at this point…
There must be a sound reason SpaceX has never given the option for a tourist suborbital “experience”… Not even genuinely advertised an orbital tourist package… ( Around the moon notwithstanding… For the silly rich..)
I’m sad to say it, but I agree with our host… Virgin Galactic is as good as dead in the water… Too low specs, too long development time, and the only “new space” company to have deaths… Multiple ones during development…
My shares ( if I had any ) would have been offloaded long ago..
I’ll buy in when they get down to the penny stock range.