Virgin Galactic Holdings, Inc (SPCE): restructuring charge — Virgin Galactic Q3 revenue $1.7M, net loss narrows to $105M; cuts 18% of workforce

Virgin Galactic Holdings, Inc

2023-Q3 EPS reported -$1.26 revenue$3,991,000

Q3 revenue $1.7M, up from $0.8M YoY; net loss $105M vs $146M YoY.
Adjusted EBITDA -$87M vs -$129M YoY; cash and securities $1.1B, +$108M QoQ.
Raised $211M via ATM issuance of 62M shares in Q3.
Workforce reduction of ~185 employees (18%) for ~$25M annual savings; ~$5M charges in Q4.
Delta Class production on track for 2026; next flight Galactic 06 in Jan 2024.

item 2.02 item 2.05 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Virgin Galactic Holdings, Inc reported third quarter ended September 30, 2023 results: revenue $1.7 million, net income Net loss of $105 million.

Period: third quarter ended September 30, 2023
Revenue: $1.7 million
Net income: Net loss of $105 million
Result: reported results

Exact text from the filing

cash, cash equivalents and marketable securities of $1.1 billion as of September 30, 2023, a sequential increase of $108 million from the second quarter of 2023. • Revenue of $1.7 million, compared to $0.8 million in the third quarter of 2022, driven by commercial spaceflight and membership fees related to future astronauts. • GAAP total operating expenses of $116

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Virgin Galactic Holdings, Inc announced a restructuring with charges of approximately $5 million (approximately 185 employees, constituting approximately 18% of the Company’s workforce).

Type: restructuring
Charge: approximately $5 million
Headcount: approximately 185 employees, constituting approximately 18% of the Company’s workforce

Exact text from the filing

The Company currently estimates that it will incur charges associated with the workforce reduction of approximately $5 million, primarily related to employee severance payments, benefits and related termination costs.

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8 earnings releases filed in the last 30 days. Browse all earnings releases →

Virgin Galactic Holdings, Inc filing history →

Source: SEC EDGAR

accession 0001706946-23-000133

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