Virgin Galactic – Virgin Galactic Proclaims Fourth Quarter and Full 12 months 2021 Monetary Outcomes

TUSTIN, Calif.–(BUSINESS WIRE)–
Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or the “Firm”) in the present day introduced its monetary outcomes for the fourth quarter and full yr ended December 31, 2021 and supplied a enterprise replace.

“We stay on monitor and on schedule to finish our enhancement program and launch business service later this yr,” mentioned Michael Colglazier, Chief Govt Officer of Virgin Galactic. “We achieved many vital milestones in 2021 that laid a vital basis in direction of turning into a scaled, business operation. In latest weeks, we opened gross sales to most of the people and launched our new world shopper model. Demand for our one-of-a-kind expertise stays robust, and we’re presently constructing our operations to accommodate our rising buyer base.”

Fourth Quarter and Full 12 months 2021 Enterprise Highlights:

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  Opened gross sales at new value level of USD $450,000 for personal astronauts in Q3 2022.
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  Opened a brand new Engineering, Design and Company headquarters, which is able to function the first hub for R&D and the event of each the Delta class spaceship and the subsequent era motherships.
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  In July 2021, efficiently accomplished first absolutely crewed spaceflight, Unity 22, which fulfilled check goals together with evaluating the cabin and buyer expertise.
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  In June 2021, obtained approval from the Federal Aviation Administration for full business launch license, marking the primary time that the company licensed an organization to fly clients to house.
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  In Might 2021, efficiently accomplished first spaceflight from Spaceport America, New Mexico, Unity 21, which fulfilled varied check goals and carried revenue-generating scientific analysis experiments.
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  Rolled out Spaceship III, VSS Think about, the second spaceship within the present fleet.

Fourth Quarter 2021 Monetary Highlights:

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  Money place stays robust, with money, money equivalents, and marketable securities of roughly $931 million as of December 31, 2021. This doesn’t mirror our latest fundraise.
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  GAAP promoting, common, and administrative bills of $40 million, in comparison with $33 million within the fourth quarter of 2020. Non‐GAAP promoting, common and administrative bills of $29 million within the fourth quarter of 2021, in comparison with $21 million within the fourth quarter of 2020.
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  GAAP analysis and growth bills of $42 million, in comparison with $41 million within the fourth quarter of 2020. Non‐GAAP analysis and growth bills of $36 million within the fourth quarter of 2021, in comparison with $38 million within the fourth quarter of 2020.
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  Adjusted EBITDA totaled $(65) million, in comparison with $(60) million within the fourth quarter of 2020.
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  Web lack of $81 million, in comparison with a $104 million web loss within the fourth quarter of 2020.

Latest Updates:

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  Anticipated launch of personal astronaut business service stays on monitor for This fall 2022.
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  Fleet enhancement program for mothership Eve and spaceship Unity stays on monitor to be accomplished in Q3 2022. This enhancement program is designed to enhance the automobiles’ sturdiness, reliability, and flight fee frequency main into business service.
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  On February 15, 2022, introduced the opening of tickets gross sales to most of the people and launched new shopper model.
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  On February 8, 2022, introduced the appointment of Blair Wealthy as President and Chief Enterprise Officer, Business and Shopper Operations.
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  Progressed plans for the design and placement of latest closing meeting manufacturing facility for the Delta class spaceships.
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  In closing levels of negotiations with most popular suppliers to fabricate the subsequent era of our motherships.
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  In January 2022, we consummated a convertible debt providing that resulted in $425 million in gross proceeds to us. The proceeds of the providing are anticipated for use to fund working capital, common and administrative issues and capital expenditures to speed up the event of the Delta class spaceship fleet and subsequent era motherships.

Monetary Steering:

The next forward-looking statements mirror our expectations for the primary quarter of 2022 as of February 22, 2022, and are topic to substantial uncertainty. Our outcomes are primarily based on assumptions that we consider to be cheap as of this date, however could also be materially affected by many components, as mentioned beneath in “Ahead-Wanting Statements.”

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  Forecasted free money movement for the primary quarter of 2022 is predicted to be within the vary of $(75) to $(85) million.

Convention Name Data

Virgin Galactic will host a convention name to debate the outcomes at 2:00 p.m. Pacific Time (5:00 p.m. Jap Time) in the present day. To entry the convention name, events ought to dial +1 844 200 6205 or +1 646 904 5544 and enter the convention ID quantity 022958. The stay audio webcast together with supplemental data will probably be accessible on the Firm’s Investor Relations web site at https://traders.virgingalactic.com/events-and-presentations/. A recording of the webcast may even be obtainable following the convention name.

About Virgin Galactic Holdings

Virgin Galactic is an aerospace and house journey firm, pioneering human spaceflight for personal people and researchers with its superior air and house automobiles. It’s growing a spaceflight system designed to attach the world to the love, surprise and awe created by house journey and to supply clients a transformative expertise. You’ll find extra data at https://www.virgingalactic.com/.

Ahead-Wanting Statements

This press launch incorporates sure forward-looking statements inside the that means of federal securities legal guidelines with respect to Virgin Galactic Holdings, Inc. (the “Firm”), together with statements concerning the Firm’s spaceflight techniques, markets and anticipated flight schedule. These forward-looking statements usually are recognized by phrases similar to “consider,” “mission,” “count on,” “anticipate,” “estimate,” “intend,” “technique,” “future,” “alternative,” “plan,” “could,” “ought to,” “will,” “would,” and comparable expressions. Ahead-looking statements are predictions, projections and different statements about future occasions which are primarily based on present expectations and assumptions and, in consequence, are topic to dangers and uncertainties. Many components might trigger precise future occasions to vary materially from the forward-looking statements on this press launch, together with however not restricted to the components, dangers and uncertainties included in our Annual Report on Type 10-Okay for the fiscal yr ended December 31, 2021, as such components could also be up to date once in a while in our different filings with the Securities and Trade Fee (the “SEC”), accessible on the SEC’s web site at www.sec.gov and the Investor Relations part of our web site at www.virgingalactic.com. These filings determine and tackle different vital dangers and uncertainties that would trigger the Firm’s precise occasions and outcomes to vary materially from these contained within the forward-looking statements. Ahead-looking statements communicate solely as of the date they’re made. Readers are cautioned to not put undue reliance on forward-looking statements, and, besides as required by regulation, the Firm assumes no obligation and doesn’t intend to replace or revise these forward-looking statements, whether or not on account of new data, future occasions, or in any other case.

USE OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)

This presentation references sure monetary measures that aren’t ready in accordance with usually accepted accounting ideas in the USA (GAAP), together with Adjusted EBITDA, non-GAAP promoting, common, and administrative expense, non-GAAP analysis and growth expense and free money movement. The Firm defines Adjusted EBITDA as earnings earlier than curiosity expense, taxes, depreciation and amortization, stock-based compensation, and sure different gadgets the Firm believes usually are not indicative of its core working efficiency. It defines non-GAAP promoting, common, and administrative bills as promoting, common, and administrative bills apart from stock-based compensation and non-capitalized transaction prices, and non-GAAP analysis and growth bills as analysis and growth bills apart from stock-based compensation. It defines free money movement as web money utilized by working actions much less capital expenditures. None of those non-GAAP monetary measures is an alternative choice to or superior to measures ready in accordance with GAAP and shouldn’t be thought of as a substitute for another measures derived in accordance with GAAP.

The Firm believes that presenting these non-GAAP monetary measures gives helpful supplemental data to traders concerning the Firm in understanding and evaluating its working outcomes, enhancing the general understanding of its previous efficiency and future prospects, and permitting for larger transparency with respect to key monetary metrics utilized by its administration in monetary and operational-decision making. Nevertheless, there are a variety of limitations associated to the usage of non-GAAP measures and their nearest GAAP equivalents. For instance, different firms could calculate non-GAAP measures in a different way, or could use different measures to calculate their monetary efficiency, and subsequently any non-GAAP measures the Firm makes use of is probably not straight akin to equally titled measures of different firms.

Use of Non-GAAP Monetary Measures
(Unaudited)