Virgin Galactic (SPCE) beat top- and bottom-line estimates and trimmed its third quarter loss by reducing its operating expenses, driving shares moderately higher in Thursday’s late trading.
The aerospace and space travel company reported an unadjusted loss of $1.09 per share compared to a loss of $2.66 in the same quarter last year, beating estimates by $0.41. Adjusted EBITDA totaled $(53)M, compared to $(59)M in the third quarter of 2024, primarily driven by an 18% reduction in operating expenses.
Total revenue was slightly lower at $365,000 but was $50,000 better than expected.
On the company’s balance sheet, Net cash used in operating activities totaled $56M, compared to $79M a year ago, while the company had negative free cash flow of $108M compared to negative FCF of $118M in Q3 of 2024.
For the current quarter, Virgin Galactic (SPCE) expects free cash flow to remain negative and within the range of $(90)M to $(100)M.