Virgin Galactic Holdings, Inc. · NYSE:SPCE
Virgin Galactic — Q3 2023 Earnings Presentation
20 slides from Virgin Galactic's earnings presentation, Nov 8, 2023
Slide 1: Virgin Galactic Q3 2023 Earnings Update
VI RG IN GA L AC T I C Q3 2 02 3 EAR NINGS UPDATE 11.08.2 023 1
Slide 2: Disclosures: Forward-Looking Statements
DISCLOSURES FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in S
Slide 3: Agenda
AGENDA • Virgin Galactic Astronaut Experience & Customer Insights • Delta Class - Progress and Unit Economics • Adjustments to Near-term Operating Model • Q3 Financial Results • Q&A Third Quarter Earnings Update 2023 3
Slide 4: Third Quarter Earnings Update 2023
Third Quarter Earnings Update 2023 4
Slide 5: Astronaut Reactions
“ This has been the best day of my life, the most sensational day of my life. And you can’t “ (In flight) I’ve never dropped like that … and then the rocket motor ignited. I was just thinking, ‘That doesn’t feel like a get any be er than that. “ “ rocket motor,’ and then suddenly, It exceeded my wil
Slide 6: Astronaut Journey at Spaceport America, New Mexico
ASTRONAUT JOURNEY AT SPACEPORT AMERICA, NEW MEXICO 6 Third Quarter Earnings Update 2023 6
Slide 7: Third Quarter Earnings Update 2023
7 Third Quarter Earnings Update 2023 7
Slide 8: Delta Class - Unit Economics = 12X
DELTA CLASS - UNIT ECONOMICS * Revenue Per Flight Flights Per Month Revenue/Month (RpF) (FpM) per Ship 2nd Generation ** (Unity - 4 seats) $1.8M/$2.4M 1x $1.8–2.4M 4th Generation ** (Delta Class - $2.7M/$3.6M 8x $21.6–28.8M 6 seats) Revenue Improvement Over Unity = 12X * FpM estimate is represented
Slide 9: Virgin Galactic SpaceShip Factory and Delta Class Spaceship
Virgin Galactic SpaceShip Factory (Phoenix, AZ) Delta Class Spaceship “Copper Bird” Test Platform 9 Seat Design 9
Slide 10: Changes to Operating Model as Focus Shifts to Delta
CHANGES TO OPERATING MODEL AS FOCUS SHIFTS TO 1. Reducing net spending within Spaceline Operations • Unity’s flight cadence moving to quarterly vs. monthly • Unity’s Revenue per Flight (RpF) increasing substantially vs Q3/Q4 2. Spaceline Technical and Engineering Talent focusing on Delta • Pausing U
Slide 11: Financial Results
FINA NCIAL RESULTS Third Quarter Earnings Update 2023 11
Slide 12: Third Quarter Earnings Update 2023
12 Third Quarter Earnings Update 2023 12
Slide 13: Third Quarter Earnings Update 2023
(1) 13 Third Quarter Earnings Update 2023 13
Slide 14: Third Quarter Earnings Update 2023
14 Third Quarter Earnings Update 2023 14
Slide 15: Path to Positive Cash Flow
PATH TO POSITIVE CASH FLOW Cash Inflow from Flights Operating Expenses 1 For illustrative purposes only. Chart not to scale. Capital Expenditures UPFRONT INVESTMENT PHASE CASH POSITIVE GROWTH PHASE • Non-recurring Engineering • Assembly Factory DELTA CLASS ECONOMICS • Tooling • $50 – $60M per ship b
Slide 16: Appendix
APPENDIX ie GALACTIC Third Quarter 2025 Earnings Update
Slide 17: Third Quarter Earnings Update 2023
Third Quarter Earnings Update 2023 17
Slide 18: Third Quarter Earnings Update 2023
Third Quarter Earnings Update 2023 18
Slide 19: Third Quarter Earnings Update 2023
Third Quarter Earnings Update 2023 19
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