What's Going On With Virgin Galactic Shares After Hours?

Virgin Galactic Holdings Inc SPCE shares are volatile in extended trading Tuesday after the space travel company reported mixed fourth-quarter results.

What Happened: Virgin Galactic reported fourth-quarter revenue of $869,000. The company's top-line results came in above average analyst estimates of $340,000, according to Benzinga Pro. The company reported a fourth-quarter loss of 55 cents per share, which missed estimates for a loss of 51 cents per share.

Virgin Galactic said its cash position remains strong with cash, equivalents and marketable securities of $980 million. The company also expects to commence commercial operations next quarter.

"With our enhancement program complete and validation flights underway, we remain on track to launch commercial service in the second quarter of 2023. Our near-term objective for commercial spaceline operations is to safely deliver recurring flights with our current ships while providing an unrivaled experience for private astronauts and researchers," said Michael Colglazier, CEO of Virgin Galactic.

Free cash flow came in at negative $135 million for the fourth quarter. Virgin Galactic said it expects first-quarter free cash flow to be negative $135 million to negative $145 million, subject to "substantial uncertainty."

Virgin Galactic will hold a conference call to discuss these results at 5 p.m. ET.

See Also: After-Hours Alert: Why Novavax Stock Is Plunging

SPCE Price Action: Virgin Galactic has traded between a 52-week range of $3.24-$11.25.

The stock was down 0.44% after hours at $5.72 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Virgin Galactic.