What's Going On With Virgin Galactic (SPCE) Stock Thursday?

Virgin Galactic Holdings Inc SPCE shares are trading higher Thursday after the company reported better-than-expected financial results.

What Happened: Virgin Galactic reported second-quarter revenue of $1.73 million, which beat the consensus estimate of $1.07 million, according to Benzinga Pro. The space tourism company's top-line results more than doubled on a year-over-year basis, driven by commercial spaceflight and membership fees related to future astronauts.

Virgin Galactic reported a net loss of 28 cents per share, which beat analyst estimates for a loss of 43 cents per share.

Net cash used in operating activities totaled $91 million. Free cash flow was negative $105 million in the third quarter. Virgin Galactic ended the quarter with $1.1 billion in cash, equivalents and marketable securities.

"With six spaceflights successfully completed in under six months, Virgin Galactic has demonstrated the repeatability of our spaceflight system and also showcased the overwhelmingly positive experience of our Astronauts," said Michael Colglazier, CEO of Virgin Galactic.

"With our third quarter cash and marketable securities position of approximately $1.1 billion, we forecast having sufficient capital to bring our first two Delta ships into service and achieve positive cash flow in 2026."

Virgin Galactic expects fourth-quarter revenue of approximately $3 million. Free cash flow is expected to be between negative $125 million and negative $135 million. 

See Also: Archer Aviation Spreads Its Wings: Teams Up With InterGlobe For Electric Air Taxi Launch In India By 2026

SPCE Price Action: Virgin Galactic shares were up 11.5% at $1.74 at the time of writing according to Benzinga Pro.

Photo: courtesy of Virgin Galactic.