Why Virgin Galactic Stock Is Falling After Hours

Virgin Galactic Holdings Inc SPCE shares are trading lower in Thursday's after-hours session after the company reported mixed financial results.

Virgin Galactic reported second-quarter revenue of $357,000, which beat the estimate of $90,000, according to data from Benzinga Pro. The company reported a net loss of (43) cents per share, which missed the estimate for a loss of (36) cents per share.

Virgin Galactic highlighted the strength of its cash position with $1.1 billion in cash and equivalents as of June 30. The company said it expects third-quarter free cash flow to be negative in the range of $110 to $120 million.

"While our short-term plans now call for commercial service to launch in the second quarter of 2023, progress on our future fleet continues, and many of the key elements of our roadmap are now in place to scale the business in a meaningful way," said Michael Colglazier, CEO of Virgin Galactic.

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SPCE Price Action: Virgin Galactic has traded between $13.73 and $5.14 over a 52-week period.

The stock was down 7.7% in after-hours at $7.55 at press time.

Photo: courtesy of Virgin Galactic.