Virgin Galactic Burned Through $204 Million In Cash On Revenue of $3.78 Million In 2019
After tripling in value since the start of 2020, Virgin Galactic's (NYSE: SPCE) full-year 2019 report card and first earnings report as a public company has become one of the more highly anticipated quarterly updates. Released Tuesday afternoon, the numbers were ugly but fully expected.
Fourth-quarter revenue was $529,000, but with a cost of revenue of $314,000, SG&A expense of $37.4 million, and research and development costs of $36.8 million, total operating losses tallied up to $72.7 million. Backing out depreciation (a non-cash line item) lowered the cash burn by $2.08 million, but still -- ouch.
For full-year 2019, Virgin Galactic's earnings before interest, tax, depreciation, and amortization were $203.8 million, much higher than the $132.1 million in 2018 -- although $14.6 million of that was expenses related to the company going public in October 2019. Total revenue for the year? $3.78 million.
Source Fool.com
