Business Highlights:
- July 1, 2022 delivered seven satellites for the Department of
Defense Space Test Program (STP) - fourth consecutive successful
launch
- Strong Q3 revenue - $30.9 million
- Signed multi-year launch contract with Spire Global
- Signed international spaceport agreements with Australia,
Luxembourg, and South Korea
- LauncherOne system on-site at Spaceport Cornwall for upcoming
UK launch
- $25 million investment from Virgin Investments, a part of the
Virgin Group
Virgin Orbit (Nasdaq: VORB) (“Virgin Orbit” or the “Company”),
today announced its financial results for the third quarter ended
September 30, 2022.
Virgin Orbit’s Chief Executive Officer, Dan Hart, commented, “We
have had a very productive quarter – reporting strong revenues as
well as signing several key international partnerships and
commercial deals. We continue to scale production in our Long Beach
manufacturing facility as we prepare to meet higher launch
rates.
Our recent “Straight Up” mission built on our track record of
100% mission success in our first eighteen months of operations,
bringing our total to thirty-three satellites precisely delivered
into their target orbits.”
Mr. Hart continued, “Having deployed the LauncherOne system to
Cornwall, we have demonstrated the mobility and flexibility of our
launch platform. Our world class team continues to drive
efficiency, and productivity gains while we scale the
business.”
Third Quarter 2022 Financial Highlights:
- Revenue of $30.9 million, compared to $0.0 million in third
quarter 2021.
- Net loss of $43.6 million, compared to a net loss of $38.6
million in third quarter 2021.
- Adjusted EBITDA of ($42.9 million), compared to ($32.8 million)
in the same prior year period.
- Net cash used from operations of $45.7 million, compared to
$34.5 million used in the same prior year period, as the Company
continues to invest in the business.
- Capital expenditures of $6.9 million, compared to $5.0 million
in the same prior year period.
- Free cash flow of ($52.5 million), compared to ($39.5 million)
in the same prior year period.
- Cash and cash equivalents of $71.2 million as of September 30,
2022.
- Binding backlog agreements was approximately $143.1
million.
2023 Priorities:
- More than double 2022 launch rate
- Increase revenue per launch through our proven value
proposition – offering premium mission unique solutions
- Continue to ramp, scale and drive production efficiency
gains
- Expand backlog in launch, international spaceports, and key
defense applications such as responsive launch, missile defense
targets, and hypersonics
Conference Call Information:
The Company will conduct a conference call starting at 4:30 pm
ET on Monday, November 7, 2022 to review the results for the third
quarter ended September 30, 2022 and provide a business update.
A live webcast and replay will be available at
https://investors.virginorbit.com/news-events/ir-calendar.
ABOUT VIRGIN ORBIT
Virgin Orbit operates one of the most flexible and responsive
space launch systems ever built. Founded by Sir Richard Branson in
2017, the company began commercial service in 2021, and has already
delivered commercial, civil, national security, and international
satellites into orbit. Virgin Orbit’s LauncherOne rockets are
designed and manufactured in Long Beach, California, and are
air-launched from a modified 747- 400 carrier aircraft that allows
Virgin Orbit to operate from locations all over the world in order
to best serve each customer’s needs.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws, including
statements regarding the Company’s expectations for certain
operational and financial results for the year ending December 31,
2022, expectations as to the rate and timing and success of future
launches, expectations as to the anticipated benefits of the
Company’s air launch capabilities, and anticipated growth. These
forward-looking statements generally are identified by the words
“believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result,”
and similar expressions. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this press release, including but not
limited to the Company’s ability to access adequate sources of
capital and continue as a going concern; its ability to grow market
share in the developing space economy; its ability to convert
backlog and potential revenue into revenue; its expected timing for
and success of future missions; market acceptance of its current
and planned products and services and ability to achieve sufficient
production volumes and anticipated mission timing, as well as the
factors, risks and uncertainties described in the “Risk Factors”
section of our Annual Report on Form 10-K for the fiscal year ended
December 31, 2021, filed with the U.S. Securities and Exchange
Commission (the “SEC”), as well as in the Company’s subsequent
filings with the SEC, including but not limited to the Company’s
Quarterly Report on Form 10-Q for the quarterly period ended
September 30, 2022, accessible on the SEC’s website at www.sec.gov
and the Investor Information section of the Company’s website at
www.virginorbit.com. These filings identify and address other
important risks and uncertainties that could cause the Company’s
actual events and results to differ materially from those contained
in the forward-looking statements. Forward-looking statements speak
only as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Virgin Orbit
assumes no obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Virgin Orbit gives no assurance that
it will achieve its expectations.
Third Quarter 2022 Financial Results
VIRGIN ORBIT HOLDINGS, INC. Condensed
Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except for per share data) (Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
Revenue
$
30,907
$
2
$
33,023
$
7,230
Cost of revenue
40,396
8,697
61,264
25,370
Gross loss
(9,489
)
(8,695
)
(28,241
)
(18,140
)
Selling, general and administrative
expenses
30,745
27,163
91,016
67,126
Research and development expenses
10,263
9,035
30,201
38,482
Operating loss
(50,497
)
(44,893
)
(149,458
)
(123,748
)
Other income, net:
Change in fair value of equity
investments
(340
)
4,852
(9,160
)
4,852
Change in fair value of liability
classified warrants
4,182
—
15,862
—
Change in fair value of convertible
note
3,153
—
3,153
—
Interest expense, net
(508
)
(6
)
(588
)
(19
)
Other income
367
1,457
690
3,352
Total other income, net:
6,854
6,303
9,957
8,185
Loss before income taxes
(43,643
)
(38,590
)
(139,501
)
(115,563
)
Provision for income taxes
—
—
4
—
Net loss
(43,643
)
(38,590
)
(139,505
)
(115,563
)
Other comprehensive loss
Foreign currency translation
adjustment
(31
)
(82
)
(120
)
(102
)
Total comprehensive loss
$
(43,674
)
$
(38,672
)
$
(139,625
)
$
(115,665
)
Net loss per share:
Basic and diluted
$
(0.13
)
$
(0.13
)
$
(0.42
)
$
(0.41
)
Weighted average shares outstanding
Basic and diluted
335,416,139
294,124,548
335,101,146
283,496,703
VIRGIN ORBIT HOLDINGS, INC. Condensed
Consolidated Balance Sheets As of September 30, 2022 and
December 31, 2021 (In thousands, except per share data)
As of
September 30,
2022
December 31,
2021
(Unaudited)
Assets
Current assets
Cash and cash equivalents
$
71,194
$
194,154
Restricted cash
—
828
Accounts receivable, net
1,977
2,080
Inventory
69,229
33,927
Prepaid expenses and other current
assets
12,708
7,789
Total current assets
155,108
238,778
Property, plant and equipment, net
69,840
61,425
Right-of-use assets
13,312
14,685
Investments
4,338
13,498
Other noncurrent assets
380
3,354
Total assets
$
242,978
$
331,740
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
19,728
$
10,334
Current portion of lease obligation
1,455
1,642
Current portion of provision for contract
losses
8,054
—
Accrued liabilities and other current
liabilities
25,094
23,832
Deferred revenue
17,927
12,150
Total current liabilities
72,258
47,958
Lease obligation, net of current
portion
12,800
14,078
Deferred revenue, net of current
portion
9,165
28,991
Convertible note
44,147
—
Public and private placement warrant
liabilities
4,326
20,188
Provision for contract losses, net of
current portion and other long-term liabilities
10,795
7,555
Total liabilities
153,491
118,770
Commitments and contingencies (Note
17)
Stockholders’ equity
Preferred stock, $0.0001 par value,
25,000,000 shares authorized; none issued and outstanding
—
—
Common stock, $0.0001 par value,
2,000,000,000 shares authorized; 336,145,621 and 334,919,914 shares
issued and outstanding as of September 30, 2022 and December 31,
2021, respectively.
36
34
Additional paid-in capital
1,049,533
1,033,393
Accumulated deficit
(959,959
)
(820,454
)
Accumulated other comprehensive loss
(123
)
(3
)
Total stockholders’ equity
89,487
212,970
Total liabilities and stockholders’
equity
$
242,978
$
331,740
VIRGIN ORBIT HOLDINGS, INC. Condensed
Consolidated Statements of Cash Flows For the Nine Months
Ended September 30, 2022 and 2021 (In thousands)
(Unaudited)
Nine Months Ended September
30,
2022
2021
Cash flows from operating activities
Net loss
$
(139,505
)
$
(115,563
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Stock-based compensation
11,954
8,308
Depreciation and amortization
9,646
10,783
Inventory write-down
298
1,569
Gain on sale of fixed asset disposal
(90
)
—
Write-off of right-of-use assets
70
—
Non-cash investment in Sky and Space
—
(1,706
)
Change in fair value of equity
investments
9,160
(4,852
)
Change in fair value of liability
classified warrants
(15,862
)
—
Change in fair value of convertible
note
(3,153
)
—
Changes in operating assets and
liabilities:
Accounts receivable
103
2,035
Inventory
(24,305
)
(24,345
)
Prepaid expenses and other current
assets
(4,888
)
(5,267
)
Deferred transaction costs
—
(230
)
Other noncurrent assets
2,977
78
Due to related party, net
(74
)
(83
)
Accounts payable
9,391
5,127
Other long-term liabilities
(966
)
(727
)
Accrued liabilities
1,335
1,608
Deferred revenue
(14,049
)
11,681
Other, net
(33
)
(110
)
Net cash used in operating activities
(157,991
)
(111,694
)
Cash flows from investing activities:
Purchase of property and equipment
(17,115
)
(16,791
)
Purchase of investment in Arqit
—
(5,000
)
Proceeds from sale of property and
equipment
90
—
Net cash used in investing activities
(17,025
)
(21,791
)
Cash flows from financing activities:
Payments of finance lease obligations
(227
)
(187
)
Proceeds from the exercise of stock
options
1,455
1,733
Advances to stock option holders
—
18
Parent Company contributions
—
137,141
Proceeds from convertible note
50,000
—
Net cash provided by financing
activities
51,228
138,705
Net (decrease) increase in cash and cash
equivalents and restricted cash
(123,788
)
5,220
Cash and cash equivalents and restricted
cash at the beginning of the period
194,982
26,786
Cash and cash equivalents and restricted
cash at the end of the period
$
71,194
$
32,006
Cash and cash equivalents
$
71,194
$
31,178
Restricted cash
—
828
Cash and cash equivalents and restricted
cash
$
71,194
$
32,006
Virgin Orbit Holdings, Inc. Use of
Non-GAAP Financial Measures (Unaudited)
Reconciliation of Adjusted (Non-GAAP) Results
This press release references Adjusted EBITDA and free cash
flow, financial measures that are not prepared in accordance with
generally accepted accounting principles in the United States
(GAAP). The Company defines Adjusted EBITDA as earnings before
interest expense, taxes, depreciation and amortization, stock-based
compensation expense, and certain other items the Company believes
are not indicative of its core operating performance. The Company
defines free cash flow as net cash used in operating activities
less capital expenditures. Non-GAAP financial measures are not a
substitute for or superior to measures of financial performance
prepared in accordance with GAAP and should not be considered as an
alternative to any other performance measures derived in accordance
with GAAP.
The Company believes that presenting Adjusted EBITDA and free
cash flow provides useful supplemental information to investors
about the Company in understanding and evaluating its operating
results, enhancing the overall understanding of its past
performance and future prospects, and allowing for greater
transparency with respect to key financial metrics used by its
management in financial and operational-decision making. However,
there are a number of limitations related to the use of Adjusted
EBITDA, and free cash flow or any other non-GAAP measures and their
nearest GAAP equivalents. For example, other companies may
calculate non-GAAP measures differently, or may use other measures
to calculate their financial performance, and therefore any
non-GAAP measures the Company uses may not be directly comparable
to similarly titled measures of other companies.
A reconciliation of the Company’s free cash flow guidance to the
most directly comparable GAAP financial measure cannot be provided
without unreasonable efforts and is not provided herein because of
the inherent difficulty in forecasting
and quantifying certain amounts that are necessary for such
reconciliations.
Adjusted EBITDA Reconciliation
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
(In thousands)
Net Loss
$
(43,643
)
$
(38,590
)
$
(139,505
)
$
(115,563
)
Stock-based compensation
$
5,508
$
5,560
11,954
8,308
Depreciation and amortization
3,079
3,547
9,646
10,783
Inventory write-down
(1,283
)
1,569
298
1,569
Write-off of ROU assets
—
—
70
—
Gain on sale of fixed asset disposal
(90
)
—
(90
)
—
Non-cash investment in Sky and Space
—
—
—
(1,706
)
Change in fair value of equity
investments
340
(4,852
)
9,160
(4,852
)
Change in fair value of liability
classified warrants
(4,182
)
—
(15,862
)
—
Change in fair value of convertible
note
(3,153
)
—
(3,153
)
—
Interest expense, net
508
6
588
19
Provision for income taxes
—
—
4
—
Adjusted EBITDA
$
(42,916
)
$
(32,760
)
$
(126,890
)
$
(101,442
)
Free Cash Flow Reconciliation
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
(In thousands)
Net cash used in operating activities
$
(45,676
)
$
(34,451
)
$
(157,991
)
$
(111,694
)
Capital expenditures
(6,858
)
(5,042
)
(17,115
)
(16,791
)
Free cash flow
$
(52,534
)
$
(39,493
)
$
(175,106
)
$
(128,485
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221107006072/en/
Media, Virgin Orbit: Alison Patch, Senior Director of
Communications Alison.patch@virginorbit.com 949-616-2504
Investor Relations, Virgin Orbit: Stephen Zhang, Vice President
of Investor Relations Stephen.Zhang@virginorbit.com
562-384-4400
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