Thread by @thesheetztweetz

Virgin Galactic $SPCE Q4 results:

Adj. EBITDA loss: $65 million

$931 million in cash on hand

“We remain on track and on schedule to complete our enhancement program and launch commercial service later this year”
investors.virgingalactic.com/news/news-deta…

Virgin Galactic says the refurbishment & enhancement program for VMS Eve and VSS Unity is "on track to be completed in Q3." $SPCE

A look at VMS Eve and VSS Unity during the enhancement period $SPCE

Virgin Galactic fleet expansion overview: $SPCE

VSS Unity: Oct-Dec of 2022
VSS Imagine: Jan-Jun of 2023
1st Delta class: 2025-2026

Virgin Galactic's Q4 earnings call underway.

CEO Michael Colglazier says Virgin Galactic has "about 250 seats remaining" of its first 1,000 tickets – meaning the company has sold about 50 seats since November.

Colglazier: "In the past several months, we have spent a significant amount of time redesigning our manufacturing approach," which "is particularly important for our Delta class" and next generation motherships.

Colglazier says Virgin Galactic expects to have a new final assembly facility operational by "late 2023," with production capability of "up to six spaceships a a year." $SPCE

Ahrens: "We're aiming for positive free cash flow by 2026."

Colglazier: Majority of the seats sold on flights have been to individuals, but have still seen "a good mix" among the three ticket product offerings (individual, multiple, full flight). $SPCE

Ahrens declines to disclose the expected cost of each Delta class spacecraft, citing ongoing negotiations with suppliers.

Colglazier: Expect current fleet (VSS Unity and VSS Imagine) to "be flying three times a month" at most until Delta class debut near the end of 2025.