Virgin Orbit Q2 2022

In its Q2 2022 financial results, launch service provider Virgin Orbit reported:

• The company reported just $5,000 in revenue for the second quarter of 2022, as its most recent launch on July 5 fell on the first day of the third quarter. Virgin Orbit will recognize $12 million in revenue from that launch in its third quarter results.
• Net loss for the quarter was $33 million. The cost of revenue was $3.4 million, selling, general and administrative expenses totaled about $28 million, and R&D costs were $9 million.
• Revenue per launch is increasing. The company made about $2.5 million for each of its three early development launches, and $12 million for the most recent launch. The launcher expects revenue between $6 million to $12 million for upcoming near-term launches.
• 2022 guidance: Revenue for 2022 is projected between $30 million to $40 million, because of increasing revenues per launch and spaceport activities.
• The launcher expects to perform four launches this year. Two launches have been completed, and upcoming launches are in Cornwall, United Kingdom, and California.
• Backlog: $582 million in backlog, up from $419 million at the end of the first quarter. However, only $163 million of the backlog is in binding contracts.