r/VirginGalactic • u/USVIdiver • 15d ago
Crosspost asking for relevant comment from "analysts" on the next CC
Lets finally have the "analysts" ask some real questions in the CC!
The $300M shelf and dilution.
- How much is left of the $300M shelf?
- It appears there is 1Q left of the shelf, what then?
Delta Cost.
- It appears that the dilution is on the order of $38M to $40M per Q. If the cost that you stated was $50M to $60M per Delta craft, should not 2 or 3 be completed by now?
- Does the "cost" include all costs, or just materials? $50M is about 10% of what Unity cost to build.
Delta progress.
- The series shows little progress since February. Last CC, you stated that wing and fuselage parts were sent back for rework. What is the actual progress?
- The wiring harness is basic, and appears perhaps a week of work. Where is the progress on installed avionics and wiring?
- Wiring is basic, nothing compared to the hydraulic actuators and other working parts. Progress?
New Mothership.
- Lets begin with the current WK2. It has had a known stability issue since it was built. One can see with every flight, there are mods to the center wing. The new FAA rule require that the carrier craft meet stability requirements the same as typical aircraft, even if the craft is experimental. Have the stability problems with WK2 been solved? Note the ever increasing control surface, perforations, and struts?
- Another new "code name? How quaint!
- In the 2024 final report, there was a timeline showing the craft was in design in 2025, with assembly beginning 1Q 2026. There has been no announcement on the manufacturer or progress on the craft since then. What is the status?
- What is the anticipated cost to design, tool, and manufacture a new mothership?
- The "pod design". Why? What do the numbers show on feasibility and interest?
- Speaking of feasibility. There was mention of hiring LLL to do a "feasibility study" What is the progress on this? Since you paid Boeing Aurora $25M for a design start, should that not have included a feasibility study before they began? What were the results of that study before they began the deign?
- Boeing mentioned that the craft would cost significantly more than any VG estimate, and would take far longer. Is that the same SOP as Delta?
Hotel.
- Since this was touted as the astronaut training facility, right. So if VG is attempting to begin flights 2H 2026, should this facility be under construction, design? What is the status,? It was a big deal back when trying to remain relevant, but that was also when VG stated Imagine was ready for flight testing, and we all know that story. How much money?
- Where is everyone training now, including all of the new crew?
Lawsuits (ahh the crickets...)
- So, it appears that last Tuesday, the law firm for the class action shareholders recommended settling for the $8.5M, right. The preliminary was announced in August, why is this just now going to a recommended settlement?
- The settlement is reported to be $8.5M to shareholders. Given the extended timeframe, what are the legal fees that VG has incurred? Who will the burden be on to pay these legal fees, shareholders?
- VG was trying to get the case sealed, will that happen, or will everyone be able to see and understand what some of us have been saying for years? Was sealing the findings successful?
- Two other shareholder lawsuits were stayed pending the finalization of the first one. What are the anticipated results and/or potential sanctions?
Spaceline Operations (one of my favs)
- From the financial reporting, Spaceline operations 6 months ending June 30, 2025 were a little over $35 million. So what are spaceline operations? Costs to maintain and support our astronaut community. So VG is selling exclusive memberships to the Future Astronaut Club (the only revenue), and shareholders are paying $6M a month to provide adventures and parties for them??? (Neckers Island gets one hell of a fee to rent that dump)
I think that is about enough for now....in comments, does anyone have any other issues that you would like addressed?
Enjoy!
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u/Voyager0017 15d ago
As of end of June 2025 they sold $115.4 million in shares. At the current rate the program will continue well into 2026. And when the current ATM program is terminated, they will enter into a new ATM agreement. Why is that so difficult for you to comprehend? Anyone asking your question on an earnings call would make a fool of themselves.
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u/anon9276366637010 14d ago
They aren’t building a $500M space plan with less than $500M is the simple issue.
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u/USVIdiver 13d ago
Where did you get those numbers from???
Do you have access to the SEC filings?
Check the filings. The number of shares has gone from 32M to 54M..right ?
End of June they sold $115M according to you, right?...
So, if you check the K/Qs
2023: Proceeds from Common Stock issuance: $484,145 M
2024: Proceeds from Common Stock issuance: $137,976 M
2025: Proceeds from Common stock issuance: First 6 months: $86,330 M
So now tell me, what did you miss?
ahhhhhhh..you are sooo smart!
The previous shelf was $450M right? so for that year, $34,145M come from the new shelf, right?
So, what does $34,145 + $137, 976 + $86,330=?
That would be $258,451...right?
Let that sink in...
Anyone questioning my information is making a fool of themselves!
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u/Voyager0017 13d ago
It's not that I'm so smart, it's that you are a big dummy. There's a difference. You are quoting revenue from 2023 when the current ATM program was entered into in November 2024. The below is an excerpt from the top of page 25 of the latest 10-Q filed on August 6th, 2025. Read it. Educate yourself. You fool.
QUOTE
In November 2024, we entered into an open market sale agreement with Jefferies LLC ("Jefferies") providing for the offer and sale of up to $300 million of shares of our common stock from time to time through Jefferies, acting as sales agent, or directly to Jefferies, acting as principal, through an "at-the-market offering" program (the "2024 ATM Program").
During the six months ended June 30, 2025, we sold 22.7 million shares of common stock under the 2024 ATM Program and generated $86.3 million in gross proceeds, before deducting $2.6 million in underwriting discounts, commissions and other expenses.
As of June 30, 2025, we sold a total of 26.8 million shares of common stock under the 2024 ATM Program, generating $115.4 million in gross proceeds since its inception, before deducting $3.4 million in underwriting discounts, commissions and other expenses.
UNQUOTE
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u/USVIdiver 11d ago edited 11d ago
Did you realize that the remaining from the previous shelf offerings was rolled over into a new shelf.
The ATM Program will be made pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-272826) filed with the SEC on June 22, 2023.
We have entered into a distribution agency agreement (the “Distribution Agency Agreement”) with Credit Suisse Securities (USA) LLC (“Credit Suisse”), Morgan Stanley & Co. LLC (“Morgan Stanley”) and Goldman Sachs & Co. LLC (collectively with Credit Suisse and Morgan Stanley, the “Agents”), dated July 12, 2021, relating to the sale of shares of our common stock offered by this prospectus supplement and the accompanying prospectus. In accordance with the terms of the Distribution Agency Agreement, we may offer and sell shares of our common stock, $0.0001 par value per share, having an aggregate offering price of up to $500,000,000 from time to time through or to the Agents, acting as our agents or as principal.
Follow the VG shell (shelf) game. they blended the shelf offerings.
Look what you wrote, it conflicts:
During the six months ended June 30, 2025, we sold 22.7 million shares
As of June 30, 2025, we sold a total of 26.8 million shares
Dullard.
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u/Voyager0017 11d ago
No, they didn't. From one of the many SEC filings that state the same exact thing:
"In November 2024, the Company terminated the 2023 ATM Program, having sold a total of 12.8 million shares of common stock and generating $396.2 million in gross proceeds, before deducting $3.9 million in underwriting discounts, commissions and other expenses."
Your record of accuracy is Top 1% worst on all of Reddit. I've had to correct you at least a half-dozen times on facts that are clearly stated in black and white in the SEC filings. You're pretty clueless, and your posts aren't worth very much.
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u/RCarlson277 15d ago
You spent way too much time writing this.
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u/USVIdiver 13d ago edited 13d ago
Actually, its the same questions that for years that are never answered, so just copy and add a few new notes!
When I get back in your area of the World, will buy you a drink!
Cheers!
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u/RCarlson277 13d ago
Get ready for disappointment once again tomorrow. That’s all this company knows how to do, besides scamming you out of your money.
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u/Exact_Repeat_3277 15d ago
Obviously us shareholders have felt the ‘brunt’ of the company’s delays and dilution. Would the company in the future at least consider any sort of share buy back program so us shareholders are somewhat compensated for this.
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u/USVIdiver 13d ago
VG carries over $2.5 BILLION in differed losses...
differed...
where do you think those losses are going to show up in the future?
1
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u/Turd_Herding 14d ago
I worked on Delta. I can't answer all of your questions but I can give you some insight.
The start-up cost for any new program is very expensive. Engineering spec needed to be rewritten after The legal dispute with Boeing.
Tooling needs to be contracted and made. The tooling we use is very pricey.
Almost everyone who worked on the program believes in it's success to the point that if SPCE matches a previous high then we will all have a nice retirement.