California-based space travel and space launch company Virgin Orbit, reported an EPS loss of USD 0.13 for Q3 2022 which remained unchanged from the same period last year. The company, which did not record revenue in Q3 2021, reported revenue of USD 30.9 million during the quarter, beating analyst consensus of USD 12.5 million. Net losses widened by 13% YoY reaching USD 43.6 million during Q3 2022 compared to USD 38.6 million in Q3 2021.

The company expects to increase its revenue further during FY 2023 by doubling its 2022 launch rate while offering premium mission solutions at a higher price point. Further, the company will continue to ramp up its scaling efforts and work on cleaning its backlog of missions, including launches and government contracts.

The increase in net losses was attributable to the 365% YoY increase in the cost of revenue, higher spending on selling, general, and administrative expenses, and R&D spending. Adjusted EBITDA loss increased 31% YoY reaching USD 42.9 million, compared to USD 32.8 million during the same period last year.

Business highlights during the period include the delivery of satellites for the DoD Space Test Program (STP), the signing of a multi-year launch contract with Spire Global, the signing of international spaceport agreements with Australia, Luxembourg, and South Korea, and the arrival of Launcher One to the UK . Further, the company secured a USD 25 million investment from an existing shareholder in November 2022.