Virgin Galactic Holdings Inc (NYSE:SPCE) reported financial results for the first quarter after the market close on Thursday. Here’s a look at the key details from the report.

Virgin Galactic Q1 Earnings

Virgin Galactic reported first-quarter revenue of $227,000, beating estimates of $190,000, according to Benzinga Pro. Revenue in the quarter was attributable to access fees related to future astronauts.

The aerospace and space travel company reported a first-quarter loss of 81 cents per share, beating estimates for a loss of 88 cents per share.

Virgin Galactic used $54 million of cash in operating activities and generated negative free cash flow of $93 million in the quarter. The company ended the period with $251 million in total cash, cash equivalents and marketable securities.

“We’ve delivered the first of our new SpaceShips from our Assembly hangar to our Test-and-Launch hangar, ground testing of that SpaceShip is underway, and we remain on track to commence flight testing in Q3 and spaceflight in Q4 of this year,” said Michael Colglazier, CEO of Virgin Galactic.

Virgin Galactic expects second-quarter free cash flow to be between negative $87 million and negative $92 million. Free cash flow is expected to show sequential improvement each quarter this year, starting in the second quarter.

“Spending continues to decline quarter by quarter, debt retirements are being made on or ahead of schedule, and cash balances are being maintained at appropriate levels as we work through the final quarters of our pre-revenue phase and prepare for the launch of commercial spaceflight operations,” Colglazier added.

Virgin Galactic executives will further discuss the quarter on an earnings call with investors and analysts at 5 p.m. ET.

SPCE Shares Fall After The Close

SPCE Price Action: Virgin Galactic shares were down 1.04% in after-hours, trading at $2.85 at the time of publication on Thursday, according to Benzinga Pro.

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Image: courtesy of Virgin Galactic.