It depends on where you live.
here will commonly be two hatches per year and I’ve heard of three. In my area the caterpillars cocoon in say November and hatch as moths in say April. The April moths lay eggs and produce the fall caterpillars with maybe a third hatching in the summer.
I have never seen the banded coloration in the spring. I have seen some thought to be the Isia isabella species but the color is that of a blonde, honey colored cocker spaniel. I can’t say that for certain.
I have raised caterpillars to cocoon to hatched moths on several occasions. I have actually had the new female moths lay eggs. The hatched larva are very fragile and I have never been able to keep them alive to the point they had the colored bristles in the spring.
Every summer the monarchs come to her yard and lay their eggs and she collects them and raises them in a couple of caterpiller cages I built for her.
Incredibly, two summers ago she collected and raised approx. 75 eggs off her plants and she gave me a few caterpillers that I raised in my cage and released them when the butterflies emerged.
But it's crazy on how many she gets each year from the few plants she has.
I've searched the milkweeds beside my subdivision and have never found any. It's almost as if the ones she releases come back to her yard the following summer.
As a side note, I was over to their house one day, standing in the back yard when a monarch flew in and landed on a single, small milkweed plant next to where I was standing and laid an egg.