3.31.25
Virgin Galactic Announces Fourth Quarter and Full Year 2025 Financial Results and Provides Business Update
Virgin Galactic Announces Fourth Quarter and Full Year 2025 Financial Results and Provides Business Update
March 30, 2026
- Sales Open for Virgin Galactic Spaceflight Expeditions — Currently Priced At 750K
- First Of New SpaceShips Progressing to Ground Test Phase in April, as Structural Assembly Phase Nears Completiion
- [Static Testing] Has Begun in Preparation for Flight Test Phase, which Continues on Track for Q3 2026 Commercial Spaceflight Operations Continue on Track for Q4 2026
ORANGE COUNTY, CALIFORNIA. – March 30, 2026 – Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or the “Company”) today announced its financial results for the fourth quarter and full year ended December 31, 2025 and provided a business update.
CEO Michael Colglazier said, “We completed pivotal milestones during the first quarter [of 2026], and with assembly of our first SpaceShip near complete and ground testing set to begin in April, we have released a limited number of Virgin Galactic Spaceflight Expeditions, each priced at $750k. With our first SpaceShip entering the test phase, fabrication efforts are pivoting to support [static testing] efforts and production of our second SpaceShip, which we expect will enter service between late Q4, 2026 and early Q1, 2027, in line with our planned ramp in spaceflight cadence. With production of SpaceShips well in hand, we are gearing up to begin rocket motor assembly within our Phoenix factory, with production expected to begin in Q4, 2026.”
We have reached pivotal milestones in our SpaceShip program in recent weeks, with assembly of our first ship nearing completion, ground testing scheduled to begin in April, and sales reopening as confidence in our progress continues to build. I am proud and inspired to see Virgin Galactic and our partners come together in this bold endeavor, and we can’t wait to formally christen our first new ship in just a few months and begin commercial spaceflights in Q4.”]
Fourth Quarter 2025 Financial Highlights
- Cash position remains strong, with cash, cash equivalents and marketable securities of $338 million as of December 31, 2025.
- Revenue of $0.3 million, compared to $0.4 million in the fourth quarter of 2024, attributable to access fees related to future astronauts.
- GAAP total operating expenses of $61 million, compared to $82 million in the fourth quarter of 2024. Non-GAAP total operating expenses of $53 million in the fourth quarter of 2025, compared to $72 million in the fourth quarter of 2024.
- Net loss of $63 million, compared to a $76 million net loss in the fourth quarter of 2024, with the improvement primarily driven by lower operating expenses.
- Adjusted EBITDA totaled $(49) million, compared to $(63) million in the fourth quarter of 2024, with the improvement primarily driven by lower operating expenses.
- Net cash used in operating activities totaled $52 million, compared to $81 million in the fourth quarter of 2024.
- Cash paid for capital expenditures totaled $42 million, compared to $36 million in the fourth quarter of 2024.
- Free cash flow totaled $(95) million, compared to $(117) million in the fourth quarter of 2024.
- Generated $12 million in gross proceeds through the issuance of 3.5 million shares of common stock as part of the Company’s at-the-market offering program.
Full Year 2025 Financial Highlights
- Revenue of $2 million, compared to $7 million in 2024, with the decrease driven by the pause in commercial spaceflights to focus efforts on the production of the new SpaceShips.
- Net loss of $279 million, compared to a $347 million net loss in 2024, with the improvement primarily driven by lower operating expenses.
- GAAP total operating expenses of $287 million, compared to $384 million in 2024. Non-GAAP total operating expenses of $249 million, compared to $338 million in 2024.
- Adjusted EBITDA totaled $(226) million, compared to $(289) million in 2024, with the improvement primarily driven by lower operating expenses.
- Net cash used in operating activities totaled $240 million, compared to $353 million in 2024.
- Cash paid for capital expenditures totaled $198 million, compared to $122 million in 2024.
- Free cash flow totaled $(438) million, compared to $(475) million in 2024.
- Generated $122 million in gross proceeds through the issuance of 33.5 million shares of common stock as part of the Company’s at-the-market offering programs.
Business Updates
- Newly launched digital presence, including commercial website and astronaut portal, completed in conjunction with sales launch.
- Executed capital realignment transactions in December 2025 to better align debt maturity dates with planned ramp in cash flow from commercial operations and reduce contractual debt obligations by $142 million.
Financial Guidance
The following forward-looking statements reflect our expectations for the first quarter of 2026 as of March 30, 2026 and are subject to substantial uncertainty. Our results are based on assumptions that we believe to be reasonable as of this date, but may be materially affected by many factors, as discussed below in “Forward-Looking Statements.”
The following forward-looking statements reflect our expectations for the first quarter of 2026 as of March 30, 2026 and are subject to substantial uncertainty. Our results are based on assumptions that we believe to be reasonable as of this date, but may be materially affected by many factors, as discussed below in “Forward-Looking Statements.”
- Free cash flow for the first quarter of 2026 is expected to be in the range of $(90) million to $(95) million.
- For the remainder of 2026, free cash flow is expected to show sequential improvement from the first quarter.
Non-GAAP Financial Measures
In addition to the Company's results prepared in accordance with generally accepted accounting principles in the United States (GAAP), the Company is also providing certain non-GAAP financial measures. A discussion regarding the use of non-GAAP financial measures and a reconciliation of such measures to the most directly comparable GAAP information is presented later in this press release.
In addition to the Company's results prepared in accordance with generally accepted accounting principles in the United States (GAAP), the Company is also providing certain non-GAAP financial measures. A discussion regarding the use of non-GAAP financial measures and a reconciliation of such measures to the most directly comparable GAAP information is presented later in this press release.
Conference Call Information
Virgin Galactic will host a conference call to discuss the results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today. To access the conference call, parties should dial +1 888-660-6131 or +1 267-764-0185 and enter the conference ID number 4014201. The live audio webcast along with supplemental information will be accessible on the Company’s Investor Relations website at https://investors.virgingalactic.com/events-and-presentations/. A recording of the webcast will also be available following the conference call.
Virgin Galactic will host a conference call to discuss the results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today. To access the conference call, parties should dial +1 888-660-6131 or +1 267-764-0185 and enter the conference ID number 4014201. The live audio webcast along with supplemental information will be accessible on the Company’s Investor Relations website at https://investors.virgingalactic.com/events-and-presentations/. A recording of the webcast will also be available following the conference call.
About Virgin Galactic Holdings
Virgin Galactic is an aerospace and space travel company, pioneering human spaceflight for private individuals and researchers with its advanced air and space vehicles. Scale and profitability are driven by next generation vehicles capable of bringing humans to space at an unprecedented frequency with an industry-leading cost structure. You can find more information at https://www.virgingalactic.com/.
Virgin Galactic is an aerospace and space travel company, pioneering human spaceflight for private individuals and researchers with its advanced air and space vehicles. Scale and profitability are driven by next generation vehicles capable of bringing humans to space at an unprecedented frequency with an industry-leading cost structure. You can find more information at https://www.virgingalactic.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our spaceflight systems, next commercial space mission and proposed timing thereof, scaling of our future fleet, providing repeatable and reliable access to space, development of our Delta Class spaceships and proposed timeline for testing and commercial service using such spaceships, the timing of the opening of our spaceship factory in Arizona and the delivery of parts ahead of assembling the initial Delta Class spaceships, our objectives for future operations and the Company’s financial forecasts, including first quarter 2024 expected revenue and free cash flow, and the expectation for positive cash flow and the timing thereof, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “strategy,” “future,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to any delay in future commercial flights of our spaceflight fleet, our ability to successfully develop and test our next generation vehicles, and the time and costs associated with doing so, our expected capital requirements and the availability of additional financing, and the other factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.virgingalactic.com, which could cause our actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our spaceflight systems, next commercial space mission and proposed timing thereof, scaling of our future fleet, providing repeatable and reliable access to space, development of our Delta Class spaceships and proposed timeline for testing and commercial service using such spaceships, the timing of the opening of our spaceship factory in Arizona and the delivery of parts ahead of assembling the initial Delta Class spaceships, our objectives for future operations and the Company’s financial forecasts, including first quarter 2024 expected revenue and free cash flow, and the expectation for positive cash flow and the timing thereof, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “strategy,” “future,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to any delay in future commercial flights of our spaceflight fleet, our ability to successfully develop and test our next generation vehicles, and the time and costs associated with doing so, our expected capital requirements and the availability of additional financing, and the other factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.virgingalactic.com, which could cause our actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
For media inquiries:
Aleanna Crane - Vice President, Communications
news@virgingalactic.com
575.800.4422
Aleanna Crane - Vice President, Communications
news@virgingalactic.com
575.800.4422
For investor inquiries:
Eric Cerny - Vice President, Investor Relations
vg-ir@virgingalactic.com
949.774.7637
Eric Cerny - Vice President, Investor Relations
vg-ir@virgingalactic.com
949.774.7637
Source: Virgin Galactic Holdings, Inc.