ORANGE COUNTY, CALIFORNIA – August 7, 2024 – Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or the "Company”) today announced its financial results for the second quarter ended June 30, 2024 and provided a business update.

Second Quarter 2024 Financial Highlights

• Cash position remains strong, with cash, cash equivalents and marketable securities of $821 million as of June 30, 2024.

• Revenue of $4 million, compared to $2 million in the second quarter of 2023, driven by commercial spaceflight and membership fees related to future astronauts.

• GAAP total operating expenses of $106 million, compared to $141 million in the second quarter of 2023. Non-GAAP total operating expenses of $95 million in the second quarter of 2024, compared to $126 million in the second quarter of 2023.

• Net loss of $94 million, compared to a $134 million net loss in the second quarter of 2023, with the improvement primarily driven by lower operating expenses.

• Adjusted EBITDA totaled $(79) million, compared to $(116) million in the second quarter of 2023, primarily driven by lower operating expenses.

• Net cash used in operating activities totaled $79 million, compared to $125 million in the second quarter of 2023.

• Cash paid for capital expenditures totaled $34 million, compared to $10 million in the second quarter of 2023.

• Free cash flow totaled $(114) million, compared to $(135) million in the second quarter of 2023.

• Generated $64 million in gross proceeds through the issuance of 3.7 million shares of common stock as part of the Company's at-the-market offering programs.

Business Updates

• Construction completed on final assembly facility in Phoenix, Arizona for Delta Class spaceships.

• VSS Unity spaceflights delivered key engineering and operational data informing design of Delta Class production model spaceships.

• Blended manifest of research and private astronauts on 'Galactic 07' mission generated an average of $900K revenue per seat.

• Production schedule for the Delta Class spaceships remains on track for commercial service in 2026.

• Refer to the Company's investor relations website for a video overview of the 'Virgin Galactic Business Model.' https://investors.virgingalactic.

Financial Guidance

The following forward-looking statements reflect our expectations for the third quarter of 2024 as of August 7, 2024 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 third quarter of 2024 is expected to be in the range of $(115) million to $(125) million.

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.

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 +1 800-715-9871 or +1 646-307-1963 and enter the conference ID number 9301433. 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

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, development production and design of our Delta Class spaceships and proposed timeline for commercial service using such spaceships, and our objectives for future operations, growth plans and the Company’s financial forecasts, including third quarter 2024 expected free cash flow, 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 well our subsequently filed reports on Form 10-Q and 8-K, 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.