Virgin Galactic Announces Third Quarter 2025 Financial Results And Provides Business Update
Flight Test Program Continues On Track to Commence in Q3 2026
First Commercial Spaceflight Continues On Track for Q4 2026, with Private Astronaut Flights Following 6 to 8 Weeks After First Commercial Spaceflight
90% of Structural Parts for First SpaceShip Expected in SpaceShip Factory in Q4 2025
Commercial Preparations Underway, with First Tranche of Sales for Spaceflights on New SpaceShips Expected to Commence in Q1 2026
ORANGE COUNTY, CALIFORNIA – November 13, 2025 – Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or the “Company”) today announced its financial results for the third quarter ended September 30, 2025 and provided a business update.
Third Quarter 2025 Financial Highlights
Cash position remains strong, with cash, cash equivalents and marketable securities of $424 million as of September 30, 2025.
Revenue of $0.4 million for each of the third quarters of 2025 and 2024, attributable to access fees related to future astronauts.
GAAP total operating expenses of $67 million, compared to $82 million in the third quarter of 2024. Non-GAAP total operating expenses of $58 million in the third quarter of 2025, compared to $70 million in the third quarter of 2024.
Net loss of $64 million, compared to a $75 million net loss in the third quarter of 2024, with the improvement primarily driven by lower operating expenses.
Adjusted EBITDA totaled $(53) million, compared to $(59) million in the third quarter of 2024, primarily driven by lower operating expenses.
Net cash used in operating activities totaled $56 million, compared to $79 million in the third quarter of 2024.
Cash paid for capital expenditures totaled $51 million, compared to $39 million in the third quarter of 2024.
Free cash flow totaled $(108) million, compared to $(118) million in the third quarter of 2024.
Generated $23 million in gross proceeds through the issuance of 7.4 million shares of common stock as part of the Company's at-the-market offering programs.
Business Updates
Research mission with Purdue University announced for 2027.
Financial Guidance
The following forward-looking statements reflect our expectations for the fourth quarter of 2025 as of November 13, 2025 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 fourth quarter of 2025 is expected to be in the range of $(90) million to $(100) 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.
“We’ve reached an exciting stage in our SpaceShip program, with our production checklist growing shorter by the week and our first commercial spaceflight continuing to track for Q4 2026. As we continue to achieve program milestones, it’s great to see our teams planning for the start of commercial operations next year. We expect most of our current customers will take their space journey during 2027, as our launch vehicle’s bolstered flight rate capability, combined with the quick turn time expected from our first two SpaceShips, should allow us to ramp spaceflight capacity fairly quickly.”
About Virgin Galactic
Virgin Galactic is an aerospace and space travel company, pioneering human-first spaceflight for private individuals, researchers, and governments with its advanced SpaceShips and launch vehicle. Scale and profitability are driven by next-generation vehicles capable of taking 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 SpaceShips and proposed timeline for assembly, testing and commercial service using such SpaceShips, our plans to open future astronaut sales and the timing thereof, our planned research mission with Purdue University, and our objectives for future operations, growth plans and the Company’s financial forecasts, including fourth quarter 2025 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, 2024, 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.