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

Virgin Galactic Holdings, Inc. today announced its financial results for the third quarter ended September 30, 2025 and provided a business update.

“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,” said Michael Colglazier, Chief Executive Officer of Virgin Galactic. “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.”

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. The live audio webcast along with supplemental information will be accessible on the Company’s Investor Relations website. A recording of the webcast will also be available following the conference call.