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

Michael Colglazier, Chief Executive Officer of Virgin Galactic said, "Progress on our SpaceShips continues across all systems and structures, and our strong balance sheet, with over $500 million in cash, cash equivalents and marketable securities, provides the foundation to execute our business model as we bring our SpaceShips into commercial service. We have continued to reduce our quarterly cash spending and operating expense as part of our disciplined approach. Commercial service remains planned for 2026, with both research and private astronaut flights expected in the fall next year."

Second Quarter 2025 Financial Highlights

- Cash position remains strong, with cash, cash equivalents and marketable securities of $508 million as of June 30, 2025.

- Revenue of $0.4 million, compared to $4.2 million in the second quarter of 2024, with the decrease driven by the pause in commercial spaceflights to focus efforts on the production of the Delta Class SpaceShips.

- GAAP total operating expenses of $70 million, compared to $106 million in the second quarter of 2024. Non-GAAP total operating expenses of $58 million in the second quarter of 2025, compared to $95 million in the second quarter of 2024.

- Net loss of $67 million, compared to a $94 million net loss in the second quarter of 2024, with the improvement primarily driven by lower operating expenses.

- Adjusted EBITDA totaled $(52) million, compared to $(79) million in the second quarter of 2024, primarily driven by lower operating expenses.

- Net cash used in operating activities totaled $55 million, compared to $79 million in the second quarter of 2024.

- Cash paid for capital expenditures totaled $58 million, compared to $34 million in the second quarter of 2024.

- Free cash flow totaled $(114) million in each of the second quarters of 2025 and 2024.

- Generated $56 million in gross proceeds through the issuance of 15.7 million shares of common stock as part of the Company's at-the-market offering programs.

Business Updates

- Collaborating on a feasibility study with Lawrence Livermore National Laboratory to leverage the capabilities of the Company's launch vehicle as a carrier platform.

- Progressing through a feasibility study to potentially develop a second spaceport in Italy.

- SpaceShip wing assembly and feather assembly expected to be completed during Q4 of 2025.

- SpaceShip fuselage expected to be completed late Q4 2025 or early Q1 2026.

- Commercial spaceflight continues to track for 2026, with both research and private astronaut flights expected to commence in the fall of 2026.

Financial Guidance

The following forward-looking statements reflect our expectations for the third quarter of 2025 as of August 6, 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 third quarter of 2025 is expected to be in the range of $(100) million to $(110) 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.