Virgin Galactic Announces First Quarter 2025 Financial Results and Provides Business Update

ORANGE COUNTY, Calif., May 15, 2025--(BUSINESS WIRE)--Virgin Galactic Holdings, Inc. (NYSE: SPCE) ("Virgin Galactic" or the "Company") today announced its financial results for the first quarter ended March 31, 2025 and provided a business update.

Michael Colglazier, Chief Executive Officer of Virgin Galactic said, "The first quarter demonstrated strong progress advancing the build of our new SpaceShips and keeping pace with our plans to begin commercial spaceflight in 2026. The assets being built as we march through our pre-revenue phase are tremendous, and we expect them to open up a powerful and profitable business model that will benefit from an industry-leading cost structure, fixed-cost leverage as we scale, and an unparalleled customer experience."

First Quarter 2025 Financial Highlights

Cash position remains strong, with cash, cash equivalents and marketable securities of $567 million as of March 31, 2025.

Revenue of $0.5 million, compared to $2.0 million in the first 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 $89 million, compared to $113 million in the first quarter of 2024. Non-GAAP total operating expenses of $80 million in the first quarter of 2025, compared to $101 million in the first quarter of 2024.

Net loss of $84 million, compared to a $102 million net loss in the first quarter of 2024, with the improvement primarily driven by lower operating expenses.

Adjusted EBITDA totaled $(72) million, compared to $(87) million in the first quarter of 2024, primarily driven by lower operating expenses.

Net cash used in operating activities totaled $76 million, compared to $113 million in the first quarter of 2024.

Cash paid for capital expenditures totaled $46 million, compared to $13 million in the first quarter of 2024.

Free cash flow totaled $(122) million, compared to $(126) million in the first quarter of 2024.

Generated $31 million in gross proceeds through the issuance of 6.9 million shares of common stock as part of the Company's at-the-market offering program.

Business Updates

First spaceflight with new SpaceShip carrying research payloads planned for summer 2026.

Private astronaut spaceflights planned for fall 2026.

Midway through feasibility study to potentially develop second spaceport in Italy.