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Visual22 Oct 2025
Epiroc's cash spent on M&A
Virgin Galactic (SPCE) investor relations material
Virgin Galactic Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary6 Aug, 2025
Executive summary
Commercial service and private astronaut flights are targeted for fall 2026, with significant progress in next-generation spaceship assembly and testing.
Revenue declined to $0.4 million from $4.2 million year-over-year due to a pause in commercial flights and focus on new vehicle production.
Net loss improved to $67 million from $94 million year-over-year, driven by lower operating expenses.
Strong cash position maintained, with over $500 million in cash, cash equivalents, and marketable securities.
Settlement terms for a major class action were reached, with most costs covered by insurance.
Financial highlights
Q2 2025 revenue was $0.4 million, primarily from astronaut access fees, down from $4.2 million year-over-year.
Operating expenses decreased to $70 million from $106 million year-over-year, reflecting a shift from R&D to manufacturing.
Adjusted EBITDA improved to negative $52 million from negative $79 million year-over-year.
Free cash flow was negative $114 million in Q2, unchanged or slightly improved from the prior year.
Capital expenditures increased to $58 million in Q2, up from $34 million year-over-year.
Outlook and guidance
Commercial service and private astronaut flights remain on track for fall 2026, with sales reservations reopening in Q1 2026.
Free cash flow for Q3 2025 is expected between negative $100 million and negative $110 million.
Management believes current capital is sufficient to deliver the initial fleet and sustain operations for at least twelve months.
Cash spending projected to decline through 2025 and into 2026.
What is the expected completion timeline for SpaceShip fuselage?
Elaborate on the collaboration with Lawrence Livermore.
Why did revenue decrease compared to Q2 2024?
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Next Virgin Galactic earnings date
Q3 202513 Nov, 2025
Next Virgin Galactic earnings date
Q3 202513 Nov, 2025
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Frequently asked questions
Virgin Galactic Holdings Inc is an aerospace and space travel company focused on developing commercial spaceflight for tourism and research purposes. The company designs, manufactures, and operates spacecraft for suborbital flights. It also conducts aerospace development and testing. Virgin Galactic Holdings Inc is headquartered in Las Cruces, New Mexico, and its shares are listed on the NYSE.
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