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Virgin Galactic (SPCE) investor relations material
Virgin Galactic Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Significant progress on spaceship production, with 90% of structural parts for the first ship expected by Q4 2025 and commercial flights targeted for late 2026.
Flight test program remains on schedule for Q3 2026, with first commercial and research flights in Q4 2026 and private astronaut flights to follow.
Company is preparing for operational readiness, hiring for key roles, and expects most current customers to fly in 2027 as flight rates increase.
Reservations for approximately 675 future astronauts represent $189 million in expected future revenue.
Reached a preliminary $8.5 million settlement in the Lavin class action, with most costs covered by insurance.
Financial highlights
Q3 2025 revenue was $0.4 million, flat year-over-year, mainly from future astronaut access fees.
Operating expenses decreased to $67 million from $82 million year-over-year; net loss improved to $64 million from $75 million.
Adjusted EBITDA improved to $(53) million from $(59) million; free cash flow was $(108) million, an improvement from $(118) million.
Cash, cash equivalents, and marketable securities totaled $424 million as of September 30, 2025.
Capital expenditures for Q3 were $51 million, up from $39 million a year ago; total assets were $854 million as of September 30, 2025.
Outlook and guidance
Q4 2025 revenue expected to be ~$300,000; free cash flow forecasted at $(90) million to $(100) million.
Sales reservations for new SpaceShip flights expected to reopen in Q1 2026, with prices anticipated to exceed $600,000 per seat.
Initial fleet of two spaceships anticipated to support 125 flights per year, generating ~$450 million in annual revenue and ~$100 million in Adjusted EBITDA.
Expansion to four spaceships and two launch vehicles could yield ~$1 billion in annual revenue and ~$500 million in Adjusted EBITDA.
Management believes current capital is adequate to sustain operations for at least the next twelve months.
Remaining fuselage skin delivery impact on Q4?
How does 500+ flight reusability validate model?
Avionics/Eve: What are the non-tourism revenue paths?
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Next Virgin Galactic earnings date
Q4 202527 Feb, 2026
Next Virgin Galactic earnings date
Q4 202527 Feb, 2026
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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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