The earnings call reflected both positive advancements in spaceship production and financial management, alongside challenges in production timelines and ongoing negative cash flow. While there are clear achievements, particularly in cost management and progress in spaceship development, the delays and continued cash burn present significant challenges.

Company Guidance -

Q3 2025

During the Virgin Galactic Second Quarter 2025 Earnings Conference Call, the company provided guidance on several key metrics. They announced that they are on track to launch their commercial spaceflight business in 2026, with research flights expected in the fall of that year followed by private astronaut flights. Virgin Galactic reported a decrease in total operating expenses by 34% year-over-year to $70 million and an improvement in adjusted EBITDA by 34% to negative $52 million. The company ended the second quarter with $508 million in cash, cash equivalents, and marketable securities, bolstered by $56 million raised through their ATM equity offering program. They also anticipate that their capital expenditures will represent half of their spending in 2025, specifically directed toward the production of their first two new spaceships. Additionally, they project a sequential decline in cash spending throughout 2025, with free cash flow expected to be below $100 million by the fourth quarter.

Progress in Next-Generation Spaceships

Significant advancements have been made in producing next-generation human spaceflight vehicles, with most parts of the spaceship program tracking as expected.

Strong Cash Position

Virgin Galactic maintains a strong balance sheet with over $0.5 billion in cash, cash equivalents, and marketable securities.

Reduction in Operating Expenses

Total operating expenses for the second quarter decreased by 34% year-over-year, and are expected to continue to decline.

Virgin Galactic Holdings (SPCE) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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SPCE Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 05, 2025	2025 (Q3)	-1.50 / -	-2.66	―	―	―
Aug 06, 2025	2025 (Q2)	-2.34 / -1.47	-4.36	66.28% (+2.89)
May 15, 2025	2025 (Q1)	-2.68 / -2.38	-5	52.40% (+2.62)
Feb 26, 2025	2024 (Q4)	-3.10 / -2.53	-5.2	51.35% (+2.67)
Nov 06, 2024	2024 (Q3)	-4.01 / -2.66	-5.6	52.50% (+2.94)
Aug 07, 2024	2024 (Q2)	-4.97 / -4.36	-9.2	52.61% (+4.84)
May 07, 2024	2024 (Q1)	-5.88 / -5.00	-11.4	56.14% (+6.40)
Feb 27, 2024	2023 (Q4)	-6.02 / -5.20	-11	52.73% (+5.80)
Nov 08, 2023	2023 (Q3)	-8.37 / -5.60	-11	49.09% (+5.40)
Aug 01, 2023	2023 (Q2)	-10.16 / -9.20	-8.6	-6.98% (-0.60)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

SPCE Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 06, 2025	$3.78	$3.42	-9.52%
May 15, 2025	$3.35	$4.80	+43.28%
Feb 26, 2025	$3.84	$3.83	-0.26%
Nov 06, 2024	$7.12	$6.28	-11.80%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.