Cash Flow ConcernsDespite having a cash balance of $744 million, ongoing cash burn remains high and could increase if the timing on the Delta ships or new mothership is delayed.
Near-term UncertaintyThere is a limited near-term catalyst for Virgin Galactic, which supports the underweight rating.
Revenue ChallengesAcknowledge risk factors including a lack of revenue, the need for future demand to support existing backlog, and potential for build, testing, or safety delays.