The earnings call presented a mix of positive and negative elements. While there are significant advancements in spaceship development and financial management, delays in project timelines and continued negative cash flow indicate challenges. The company is managing expenses well and preparing for future growth, but immediate financial hurdles and project delays remain concerns.

Company Guidance

In the Virgin Galactic Second Quarter 2025 Earnings Conference Call, the company provided guidance on several key metrics. It was highlighted that Virgin Galactic is on track to launch its commercial spaceflight business in 2026, with research and private astronaut flights expected to commence in the fall of that year. The company is managing its business prudently, maintaining over $508 million in cash, cash equivalents, and marketable securities. Operating expenses for the second quarter decreased by 34% compared to the previous year, and adjusted EBITDA improved by 34% year-over-year to negative $52 million. The free cash flow was negative $114 million, a 7% improvement from the first quarter. Looking forward, the company expects its quarterly cash spending to continue decreasing, with forecasted free cash flow for the third quarter of 2025 ranging from negative $100 million to $110 million. Additionally, Virgin Galactic plans to reopen ticket sales in the first quarter of 2026 and is advancing the design of its LV-X launch vehicle as part of its long-term growth strategy.

Progress in Spaceship Program

Significant advancements in next-generation human spaceflight vehicles with key components like oxidizer tanks and propulsion systems qualified for flight.

Strong Cash Position

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

Reduction in Operating Expenses

Total operating expenses decreased by 34% year-over-year, indicating effective management of costs.

Improved Adjusted EBITDA

Adjusted EBITDA improved by 34% from the previous year and 28% sequentially, showing progress toward financial efficiency.

Launch Vehicle Design Progress

Design work on the next-generation launch vehicle, LV-X, is advancing, with potential government applications being explored.

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

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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)	-1.47 / -	-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.