The earnings call highlighted significant progress in SpaceShip production and a strong cash position, along with plans for future initiatives and improved financial metrics. However, the company remains in a pre-revenue phase with negative free cash flow and faced some logistical challenges. Overall, the company's highlights, including strategic advancements and cost management, outweigh the lowlights.

Company Guidance -

Q3 2025

During the Virgin Galactic First Quarter 2025 Earnings Conference Call, several key metrics and guidance points were highlighted. The company anticipates its first research spaceflight in the summer of 2026, with private astronaut flights following in the fall. They reported a year-over-year decrease in operating expenses, down 21% to $89 million, reflecting a focus on creating capital assets. The company holds over $0.5 billion in cash, cash equivalents, and marketable securities. Capital expenditures grew to $46 million, up from $13 million in the prior year, as they continue investing in manufacturing assets. Revenue projections for the second quarter of 2025 are approximately $400,000, while they expect free cash flow to range between negative $105 million to $115 million. The CEO discussed re-opening ticket sales in Q1 2026 with anticipated price increases from the last price of $600,000. Additionally, Virgin Galactic is exploring potential incremental revenue opportunities with their carrier aircraft in government and research sectors.

Decreased Operating Expenses

Year-over-year operating expenses decreased by 21% to $89 million compared to $113 million in the prior year period. This was attributed to a shift in spending from research and development to capital investments.

Strong Cash Position

The company maintained a strong balance sheet with $567 million in cash, cash equivalents, and marketable securities.

SpaceShip Production Progress

Significant progress was made in developing next-generation SpaceShips, with advancements in rocket and propulsion systems, avionics, flight controls, and mechanical systems.

Launch of New Marketing Series

Virgin Galactic plans to launch a new series on their social channels to showcase the SpaceShip building process, engaging customers and investors.

Future Commercial Initiatives

Plans to reopen sales in Q1 2026 with a tailored onboarding experience for new customers and potential increased pricing. Exploration of a second Spaceport in Italy and potential new revenue streams with carrier aircraft adaptations.

Positive Adjusted EBITDA Trend

Adjusted EBITDA improved to negative $72 million from negative $87 million in the prior year period.

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)	-1.64 / -	-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
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%
Aug 07, 2024	$5.27	$6.01	+14.04%

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.