Virgin Galactic Holdings Inc (MIL:1SPCE)

Q3 2025 Virgin Galactic Holdings Inc Earnings Call Transcript

Nov 13, 2025 / 10:00 PM GMT

Release Date Price: €2.91 (-7.56%)

Transcript 10-Q8-K

Key Points

Positve

Virgin Galactic Holdings Inc (SPCE) is making significant progress in its spaceship program, with major milestones being crossed and a decline in outstanding production checklist items.
The company expects to begin its flight test program in Q3 2026 and its first space flight in Q4 2026, with no changes to the previously forecasted dates.
The new oxidizer tank has been qualified for the life of the Delta class spaceships, supporting up to 500 or more space flights, significantly increasing reusability.
Virgin Galactic Holdings Inc (SPCE) is preparing for commercial service launch in Q4 2026, with plans to open the first tranche of sales opportunities in Q1 2026.
The company has a strong balance sheet with $424 million in cash equivalents and marketable securities, and it is on track to achieve a highly profitable business model with projected annual revenue of $450 million at high margins.

Negative

The completion dates for the wing and feather subassemblies have shifted modestly, although they remain ahead of the critical path.
The fuselage subassembly is driving the critical path, with manufacturing and supply chain challenges needing resolution.
Operating expenses for the third quarter were $67 million, and the company reported a net loss of $64 million.
Free cash flow was negative at $-108 million in the third quarter, although it was within the range of prior guidance.
The company anticipates a ramp-up in spending as it approaches the start of commercial service, which may impact cash flow positivity.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SPCE.N - Virgin Galactic Holdings Inc
Q3 2025 Virgin Galactic Holdings Inc Earnings Call
Nov 13, 2025 / 10:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to Virgin Galactic's 3rd quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press followed by the number 1 on your telephone keypad. If you would like to withdraw a question, press 1 again.

Thank you. I will now turn the call over to Eric Cerny, Vice President of investor relations. You may begin.

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