Companies /Industrials

Virgin Galactic Holdings Inc - Class A

NYSE: SPCE Aerospace & Defense
$2.98
▼ $0.02 (−0.72%) today
Markets open · 10:34am ET

Q4 2024 Earnings

Reported Feb 26, 2025, 4:08pm ET · SEC source
$-2.53
Beat +15.62%
EPS · est. $-3.00
$429,000
Beat +14.40%
Revenue · est. $375,000
−16.5%
Trailing market
SPCE vs S&P since report
7 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−5%0+5%+10%Feb 26Feb 27report 4:08pm ETearnings−1.6%−3.3%
−5%0+5%+10%Feb 26Feb 27earnings−1.6%−3.3%
SPCE −3.3%S&P 500 −1.6%
0+5%+10%Feb 26Feb 27report 4:08pm ETearnings−2.7%−3.3%
0+5%+10%Feb 26Feb 27earnings−2.7%−3.3%
SPCE −3.3%NASDAQ −2.7%
−18%−12%−6%0Feb 25Mar 6report 4:08pm ETearnings−3.6%−16.5%
−18%−12%−6%0Feb 25Mar 6earnings−3.6%−16.5%
SPCE −16.5%S&P 500 −3.6%
−18%−12%−6%0Feb 25Mar 6report 4:08pm ETearnings−4.9%−16.5%
−18%−12%−6%0Feb 25Mar 6earnings−4.9%−16.5%
SPCE −16.5%NASDAQ −4.9%
−0.26%
Day of report
−0.78%
Next session
−12.27%
One week
−20.89%
30 days

S&P 500 over the same 30 days: −4.39%.

Did SPCE Beat Earnings? Q4 2024 Results

Virgin Galactic delivered a rare beat across the board in Q4 2024, even as the company remains firmly in a period of self-imposed revenue drought. The space tourism pioneer posted an EPS loss of $2.53, coming in 15.62% better than the consensus estimate of $3.00, while revenue of $429,000 topped expectations by 14.40%, though it still represented an 84.7% decline from Q4 2023 as the company generated no spaceflight income during the quarter. The primary driver behind the narrower losses was a sharp reduction in operating expenses, with GAAP total operating expenses falling to $82.38 million from $117.07 million a year ago, as the company wound down its Unity-class program and redirected resources toward Delta development. With $657 million in cash and marketable securities on hand, Virgin Galactic is funding its transition to the next generation of spacecraft, though it guided Q1 2025 free cash flow in the range of negative $115 million to negative $125 million. Assembly of the first Delta SpaceShip began in March 2025, with commercial flights targeted for 2026, as the company bets its future profitability on the new platform.

Key Takeaways
  • Pause in commercial spaceflights to focus on Delta Class SpaceShip production drove revenue decline
  • Lower operating expenses across R&D and spaceline operations improved net loss and Adjusted EBITDA
  • Increased capital expenditures for Delta SpaceShip tooling and factory buildout

“We are excited to share that our first spaceflight with our new Delta SpaceShips is planned for summer 2026. This first spaceflight will carry scientific research, and we expect to begin private astronaut spaceflights in the fall of 2026. We have made tremendous progress with the fabrication of tools and parts, and assembly of the first SpaceShip begins next month in Phoenix.”

Virgin Galactic CEO, on the earnings call

Forward Guidance & Outlook

Virgin Galactic expects the first spaceflight with a new Delta SpaceShip carrying research payloads in summer 2026, followed by private astronaut spaceflights in fall 2026. Assembly of the first Delta SpaceShip began in March 2025. The production schedule for Delta Class SpaceShips remains on track for commercial service in 2026. For Q1 2025, the company expects free cash flow in the range of $(115) million to $(125) million.

SPCE YoY Financials

Q4 2024 vs Q4 2023 · SEC filings Q4 2023 Q4 2024
$-90,000,000$-60,000,000$-30,000,000$0$2.8M$429,000Revenue$-63,886,031$-81,953,000Operating Income$-60,400,759$-76,413,000Net Income
$-90,000,000$-60,000,000$-30,000,000$0RevenueOperating IncomeNet Income

SPCE Revenue by Segment

Spaceline Operations

Figures from SEC filings and company reports. Not investment advice.