Companies /Industrials

Virgin Galactic Holdings Inc - Class A

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

Q1 2025 Earnings

Reported May 15, 2025, 4:07pm ET · SEC source
$-2.38
Beat +6.79%
EPS · est. $-2.55
$461,000
Beat +61.35%
Revenue · est. $285,710
−38.3%
Trailing market
SPCE vs S&P since report
7 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+30%+60%May 15May 16report 4:07pm ETearnings−0.3%+23.9%
0+30%+60%May 15May 16earnings−0.3%+23.9%
SPCE +23.9%S&P 500 −0.3%
0+30%+60%May 15May 16report 4:07pm ETearnings−0.8%+23.9%
0+30%+60%May 15May 16earnings−0.8%+23.9%
SPCE +23.9%NASDAQ −0.8%
−20%0+20%+40%May 14May 23report 4:07pm ETearnings−1.9%−7.3%
−20%0+20%+40%May 14May 23earnings−1.9%−7.3%
SPCE −7.3%S&P 500 −1.9%
−20%0+20%+40%May 14May 23report 4:07pm ETearnings−2.0%−7.3%
−20%0+20%+40%May 14May 23earnings−2.0%−7.3%
SPCE −7.3%NASDAQ −2.0%
+43.28%
Day of report
−9.79%
Next session
−22.50%
One week
−37.71%
30 days

S&P 500 over the same 30 days: +0.55%.

Did SPCE Beat Earnings? Q1 2025 Results

Virgin Galactic delivered a pair of beats in its <a href="https://247wallst.com/investing/2025/05/15/live-virgin-galactic-spce-earnings-coverage/">Q1 2025 earnings results</a>, topping expectations on both the top and bottom lines even as the company remains deep in its development phase. The space-tourism firm posted a loss of $2.38 per share, beating the consensus estimate of $2.55 by 6.79%, while revenue of $461,000 cleared estimates of $285,710 by 61.35%, though it fell sharply from $1.99 million a year ago, a 76.8% decline that reflects the deliberate pause in commercial spaceflights to concentrate resources on Delta Class SpaceShip construction. The most meaningful driver of the earnings beat was disciplined cost management, with total GAAP operating expenses falling to $88.91 million from $113.14 million and R&D spending roughly halved to $33.31 million. The company's stock surged more than 35% following the report, aided in part by news that private astronaut ticket prices on the new Delta Class ships are expected to exceed $600,000. With $567 million in cash on hand and commercial spaceflights targeted for 2026, Virgin Galactic guided Q2 free cash flow at negative $105 million to negative $115 million as capital deployment remains elevated.

Key Takeaways
  • Lower total operating expenses drove improvement in net loss and Adjusted EBITDA year-over-year
  • Significant reduction in R&D spending from $59.0 million to $33.3 million
  • Improved operating cash flow due to lower cash burn from operations

“The first quarter demonstrated strong progress advancing the build of our new SpaceShips and keeping pace with our plans to begin commercial spaceflight in 2026. The assets being built as we march through our pre-revenue phase are tremendous, and we expect them to open up a powerful and profitable business model that will benefit from an industry-leading cost structure, fixed-cost leverage as we scale, and an unparalleled customer experience.”

Virgin Galactic CEO, on the earnings call

Forward Guidance & Outlook

Virgin Galactic expects free cash flow for Q2 2025 to be in the range of $(105) million to $(115) million. The company plans its first spaceflight with the new SpaceShip carrying research payloads for summer 2026, with private astronaut spaceflights planned for fall 2026. Future Astronaut ticket sales are expected to open in Q1 2026. The company is midway through a feasibility study to potentially develop a second spaceport in Italy.

SPCE YoY Financials

Q1 2025 vs Q1 2024 · SEC filings Q1 2024 Q1 2025
$-90,000,000$-60,000,000$-30,000,000$0$2.0M$461,000Revenue$-73,443,494$-88,448,000Operating Income$-72,100,188$-84,487,000Net Income
$-90,000,000$-60,000,000$-30,000,000$0RevenueOperating IncomeNet Income

SPCE Revenue by Segment

Spaceline Operations$20.8M

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