Companies /Industrials

Virgin Galactic Holdings Inc - Class A

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

Q2 2025 Earnings

Reported Aug 6, 2025, 4:32pm ET · SEC source
$-1.47
Beat +33.66%
EPS · est. $-2.22
$406,000
Miss −9.78%
Revenue · est. $450,000
−10.2%
Trailing market
SPCE vs S&P since report
7 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−21%−14%−7%0Aug 6Aug 7report 4:32pm ETearnings+0.1%−21.1%
−21%−14%−7%0Aug 6Aug 7earnings+0.1%−21.1%
SPCE −21.1%S&P 500 +0.1%
−21%−14%−7%0Aug 6Aug 7report 4:32pm ETearnings+0.6%−21.1%
−21%−14%−7%0Aug 6Aug 7earnings+0.6%−21.1%
SPCE −21.1%NASDAQ +0.6%
−30%−20%−10%0Aug 5Aug 14report 4:32pm ETearnings+2.0%−27.4%
−30%−20%−10%0Aug 5Aug 14earnings+2.0%−27.4%
SPCE −27.4%S&P 500 +2.0%
−30%−20%−10%0Aug 5Aug 14report 4:32pm ETearnings+2.1%−27.4%
−30%−20%−10%0Aug 5Aug 14earnings+2.1%−27.4%
SPCE −27.4%NASDAQ +2.1%
−9.52%
Day of report
−9.36%
Next session
−11.70%
One week
−7.31%
30 days

S&P 500 over the same 30 days: +2.86%.

Did SPCE Beat Earnings? Q2 2025 Results

Virgin Galactic posted a sharper-than-expected loss reduction in Q2 2025, with an EPS loss of $1.47 beating the consensus estimate of $2.22 by 33.66%, even as revenue came in at $406,000, missing the $450,000 estimate by 9.78% and collapsing 90.4% from $4.22 million a year ago. The revenue decline was a deliberate consequence of the company's ongoing pause on commercial spaceflights as it redirects resources toward building its next-generation Delta Class SpaceShips, a pivot that simultaneously drove meaningful cost discipline, with the net loss narrowing to $67.28 million from $93.78 million in Q2 2024. With $508 million in cash and marketable securities backing its runway, Virgin Galactic is targeting commercial spaceflight service in 2026, including both research and private astronaut flights expected in the fall, while wing and fuselage assemblies are on track for completion by early Q1 2026. Free cash flow guidance for Q3 2025 points to a range of negative $100 million to negative $110 million as SpaceShip production spending remains elevated.

Key Takeaways
  • Pause in commercial spaceflights drove revenue decline while company focuses on Delta Class SpaceShip production
  • Lower operating expenses across spaceline operations, R&D, and SG&A drove reduced net loss
  • Disciplined approach to reducing quarterly cash spending and operating expenses

“Progress on our SpaceShips continues across all systems and structures, and our strong balance sheet, with over $500 million in cash, cash equivalents and marketable securities, provides the foundation to execute our business model as we bring our SpaceShips into commercial service. We have continued to reduce our quarterly cash spending and operating expense as part of our disciplined approach. Commercial service remains planned for 2026, with both research and private astronaut flights expected in the fall next year.”

Virgin Galactic CEO, on the earnings call

Forward Guidance & Outlook

Commercial spaceflight service remains planned for 2026, with both research and private astronaut flights expected to commence in the fall of 2026. SpaceShip wing assembly and feather assembly are expected to be completed during Q4 2025, and the fuselage is expected to be completed in late Q4 2025 or early Q1 2026. Free cash flow for Q3 2025 is expected to be in the range of $(100) million to $(110) million.

SPCE YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$-60,000,000$-30,000,000$0$4.2M$406,000Revenue$-53,272,907$-69,942,000Operating Income$-52,460,039$-67,280,000Net Income
$-60,000,000$-30,000,000$0RevenueOperating IncomeNet Income

SPCE Revenue by Segment

Spaceline Operations$14.2M

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