NYSE$SPCE
Virgin Galactic Holdings Inc · Q2 2025 earnings
Q2 2025 earnings · · After market close · Investor relations
Briefing
Virgin Galactic announced its second quarter 2025 financial results, reporting a significant decrease in revenue due to a pause in commercial spaceflights, while also showing improvements in net loss and operating expenses compared to the previous year.
Virgin Galactic reported a revenue of $0.4 million for Q2 2025, a substantial decrease from $4.2 million in Q2 2024, primarily due to the halt in commercial spaceflights to focus on Delta Class SpaceShips production. Despite this, the company reduced its net loss to $67 million from $94 million year-over-year, driven by lower operating expenses. The company maintains a strong cash position of $508 million and expects commercial service to resume in 2026.
- Revenue for Q2 2025 was $0.4 million, a significant drop from $4.2 million in Q2 2024, attributed to the pause in commercial spaceflights.
- Net loss improved to $67 million in Q2 2025, down from $94 million in Q2 2024, primarily due to reduced operating expenses.
- GAAP total operating expenses decreased to $70 million from $106 million in the prior year's quarter, with non-GAAP total operating expenses also falling to $58 million from $95 million.
- The company maintained a strong cash position with $508 million in cash, cash equivalents, and marketable securities as of June 30, 2025, and generated $56 million from common stock issuance.
Headline financials
Revenue & EPS history
Virgin Galactic · Revenue · Quarterly
$406K
Forward guidance
Virgin Galactic expects free cash flow for the third quarter of 2025 to be in the range of $(100) million to $(110) million. The company continues to target commercial spaceflight for 2026, with both research and private astronaut flights anticipated to begin in the fall of 2026.
Tailwinds
- Commercial spaceflight remains on track for 2026.
- Both research and private astronaut flights are expected to commence in the fall of 2026.
- SpaceShip wing assembly and feather assembly are expected to be completed during Q4 2025.
- SpaceShip fuselage is expected to be completed late Q4 2025 or early Q1 2026.
- Feasibility study for a second spaceport in Italy is progressing.
Headwinds
- Free cash flow for Q3 2025 is projected to be between $(100) million and $(110) million, indicating continued cash burn.
- The company has not provided a reconciliation of forward-looking free cash flow to GAAP measures due to substantial uncertainty.
- Future results may be materially affected by factors such as delays in commercial flights.
- The ability to successfully develop and test next-generation vehicles involves time and costs.
- Expected capital requirements and the availability of additional financing remain significant factors.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2025
+0.0%
Avg return
Earnings day
-3.0%
Avg return
5 days after
-5.3%
Avg return
30 days after
49%
17 / 35 earnings
Positive
+41.1%
Q1 2025
Best reaction
-19.3%
Q4 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.1% | -13.2% | — | |
| Q4 2025 | +13.1% | +13.4% | +9.7% | |
| Q3 2025 | +10.6% | +4.5% | -2.1% | |
| Q2 2025 | -9.8% | -20.9% | -14.8% | |
| Q1 2025 | +41.1% | +11.0% | -10.4% | |
| Q4 2024 | -0.3% | -11.5% | -21.6% | |
| Q3 2024 | -8.7% | +9.7% | -5.8% | |
| Q2 2024 | +6.6% | +3.2% | +3.5% | |
| Q1 2024 | -3.4% | -7.6% | -19.6% | |
| Q4 2023 | -1.7% | -5.1% | -16.9% | |
| Q3 2023 | +6.9% | +8.6% | +33.9% | |
| Q2 2023 | -7.5% | -13.1% | -41.1% | |
| Q1 2023 | +2.2% | -1.7% | +0.7% | |
| Q4 2022 | -14.0% | +0.0% | -26.2% | |
| Q3 2022 | +8.6% | +10.4% | +13.5% | |
| Q2 2022 | -18.1% | -19.5% | -30.7% | |
| Q1 2022 | -17.7% | -29.2% | -15.7% | |
| Q4 2021 | -3.7% | +9.3% | +15.8% | |
| Q3 2021 | +7.0% | -1.6% | -16.8% | |
| Q2 2021 | +8.4% | +1.8% | -21.1% | |
| Q1 2021 | -7.6% | -17.5% | +79.3% | |
| Q4 2020 | -19.3% | -26.8% | -35.8% | |
| Q3 2020 | +5.5% | +13.5% | +59.4% | |
| Q2 2020 | -7.7% | -18.7% | -23.8% | |
| Q1 2020 | +10.9% | +21.0% | -4.9% | |
| Q2 2019 | +18.3% | +8.1% | -30.0% | |
| Q4 2019 | -16.2% | -28.3% | -50.2% | |
| Q3 2019 | -4.7% | -5.1% | -10.1% | |
| Q1 2019 | +0.0% | +0.2% | +0.0% | |
| Q2 2018 | +0.1% | +0.4% | +1.0% | |
| Q4 2018 | +0.1% | +0.4% | +1.0% | |
| Q3 2018 | +0.5% | +0.1% | +0.6% | |
| Q1 2018 | +0.1% | -0.1% | +0.4% | |
| Q4 2017 | -0.2% | +0.0% | +0.4% | |
| Q3 2017 | -1.3% | -1.9% | -1.9% |
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