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Sep 30, 2025
Virgin Galactic Q3 2025 Earnings Report
Virgin Galactic reported its Q3 2025 results, showing a narrower net loss driven by reduced operating expenses.
Key Takeaways
Virgin Galactic posted a slight revenue decline but improved its net loss due to lower expenses. Cash burn continued as the company advanced its SpaceShip program.
Revenue remained flat at $365,000, consistent with the prior year’s Q3.
Net loss improved to $64.4 million from $74.5 million in Q3 2024, primarily due to cost reductions.
Adjusted EBITDA loss narrowed to $52.8 million from $59.3 million in the prior year.
The company ended the quarter with $424 million in cash, cash equivalents, and marketable securities.
Forward Guidance
Virgin Galactic expects free cash flow to remain negative in Q4 2025 as it continues investing in the ramp-up to commercial spaceflights.
Positive Outlook
- Flight test program on track to commence in Q3 2026
- First commercial spaceflight expected in Q4 2026
- Private astronaut flights to follow within 6-8 weeks after first flight
- 90% of structural parts for the first SpaceShip expected by Q4 2025
- Preparations for spaceflight sales to start in Q1 2026
Challenges Ahead
- Free cash flow projected to remain negative in Q4 2025
- Revenue remains minimal, with limited near-term inflows
- High operating expenses continue to drive losses
- Heavy investment in capital expenditures persists
Historical Earnings Impact
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Avg. Return Before/After Earnings
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