Virgin Galactic Holdings, Inc. reported third‑quarter 2025 results that showed revenue of $365,000, essentially unchanged from the $400,000 earned in the same quarter a year earlier. The company posted a net loss of $64.4 million, an operating loss of $66.2 million, and an adjusted EBITDA loss of $52.8 million, all of which improved from the $75 million net loss, $82 million operating loss, and $59 million adjusted EBITDA loss reported in Q3 2024. The improvement reflects tighter cost control and lower operating expenses as the company continues to invest in its Delta‑class fleet.
Earnings per share were $‑1.09, beating the consensus estimate of $‑1.51 by $0.42. The beat was driven by disciplined spending and the absence of large one‑time charges, allowing the company to narrow its loss despite modest revenue. Analysts noted that the EPS improvement signals stronger cost management, even as the company remains in a heavy‑investment phase.
Management reiterated that the flight‑test program remains on schedule. The first commercial spaceflight is still targeted for the fourth quarter of 2026, with private‑astronaut flights expected 6–8 weeks later. CEO Michael Colglazier emphasized that the production checklist is shortening each week and that most current customers are expected to fly in 2027, reflecting a growing pipeline as the launch vehicle’s flight‑rate capability increases.
The company guided for a free‑cash‑flow loss of $100 million to $90 million in Q4 2025, consistent with the capital‑intensive build of the Delta‑class fleet. Cash, cash equivalents, and marketable securities stood at $424 million as of September 30, 2025, providing a cushion for continued investment.
Headwinds remain the company’s high cash burn and the long path to profitability, but tailwinds include on‑track flight‑test milestones, a robust customer pipeline, and a strong cash position. Investors reacted with mixed sentiment, weighing the EPS beat against the continued revenue flatness and the need for further capital to reach commercial operations.
"By adding a second launch vehicle and two more spaceships, we expect to grow annual revenue to approximately $1 billion," CFO Doug Ahrens said, underscoring the company’s confidence in scaling its operations once the Delta‑class fleet is online.
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