Virgin Galactic Reports Q3 Results, Shares Slip

Virgin Galactic Holdings Inc (NYSE: SPCE) disclosed its financial performance for the third quarter following the close of trading on Thursday. The report revealed several key details. Shares of Virgin Galactic experienced downward pressure. The driving force behind this decline? Q3 results from the aerospace and space travel company.

Virgin Galactic announced third-quarter revenue of $427,000, surpassing estimates of $400,000, as reported by Benzinga Pro. Revenue for the period was derived from access fees associated with future astronauts and a future astronaut event. The company reported a loss of 39 cents per share, which beat estimates of a 50-cent loss.

Virgin Galactic utilized $58 million in cash for operating activities, resulting in negative free cash flow of $99 million for the quarter. At the end of the period, the company held $184 million in total cash, cash equivalents, and marketable securities. Michael Colglazier, CEO of Virgin Galactic, remarked that Spaceship Apeiron's arrival at Spaceport America redirects attention to operational readiness, with plans for flight testing and launching commercial spaceflight.

Colglazier also mentioned that with a second spaceship expected to join Apeiron and Eve by late Q2/early Q3 2027, the company has initiated near-term growth projects. These initiatives aim to increase capacity from the initial fleet to 150 spaceflights per year by the end of 2028. Virgin Galactic mentioned its first glide flight with Apeiron is slated for January, followed by the company’s first commercial spaceflight in the early second quarter.

The company has started accepting bookings for a limited number of spaceflight expeditions at $850,000 per seat. Virgin Galactic anticipates fourth-quarter free cash flow to fall between negative $80 million and negative $90 million. During the earnings call at 5 p.m. ET, Virgin Galactic management will discuss the quarter's results.

SPCE shares declined by 1.50% in after-hours trading, trading at $2.63 as of publication on Thursday, according to Benzinga Pro.