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Space company Virgin Galactic Holdings Inc (NYSE:SPCE) reported third-quarter financial results Thursday after market close.
• SPCE shares are retreating from recent levels. Watch the momentum here.
Here are the key highlights.
Q3 Results: Virgin Galactic reported third-quarter revenue of $365,000, flat from the prior year's third quarter. The total missed a Street consensus estimates of $395,800 according to data from Benzinga Pro.
The company reported a loss of $1.09 per share, missing a Street estimate of a loss of $1.43.
Adjusted EBITDA was a loss of $53 million for the quarter, an improvement of a loss of $59 million in last year's third quarter. The company reported lower operating expenses as contributing to the improvement.
The company ended the quarter with $424 million in cash and cash equivalents.
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What's Next: The company is guiding for free cash flow to be a loss of $100 million to a loss of $90 million for the fourth quarter.
Virgin Galactic said the Flight Test Program is on track to commence in the third quarter of 2026, with the first commercial spaceflights on track for the fourth quarter of 2026.
Private astronaut flights are expected to begin six to eight weeks after the first commercial flight of 2026.
The company said commercial preparations are underway with the first tranche of sales for spaceflights on new SpaceShips set to commence in the first quarter of 2026.
Virgin Galactic has a research mission with Purdue University for 2027.
CEO Michael Colglazier said the company's production checklist is getting shorter ahead of commercial spaceflights in 2026.
"As we continue to achieve program milestones, it’s great to see our teams planning for the start of commercial operations next year. We expect most of our current customers will take their space journey during 2027, as our launch vehicle’s bolstered flight rate capability, combined with the quick turn time expected from our first two SpaceShips, should allow us to ramp spaceflight capacity fairly quickly," Colglazier said.
SPCE Price Action: Virgin Galactic stock is up 4.53% to $3.46 in after-hours trading on Thursday versus a 52-week trading range of $2.18 to $8.
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Photo: Courtesy of Virgin Galactic
Posted In: SPCE
