Virgin Galactic Holdings, Inc. · NYSE:SPCE
Virgin Galactic — Q2 2025 Earnings Presentation
20 slides from Virgin Galactic's earnings presentation, Aug 6, 2025
Slide 1: Earnings Presentation Second Quarter 2025
EARNINGS PRESENTATION SECOND QUARTER 2025 08.06.2025
Slide 2: Disclosures: Forward-Looking Statements
DISCLOSURES FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in S
Slide 3: Agenda
AGENDA • Business Overview • SpaceShip Program Progress • Financial Overview • Q&A Second Quarter 2025 Earnings Update 3
Slide 4: Recent Virgin Galactic Updates
RECENT VIRGIN GALACTIC UPDATES WE BUILD SPACESHIPS WATCH THE SERIES: https://bit.ly/WeBuildSpaceShips GALACTIC 10 SERIES EPISODE 1: THE JOURNEY EPISODE 2: FLIGHT CONTROLS EPISODE 3: CARBON COMPOSITE STRUCTURES WATCH THE VIDEO: http://www.VirginGalactic.com EPISODE 4: COMING SOON Second Fourth Quarte
Slide 5: Building SpaceShips
BUILDING SPACESHIPS Rocket and Propulsion System Avionics and Flight Controls Mechanical Systems Development & Delivery of Carbon & Metallic Structures Second Fourth Quarter Quarter 2025 and Full Earnings Year Update Update 2024 Earnings 5 5
Slide 6: Rocket Systems
SPACESHIP PROGRESS ROCKET SYSTEMS Second Quarter 2025 Earnings Update 6 6
Slide 7: Avionics and Flight Controls
SPACESHIP PROGRESS AVIONICS AND FLIGHT CONTROLS Second Quarter 2025 Earnings Update 7
Slide 8: Mechanical Systems
SPACESHIP PROGRESS MECHANICAL SYSTEMS NOSE LANDING GEAR SAFETY & TEST FACILITY WING LEADING EDGE BOTTLES Second Fourth Quarter Quarter 2025 and Full Earnings Year Update Update 2024 Earnings 8 8
Slide 9: Fuselage - Bulkheads
SPACESHIP PROGRESS FUSELAGE - BULKHEADS Second Fourth Quarter Quarter 2025 and Full Earnings Year Update Update 2024 Earnings 9 9
Slide 10: Feather Boom Skins
SPACESHIP PROGRESS FEATHER BOOM SKINS LAYUP TRIM INSPECTION Second Fourth Quarter Quarter 2025 and Full Earnings Year Update Update 2024 Earnings 10 10
Slide 11: Wing
SPACESHIP PROGRESS WING LOWER WING SKINS UPPER WING SKINS Second Fourth Quarter Quarter 2025 and Full Earnings Year Update Update 2024 Earnings 11 11
Slide 12: Wing Continued
SPACESHIP PROGRESS WING CONTINUED LEADING EDGE SHEAR WEB AFT SPAR Second Fourth Quarter Quarter 2025 and Full Earnings Year Update Update 2024 Earnings 12 12
Slide 13: "LV-X" Launch Vehicle Program
“LV-X” LAUNCH VEHICLE PROGRAM Second Quarter 2025 Earnings Update 13
Slide 14: Financial Results Second Quarter 2025
FINANCIAL RESULTS SECOND QUARTER 2025 Ended June 30, 2025 • Revenue of $0.4 million, compared to $4.2 million in the prior year period, with the decrease driven by the pause in commercial spaceflights to focus efforts on the production of our new SpaceShips. • Total operating expenses were $70 milli
Slide 15: Cash Flow and Balance Sheet
CASH FLOW AND BALANCE SHEET CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES FREE CASH FLOW (1) Q2 2025 $508M(3) $(114) million $600M Q3 2025 GUIDANCE (2) $400M Expected to be in the range of $(100) million to $(110) million $200M $0 June 30, 2025 1. Virgin Galactic uses Free Cash Flow as a key mea
Slide 16: Economies of Scale Expected as Fleet Size Grows
Economies of Scale Expected as Fleet Size Grows (Illustrative Economics) SPACEPORT AMERICA Initial Fleet Expanded Fleet Growth with Expanded Fleet Annual Revenue1 $450M $990M Approx. 2x Revenue - Variable Spaceflight Costs2 (80M) (165M) Contribution Margin $370M $825M - Spaceline Operation Costs (10
Slide 17: Appendix: SpaceShip Progress
APPENDIX SPACESHIP PROGRESS FORWARD SPAR IN TRIM Second Second Quarter Quarter 2025 2025 Earnings Earnings Update Update 17
Slide 18: Reconciliation of Non-GAAP Measures – Adjusted EBITDA
RECONCILIATION OF NON-GAAP MEASURES – Adjusted EBITDA (In thousands) THREE MONTHS ENDED June 30, 2025 June 30, 2024 Net loss $ (67,280) $ (93,775) Interest expense 3,247 3,230 Income tax expense (benefit) (37) 34 Depreciation and amortization 4,171 3,256 Stock-based compensation 4,832 8,236 Accrued
Slide 19: Reconciliation of Non-GAAP Measures – Free Cash Flow
RECONCILIATION OF NON-GAAP MEASURES – Free Cash Flow (In thousands) THREE MONTHS ENDED June 30, 2025 June 30, 2024 Net cash used in operating activities $ (55,446) $ (79,132) Capital expenditures (58,361) (34,415) Free cash flow $(113,807) $(113,547) Second Quarter 2025 Earnings Update 19
Slide 20: Second Quarter 2025 Earnings Update
SECOND QUARTER 2025 | EARNINGS UPDATE | 8.6.25
Virgin Galactic Holdings — Q2 2025 Earnings Presentation on 6ix