Virgin Galactic Holdings, Inc. · NYSE:SPCE
Virgin Galactic — Q4 2024 Earnings Presentation
23 slides from Virgin Galactic's earnings presentation, Feb 26, 2025
Slide 1: Earnings Presentation Fourth Quarter and Full Year 2024
EARNINGS PRESENTATION FOURTH QUARTER and FULL YEAR 2024 02.26.2025
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 • 2024 Recap • New SpaceShip Capabilities • Carrier Platform Capabilities and Direction • SpaceShip Program Progress • Financial Overview • Q&A Fourth Quarter and Full Year Fourth 2024 Quarter Earnings and Update Full Year 2024 Earnings Update 3
Slide 4: Virgin Galactic's Differentiating Assets
VIRGIN GALACTIC’S DIFFERENTIATING ASSETS The SpaceShip SpaceShip Factory Rocket System Customer Experience Carrier Ship Platform Fourth Quarter and Full Year 2024 Earnings Update 4
Slide 5: Carrier Ship Capabilities Are Valuable and Unique
CARRIER SHIP CAPABILITIES • High Altitude Ceiling: 50,000+ feet • Heavy lift: 20,000–35,000 lbs. ARE VALUABLE AND UNIQUE • Thousands of flight missions • Extendable flight durations Fourth Quarter and Full Year 2024 Earnings Update 5
Slide 6: New Carrier Ship Platform Designed to Support Multiple Missions
NEW CARRIER SHIP PLATFORM DESIGNED TO SUPPORT MULTIPLE MISSIONS SpaceShip Launch Vehicle For Virgin Galactic “HALE – Heavy” Derivative For Government/Research Opportunities *HALE: High Altitude Long Endurance Fourth Quarter and Full Year 2024 Earnings Update 6
Slide 7: Unlocking the Growth of Virgin Galactic
UNLOCKING THE GROWTH OF VIRGIN GALACTIC 2024 2025 2026 DESIGN BUILD FLIGHT TEST Fourth Quarter and Full Year 2024 Earnings Update 7
Slide 8: SpaceShip Progress: Fuselage Subassembly Tooling
SPACESHIP PROGRESS FUSELAGE SUBASSEMBLY TOOLING UPPER AND LOWER FUSELAGE TOOLS AFT SKIN LEFT UPPER FUSELAGE SKIN Fourth Quarter and Full Year 2024 Earnings Update Proprietary Images 8
Slide 9: SpaceShip Progress: Feather Subassembly Tooling
SPACESHIP PROGRESS FEATHER SUBASSEMBLY TOOLING Fourth Quarter and Full Year 2024 Earnings Update Proprietary Images 9
Slide 10: SpaceShip Progress: Bulkhead Manufacturing
SPACESHIP PROGRESS BULKHEAD MANUFACTURING Fourth Quarter and Full Year 2024 Earnings Update Proprietary Images 10
Slide 11: SpaceShip Progress: Wing Skin Part Development Process
SPACESHIP PROGRESS WING SKIN PART DEVELOPMENT PROCESS WING LAY UP AUTOCLAVE FINISHED PART Fourth Quarter and Full Year 2024 Earnings Update Proprietary Images 11
Slide 12: SpaceShip Progress: Oxidizer Tank Fabrication and Lifecycle Testing
SPACESHIP PROGRESS OXIDIZER TANK FABRICATION AND LIFECYCLE TESTING Fourth Quarter and Full Year 2024 Earnings Update Proprietary Images 12
Slide 13: Recent Virgin Galactic Milestones
RECENT VIRGIN GALACTIC MILESTONES WATCH THE VIDEO: http://www.VirginGalactic.com Fourth Quarter and Full Year 2024 Earnings Update Fourth Quarter and Full Year 2024 Earnings Update 13 13
Slide 14: Key Milestones
KEY MILESTONES 2025 2026 MARCH SPRING Assembly starts in Phoenix First Glide Test Flight SUMMER - FALL - WINTER SUMMER Building and Testing First Research Spaceflight FALL First Private Astronaut Flight Fourth Quarter and Full Year 2024 Earnings Update 14
Slide 15: Financial Results: Fourth Quarter 2024
FINANCIAL RESULTS FOURTH QUARTER 2024 Ended December 31, 2024 • Revenue of $0.4 million, compared to $2.8 million in the prior year period, with the decrease driven by the pause in commercial spaceflights to focus efforts on the production of the Delta Class spaceships. • Total operating expenses we
Slide 16: Financial Results: Full Year 2024
FINANCIAL RESULTS FULL YEAR 2024 Ended December 31, 2024 • Revenue of $7 million for each year, primarily attributable to commercial spaceflights and membership fees related to future astronauts. • Total operating expenses were $384 million, compared to $538 million in the prior year, reflecting cos
Slide 17: Cash Flow and Balance Sheet
CASH FLOW AND BALANCE SHEET CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES FREE CASH FLOW (1) Q4 2024 $657M(3) $(117) million $800M $600M Q1 2025 GUIDANCE (2) $400M Expected to be in the range of $(115) million to $(125) million $200M $0 December 31, 2024 1. Virgin Galactic uses Free Cash Flow as
Slide 18: 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 19: Appendix
APPENDIX Fourth Quarter and Full Year 2024 Earnings Update 19
Slide 20: Reconciliation of Non-GAAP Measures – Operating Expenses
RECONCILIATION OF NON-GAAP MEASURES – Operating Expenses (In thousands) THREE MONTHS ENDED YEAR ENDED December 31, December 31, December 31, December 31, 2024 2023 2024 2023 Total operating expenses $ 82,382 $ 117,074 $ 383,665 $ 538,309 Stock-based compensation 5,712 8,660 29,752 44,258 Depreciatio
Slide 21: Reconciliation of Non-GAAP Measures – Adjusted EBITDA
RECONCILIATION OF NON-GAAP MEASURES – Adjusted EBITDA THREE MONTHS ENDED YEAR ENDED (In thousands) December 31, December 31, December 31, December 31, 2024 2023 2024 2023 Net loss $ (76,413) $ (103,984) $ (346,740) $ (502,337) Interest expense 3,237 3,224 12,927 12,872 Income tax expense (benefit) (
Slide 22: Reconciliation of Non-GAAP Measures – Free Cash Flow
RECONCILIATION OF NON-GAAP MEASURES – Free Cash Flow THREE MONTHS ENDED YEAR ENDED (In thousands) December 31, December 31, December 31, December 31, 2024 2023 2024 2023 Net cash used in operating activities $ (81,035) $ (95,309) $ (352,703) $ (448,193) Capital expenditures (35,709) (18,368) (121,85
Slide 23: Fourth Quarter and Full Year 2024 Earnings Update
FOURTH QUARTER AND FULL YEAR 2024 | EARNINGS UPDATE | 2.26.25
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