Virgin Galactic Holdings, Inc. · NYSE:SPCE
Virgin Galactic — Q2 2026 Earnings Presentation
16 slides from Virgin Galactic's earnings presentation, Aug 12, 2026
Slide 1: Earnings Presentation Second Quarter 2026
Earnings Presentation Second Quarter 2026 08.12.2026
Slide 2: Disclosures
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: Introduction
Introduction Second Fourth Quarter Quarter 2026 and Full Earnings Year Update Update 2024 Earnings 3 3
Slide 4: Spaceflight Expedition Bookings Update
Spaceflight Expedition Bookings Update • Recent allocation oversubscribed and booked out ahead of schedule • $50+ million added to expected future spaceflight revenue • $750k price point retired; Next bookings release expected in fall at higher price points • Recent arrivals into astronaut community
Slide 5: Spaceship #1
SPACESHIP BUILD PROGRESS Spaceship #1 PILOT CREW STATION WITHOUT SEATS AND PANELS Second Quarter 2026 Earnings Update 5
Slide 6: Static Test Article
SPACESHIP BUILD PROGRESS Static Test Article WING LOWER FUSELAGE FEATHER Second Quarter 2026 Earnings Update 6
Slide 7: Spaceship #2
SPACESHIP BUILD PROGRESS Spaceship #2 CABIN SKIN WING SKIN FEATHER Second Quarter 2026 Earnings Update 7
Slide 8: Balance Sheet
Balance Sheet Cash, Cash Equivalents, • Raised $134 million in gross proceeds through at-the-market equity offering program and Marketable Securities $251M(1) $286M(1) • Reduced principal balance on 2027 and 2028 notes by $93 million during the quarter ended $300M June 30, 2026 $200M • Only $17.9 mi
Slide 9: Financial Results Second Quarter 2026
Financial Results Second Quarter 2026 Ended June 30, 2026 • Operating expenses were $65 million, compared to $70 million in the prior year period. • Capital expenditures were $41 million, down from $58 million in the prior year period, reflecting lower capital requirements overall as we progress thr
Slide 10: Financial Projections
Financial Projections Q3 2026 GUIDANCE Q4 2026 GUIDANCE Q1 2027 GUIDANCE Revenue $400 thousand Free Cash Flow(1, 2) expected Revenue recognition for to be in the range of spaceflights expected Free Cash Flow(1, 2) expected $(80) million to $(90) million to begin in Feb 2027 to be in the range of $(9
Slide 11: Illustrative Spaceship Unit Economics
Illustrative Spaceship Unit Economics Potential lifetime 500 Lifetime 6 Average Flights X Astronauts X Expedition X Contribution = contribution margin per Margin % Price1 spaceship over $1.4 Billion 1 Per Astronaut Second Quarter 2026 Earnings Update 11
Slide 12: Economies of Scale Expected as Fleet Size Grows
Economies of Scale Expected as Fleet Size Grows (ILLUSTRATIVE ECONOMICS) ONE SPACEPORT TWO SPACEPORTS Initial Fleet Expanded Fleet Annual Revenue1 $450M $990M $1,980M - Variable Spaceflight Costs2 (80M) (165M) (330M) Contribution Margin $370M $825M $1,650M - Spaceline Operation Costs (105M - 120M) (
Slide 13: Livery Installation
Livery Installation Fourth Quarter and Full Year 2025 Earnings Update 13
Slide 14: Appendix
APPENDIX Second Quarter 2026 Earnings Update 14
Slide 15: Reconciliation of Non-GAAP Measures – Adjusted EBITDA
RECONCILIATION OF NON-GAAP MEASURES – Adjusted EBITDA THREE MONTHS ENDED (In thousands) June 30, 2026 June 30, 2025 Net loss $ (55,889) $ (67,280) Interest expense 1,994 3,247 Income tax expense (benefit) 30 (37) Depreciation and amortization 3,983 4,171 Stock-based compensation 6,823 4,832 Legal se
Slide 16: Reconciliation of Non-GAAP Measures – Free Cash Flow
RECONCILIATION OF NON-GAAP MEASURES – Free Cash Flow THREE MONTHS ENDED (In thousands) June 30, 2026 June 30, 2025 Net cash used in operating activities $ (50,172) $ (55,446) Capital expenditures (40,566) (58,361) Free cash flow $(90,738) $(113,807) Second Quarter 2026 Earnings Update 16
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