Virgin Galactic Holdings, Inc. · NYSE:SPCE
Virgin Galactic — Q1 2025 Earnings Presentation
26 slides from Virgin Galactic's earnings presentation, Apr 23, 2025
Slide 1: Earnings Presentation First Quarter 2025
EARNINGS PRESENTATION FIRST QUARTER 2025 05.15.2025
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 • SpaceShip Program Progress • Commercial Initiatives • Financial Overview • Q&A First Quarter 2025 Earnings Update 3
Slide 4: Building SpaceShips
BUILDING SPACESHIPS Rocket and Propulsion System Avionics and Flight Controls Mechanical Systems Development & Delivery of Carbon Parts FourthFirst Quarter Quarter and2025 Earnings Full Year 2024Update Earnings Update 4 4
Slide 5: Hybrid Rocket Motor System Oxidizer Tank
SPACESHIP PROGRESS HYBRID ROCKET MOTOR SYSTEM OXIDIZER TANK First Quarter 2025 Earnings Update 5
Slide 6: Avionics and Flight Controls
SPACESHIP PROGRESS AVIONICS and FLIGHT CONTROLS First Quarter 2025 Earnings Update 6
Slide 7: Avionics and Flight Controls
SPACESHIP PROGRESS AVIONICS and FLIGHT CONTROLS First Quarter 2025 Earnings Update 7
Slide 8: Mechanical Systems Landing Gear
SPACESHIP PROGRESS MECHANICAL SYSTEMS LANDING GEAR First Quarter 2025 Earnings Update 8
Slide 9: Lower Wing Skins
SPACESHIP PROGRESS LOWER WING SKINS First Quarter 2025 Earnings Update 9
Slide 10: Upper Wing Skins
SPACESHIP PROGRESS UPPER WING SKINS First Quarter 2025 Earnings Update 10
Slide 11: Fuselage
SPACESHIP PROGRESS FUSELAGE First Quarter 2025 Earnings Update 11
Slide 12: Feather Boom
SPACESHIP PROGRESS FEATHER BOOM First Quarter 2025 Earnings Update 12
Slide 13: Bulkhead
SPACESHIP PROGRESS BULKHEAD First Quarter 2025 Earnings Update 13
Slide 14: Assembly Tooling
SPACESHIP PROGRESS ASSEMBLY TOOLING First Quarter 2025 Earnings Update 14
Slide 15: Bi-Weekly Series Debuting in June 2025
Bi-Weekly Series Debuting in June 2025 First Quarter 2025 Earnings Update 15
Slide 16: Commercial Initiatives
COMMERCIAL INITIATIVES • Sales Process • Future Spaceport Development • Business Development Opportunities First Quarter 2025 Earnings Update 16
Slide 17: Carrier Ship Platform Opportunities
CARRIER SHIP PLATFORM OPPORTUNITIES SpaceShip Launch Vehicle For Virgin Galactic “HALE – Heavy” Derivative For Government/Research Opportunities *HALE: High Altitude Long Endurance First Quarter 2025 Earnings Update 17
Slide 18: Existing and Emerging Mission Opportunities
EXISTING AND EMERGING MISSION OPPORTUNITIES • Airborne Research and Development Testing • Intelligence, Surveillance, and Reconnaissance Support • Command and Control Node Capabilities • Golden Dome Initiatives “HALE – Heavy” Derivative For Government/Research Opportunities *HALE: High Altitude Long
Slide 19: Financial Results First Quarter 2025
FINANCIAL RESULTS FIRST QUARTER 2025 Ended March 31, 2025 • Revenue of $0.5 million, compared to $2.0 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 were $
Slide 20: Cash Flow and Balance Sheet
CASH FLOW AND BALANCE SHEET CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES FREE CASH FLOW (1) Q1 2025 $567M(3) $(122) million $600M Q2 2025 GUIDANCE (2) $400M Expected to be in the range of $(105) million to $(115) million $200M $0 March 31, 2025 1. Virgin Galactic uses Free Cash Flow as a key me
Slide 21: Upcoming Key Milestones
UPCOMING KEY MILESTONES 2025 2026 SUMMER - FALL - WINTER SPRING Building and Testing First Glide Test Flight SUMMER First Research Spaceflight FALL First Private Astronaut Flight First Quarter 2025 Earnings Update 21
Slide 22: Appendix
APPENDIX First Quarter First Quarter 2025 2025 Earnings Earnings Update Update 22
Slide 23: Reconciliation of Non-GAAP Measures – Operating Expenses
RECONCILIATION OF NON-GAAP MEASURES – Operating Expenses (In thousands) THREE MONTHS ENDED March 31, 2025 March 31, 2024 Total operating expenses $ 88,909 $ 113,143 Stock-based compensation 4,769 8,244 Depreciation and amortization 4,223 3,699 Non-GAAP total operating $ 79,917 $ 101,200 expenses Fir
Slide 24: Reconciliation of Non-GAAP Measures – Adjusted EBITDA
RECONCILIATION OF NON-GAAP MEASURES – Adjusted EBITDA (In thousands) THREE MONTHS ENDED March 31, 2025 March 31, 2024 Net loss $ (84,487) $ (102,012) Interest expense 3,240 3,227 Income tax expense 48 80 Depreciation and amortization 4,223 3,699 Stock-based compensation 4,769 8,244 Adjusted EBITDA $
Slide 25: Reconciliation of Non-GAAP Measures – Free Cash Flow
RECONCILIATION OF NON-GAAP MEASURES – Free Cash Flow (In thousands) THREE MONTHS ENDED March 31, 2025 March 31, 2024 Net cash used in operating activities $ (75,918) $ (113,229) Capital expenditures (46,047) (13,072) Free cash flow $(121,965) $(126,301) First Quarter 2025 Earnings Update 25
Slide 26: First Quarter 2025 Earnings Update
FIRST QUARTER 2025 | EARNINGS UPDATE | 5.15.25
Virgin Galactic Holdings — Q1 2025 Earnings Presentation on 6ix