Slide 1: Rule 425 filing cover: Social Capital Hedosophia / Virgin Galactic
Filed by Social Capital Hedosophia Holdings Corp. Pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a-12 of the Securities Exchange Act of 1934 Subject Company: Virgin Galactic Commission File No. 333-233098 Filed by Social Capital Hedosophia Holdings Corp. Pu
Slide 2: Disclaimer and forward-looking statements
This investor presentation (this “presentation”) is for informational purposes only. This presentation has been prepared on a confidential basis for the exclusive use of the party to whom SCH and Virgin Galactic (as defined herein) delivers this presentation (such party, together with its subsidiari
Slide 3: Today's Presenters
No italics Clean computer Today’s Presenters Do we spend a moment on accident – why we created TSC section Screen for the stage Old one George Whitesides Enrico Palermo Beth Moses Stephen Attenborough Jon Campagna Chief Executive Officer President, The Spaceship Chief Astronaut Instructor, Commercia
Slide 4: Discussion Agenda
Discussion Agenda Topic Presenter Time Introduction to Virgin Galactic (“VG”) George Whitesides 9:00 – 9:30 am Technology Overview Enrico Palermo 9:30 - 10:00 am Flight Experience Beth Moses 10:00 – 10:30 am Break and Refreshments 10 minutes Market Overview Stephen Attenborough 10:40 – 10:55 am Cust
Slide 5: Introduction to Virgin Galactic
Introduction to Virgin Galactic Introduction to Virgin Galactic
Slide 6: December 13, 2018: First commercial space vehicle to put humans into space
December 13, 2018 First commercial space vehicle to put humans into space First crewed space launch from US soil since 2011 5 December 13, 2018 First commercial space vehicle to put humans into space First crewed space launch from US soil since 2011 5
Slide 7: February 22, 2019: First non-pilot crew member flown
To check February 22, 2019 First non-pilot crew member flown on a commercial space vehicle First non-pilot crew member flown at Mach 3+ First non-pilot crew member to unstrap and float freely in space on a commercial space vehicle 6 To check February 22, 2019 First non-pilot crew member flown on a c
Slide 8: First Astronaut Wings Awarded for a Space Flight Built for Commercial Service
First Astronaut Wings Awarded for a Space Flight Built for Commercial Service First astronaut wings awarded for a space vehicle built for commercial service 7 February 7, 2019 First astronaut wings awarded for a space flight built for commercial service First Astronaut Wings Awarded for a Space Flig
Slide 9: May 10, 2019: Move-in at Spaceport America
May 10, 2019 Move-in initiated for world’s first purpose-built commercial spaceport, Spaceport America 8 May 10, 2019 Move-in initiated for world’s first purpose-built commercial spaceport, Spaceport America 8
Slide 10: August 15, 2019: Reveal of Spaceport America interiors
August 15, 2019 Reveal of Spaceport America interiors 9 August 15, 2019 Reveal of Spaceport America interiors 9
Slide 11: VSS Unity
VSS Unity The world’s first private, crewed spaceship designed for commercial service to take humans to space 10 VSS Unity The world’s first private, crewed spaceship designed for commercial service to take humans to space 10
Slide 12: VMS Eve
VMS Eve The world’s largest all-composite aircraft in service 11 VMS Eve The world’s largest all-composite aircraft in service 11
Slide 13: Virgin Galactic's Once-in-a-Lifetime Spaceflight
Virgin Galactic’s Once-in-a-Lifetime Spaceflight Apogee Re-entry with folded tailbooms Passengers experience 60 second rocket weightlessness burn, accelerating to Mach 3 VSS Unity and Unpowered glide VMS Eve separate at to landing ~45,000 feet SPACEPORT AMERICA, NEW MEXICO Note: Not to scale. 12 Vir
Slide 14: Virgin Galactic's History
Virgin Galactic’s History 2018 2020 2004 2005 2010 Virgin Galactic’s first Expected launch of commercial SpaceShipOne wins the Announcement of VG’s George Whitesides joins space flight human spaceflight operations X Prize manufacturing entity VG from NASA 2004 2008-2009 2016 2019 Virgin Galactic fou
Slide 15: Virgin Galactic Today
Virgin Galactic Today The Spaceline The OEM § WhiteKnightTwo (“WK2”) and SpaceShipTwo (“SS2”) operator § Vertically integrated, end-to-end aerospace manufacturer § Designs and manages the customer travel experience § Design, manufacturing and production capabilities § Headquarters: Spaceport America
Slide 16: Our Team
Our Team + Over 800 employees {including contractors) with thousands ‘ol years of combined technical experience + Tg nano 20 sin, factur testing Spertions ord over 200 techniclesin manutoturig {quality assurance, testing and fight vehicle maintenance ~ Commercial eam nudes th sales, customer servis
Slide 17: World-Class Executive Team
World-Class Executive Team George Whitesides CEO, Virgin Galactic 20 Years of Experience Jon Campagna Mike Moses Enrico Palermo Stephen Attenborough CFO President, TSC Commercial Director President, Virgin Galactic 23 Years of Experience 24 Years of Experience 17 Years of Experience 30 Years of Expe
Slide 18: Industry-Leading Flight Team
Industry-Leading Flight Team Michael “Sooch” Beth Moses Dave Mackay Mark “Forger” Stucky Frederic “CJ” Sturckow Kelly Latimer Nicola Pecile Masucci Chief Astronaut Chief Pilot Director of Flight Test Pilot, SS2 & WK2 Pilot, SS2 & WK2 Pilot, SS2 & WK2 Pilot, SS2 & WK2 Instructor 42 Years of Experienc
Slide 19: Growth in Addressable Market ($10M+ Net Worth Individuals)
Growth in Addressable Market ($10M+ Net Worth Individuals) 2,378 1,781 Our 600+ Customers 2018A 2023E 6.0% CAGR 18 Growth in Addressable Market ($10M+ Net Worth Individuals) 2,378 1,781 Our 600+ Customers 2018A 2023E 6.0% CAGR 18
Slide 20: Limited Competition and Strong Barriers to Entry
Limited Competition and Strong Barriers to Entry Operational Milestones Years in Customer Flight Takeoff / Flight Business Experience Experience Landing Crew FAA License? Flight Test? Flown Passenger? Driven by Virgin Up to 90- DNA minute Horizontal journey takeoff 3-day pre-flight 15 years 2 pilots
Slide 21: Near-Term Growth Strategy: Phase I
Virgin Galactic’s Near-Term Growth Strategy: Phase I Planned Fleet Expansion Research Payloads Additional Spaceports Five SS2s by end of 2023 Micro-gravity and suborbital space conditions research Discussions with at Spaceport America governments underway Representative Customers in Italy, UAE and A
Slide 22: TAM Expansion Through Democratization: Phase II
TAM Expansion Through Democratization and Efficiencies of Scale: Phase II (1) Lower Prices Open the Market to More Individuals Levers to Reduce VG’s Cost Profile Estimated # of individuals 37,087,950 Economies of Scale Manufacturing Efficiencies Labor Efficiencies 3,286,000 1,781,000 Advances in Tec
Slide 23: Hypersonic Point-to-Point Travel: Phase III
Looks weird when aligned Hypersonic Point-to-Point Travel: Phase III Could we do a map with US in the middle and more gentle curved red lines from NY to Australia, London and Dubai? The current red line, is a bit steep. New York-London Los Angeles <-> Tokyo (hours) Los Angeles-Tokyo (1) 1 hour (1) 2
Slide 24: Virgin Galactic Investment Highlights
Virgin Galactic Investment Highlights 1 Will Be the First and Only Public Company in Commercial Human Spaceflight 2 Sizeable and Growing Market of High Net Worth Individuals 3 Attractive Business Model with Reusable, Scalable Design 4 Demonstrated Willingness to Pay 5 Strong Competitive Position, Un
Slide 25: Technology Overview
Technology Overview Technology Overview
Slide 26: Our Spaceflight System
Our Spaceflight System Straight line and thinner line 25 Our Spaceflight System Straight line and thinner line 25
Slide 27: VMS Eve: The Carrier Aircraft
VMS Eve: The Carrier Aircraft Carrier Aircraft Highlights Crew 2 pilots Length 77.7 feet (~24 meters) Wingspan 140.0 feet (~43 meters) Takeoff / Landing Max Payload Weight 30,000 pounds (Takeoff) Max Payload Weight 17,000 pounds (Landing) 9,400 feet (at sea level Min Runway and max weight) Flight Ca
Slide 28: VMS Eve: Additional Specs
VMS Eve: Additional Specs 3 multifunction Four Pratt & Whitney displays + 4 GPS Canada PW308A systems turbofan engines 100% carbon composite structure 27 VMS Eve: Additional Specs 3 multifunction Four Pratt & Whitney displays + 4 GPS Canada PW308A systems turbofan engines 100% carbon composite struc
Slide 29: VSS Unity: The Spaceship
VSS Unity: The Spaceship Spaceship Highlights Crew 2 pilots Length 60 feet (~18 meters) Tail Height 18 feet (~5 meters) Wingspan 42 feet (~13 meters) Capacity Max Passengers 6 Equivalent to 6 Max Payload passengers Flight Capabilities Top Speed > Mach 3 Flight Duration Up to ~90 minutes 50+, includi
Slide 30: VSS Unity: Additional Specs
VSS Unity: Additional Specs New pictures for the cockpit Hybrid rocket motor Approximately the size of a Falcon 900 business jet Composite parts and In-house, state-of-the- structure manufactured art avionics suite in-house 29 VSS Unity: Additional Specs New pictures for the cockpit Hybrid rocket mo
Slide 31: Hybrid Rocket Motor: The Motor
Hybrid Rocket Motor: The Motor § Recognized as most powerful hybrid rocket used in manned flight” by the Guinness Book of World Records § Robust, yet simple human spaceflight rocket motor § Max thrust: 72,000 lbs § 100+ motors built to date § Easy-to-store, replaceable fuel cartridge Displayed at th
Slide 32: Hybrid Rocket Motor: Additional Specs
Hybrid Rocket Motor: Additional Specs Case, Throat and Nozzle (“CTN”) contains the solid fuel § Rigorously tested: − 100 ground hotfires completed − 8 in-flight firings, including 2 full (1) duration firings Oxidizer tank Main valve bulkhead: includes slosh baffle / valve injector / igniter componen
Slide 33: YS Uni hrzontaiyanched mii rm YS Eve
YS Uni hrzontaiyanched mii rm YS Eve ¥ Leverages decades of commercial aircraft experience before vertical ascent into ~ Ratatat gee orcs wien pel of gible fengers and increasing adop Commercial jet engines used inthe thickest parts of the Both 4 Ru frequency spaceline operations
Slide 34: Feathering Re-Entry Mechanism
Feathering Re-Entry Mechanism Patented, foldable boom tail Once back in atmosphere, feather lowers and spaceship Lines glides home Shuttlecock aerodynamic profile for deceleration and stable re-entry 33 Feathering Re-Entry Mechanism Patented, foldable boom tail Once back in atmosphere, feather lower
Slide 35: Virgin Galactic's Commitment to Safety
Virgin Galactic’s Commitment to Safety Horizontal Takeoff and Landing Two Pilots Mothership Engine Reliability Hybrid Rocket Motor Takeoff and landing on regular Creates redundancy in operations Highly reliable and rigorously Robust yet simple design with runways similar to a typical airliner and in
Slide 36: Flight Experience
Flight Experience Flight Experience
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Lines 36 Lines 36
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DRAFT Lines 37 DRAFT Lines 37
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Slide 43: Lines (Draft)
DRAFT Lines 42 DRAFT Lines 42
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DRAFT Lines 44 DRAFT Lines 44
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DRAFT Lines 46 DRAFT Lines 46
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Slide 53: Market Overview
Market Overview Market Overview
Slide 54: Uniquely Positioned to Capture the Luxury Market
Virgin Galactic is Uniquely Positioned to Capture the Luxury Market Sector Appeal Industry Credibility Total Addressable Market Evolving Consumer Preferences Brand Differentiation Personal Spaceflight 53 Virgin Galactic is Uniquely Positioned to Capture the Luxury Market Sector Appeal Industry Credi
Slide 55: Universal Fascination with Human Spaceflight
Universal Fascination with Human Spaceflight 54 https://en.wikipedia.org/wiki/File:Tracy _Caldwell_Dyson_in_Cupola_ISS.jpg NASA, no copyright Universal Fascination with Human Spaceflight 54 https://en.wikipedia.org/wiki/File:Tracy _Caldwell_Dyson_in_Cupola_ISS.jpg NASA, no copyright
Slide 56: Commercial Space Travel Coming of Age
Commercial Space Travel Coming of Age (1) Commercial Space Industry Size Significant Technological Advancements Recent Proof of Concept By 2040, the commercial space industry is expected to reach 5% of U.S. GDP $1.5tn $385bn $175bn High rates of flight for new entrants Private companies gaining cred
Slide 57: Significant Addressable Market
Title FS Significant Addressable Market Significant Addressable Market Key Drivers Cumulative % of $10m+ 0.0% 0.0% 0.1% 0.1% (1) HNW served by VG 2,378,000 n Overall growth in global 2,245,000 markets 2,119,000 2,000,000 1,887,000 1,781,000 n Growth in entrepreneurs and self-made wealth 2018A 2019E
Slide 58: Initial Addressable Market: HNW Individuals
Virgin Galactic’s Initial Addressable Market: HNW Individuals (1) VG’s Target Market Net Worth # of Individuals § Individuals with $10+ million net worth > $50 million 149,980 § Vast market relative to VG’s intended customers in initial business plan $10 - $50 million 1,631,460 § Demonstrated propen
Slide 59: Spending Preferences and Trends Favor Luxury Experiences
Spending Preferences and Trends Favor Luxury Experiences 5% 6% 7% 9% 10%
Slide 60: Differentiation Matters in the Transformation Economy
Needs of customers Differentiation Matters in the “Transformation Economy” Differentiated Relevant to § The transformation economy has Transformation superseded the experience economy in capturing the highest premiums Experience § Brands now frame their offerings in the context of unlocking potentia
Slide 61: Customer Journey and Commercial Strategy
Customer Journey and Commercial Strategy Customer Journey and Commercial Strategy
Slide 62: Back to the Beginning
Back to the Beginning 61 Back to the Beginning 61
Slide 63: Early Proof of Demand
Early Proof of Demand 62 Early Proof of Demand 62
Slide 64: Together We Open Space to Change the World for Good
TOGETHER WE OPEN SPACE TO CHANGE THE WORLD FOR GOOD 63 TOGETHER WE OPEN SPACE TO CHANGE THE WORLD FOR GOOD 63
Slide 65: 600+ Future Astronauts, ~$80 Million of Deposits
Let us make the bar charts for age – with more ranges than the 2 600+ Future Astronauts, ~$80 Million of Deposits splits we have here The bullets makes it seem like young people Future Astronauts by Age Future Astronauts by Gender Future Astronauts by Nation not interested; 60+ needs to be one bucke
Slide 66: Customers from 60 Countries on 6 Continents
Customers from 60 Countries on 6 Continents 65 Customers from 60 Countries on 6 Continents 65
Slide 67: Key Customer Engagement Principles
Key Customer Engagement Principles Communications CRM Community Activation Style of Service § Detailed communications § Salesforce provides § Events and activities § Build genuine strategy holistic solution to store around the world, with relationships customer data, and different activities each re
Slide 68: What We Have Learned From Our Customers
What We Have Learned From Our Customers § Desire for experiences which are elevated from mere § Desire to share the experience with friends and family enjoyment to personal transformation § A preferred style of service which now underpins the entire § Loyalty comes from shared beliefs and meaningful
Slide 69: Creating Community
Creating Community Sales Process Onboarding Communication Community Astronaut Readiness Personal, consultative and tailored Fosters a sense of membership through multi-faceted engagement 68 Creating Community Sales Process Onboarding Communication Community Astronaut Readiness Personal, consultative
Slide 70: Who Are Our Customers?
Who Are Our Customers? The Space Enthusiast The Adventurer The Virgin Brand Lover The Entrepreneur I have wanted to go since I I’ve done it all, but this is the If Richard is doing it, and Virgin Space is the zeitgeist, and I watched those first steps on a fuzzy ultimate tick on my bucket list! is i
Slide 71: Building the Most Exclusive Community in the World
Building the Most Exclusive Community in the World The World Above The Final Frontier The Finer Stuff The World Within What: A clear passion for space and What: A thirst for exploration and What: An appreciation for the finer What: Giving back, and inspiring the everything within it adrenaline thing
Slide 72: Driving Future Astronaut Engagement: Land Rover Partnership
Driving Future Astronaut Engagement Land Rover Partnership § Power of the brand and the community enables one-of-a-kind partnership collaborations § Astronaut Edition Range Rover is only available to signed-up Future Astronauts and embodies all that they love about VG 71 Driving Future Astronaut Eng
Slide 73: Multiple Opportunities to Retain Customer Interest Post-Flight
[TBU] images Multiple Opportunities to Retain Customer Interest Post-Flight § Deep customer relationships with the brand drives the desire to continue the journey post-flight § VG’s Astronaut alumni network represents an exciting opportunity for continued growth I am having such a good time in the c
Slide 74: Virgin Galactic's Future Astronaut Journey
Virgin Galactic’s Future Astronaut Journey Community Membership New Mexico Experience Space Flight Experience Astronaut Alumni § Sales § Reinforcement of new § Onboarding § 4-day experience status (e.g. Astronaut § Regular § Spaceport site Wings) communications Fly to space activities § Community ev
Slide 75: History of Virgin Galactic's Commercial Strategy
History of Virgin Galactic’s Commercial Strategy First ticket Soft close of VG founded sold sales Today Organization 2004 2005 2014 ramping up to re-open sales Period of high sales activity with dedicated sales Small number of reactive team and Accredited Space Agent network sales Lean? § Successful
Slide 76: Commercial Organization Overview
Commercial Organization Overview Commercial Functions Astronaut Office Key Constituents ü Potential leads Fans Creative Studio Team ü Drive prospecting Leads ü Global network with 100+ agents Astronaut Office ASAs ü End-to-end customer journey Future Astronauts Communications Team ü Continuation of
Slide 77: Overview of Sales Strategy
Overview of Sales Strategy Uniquely Experienced Team Demonstrated Track Record Leveraging Virgin Brand Power Scaling it up for the Future § Experienced team § Current success achieved § Leverage the wider Virgin § Over 3,000 registered specialized in reaching global with minimal investment Group and
Slide 78: Onwards and Upwards
Onwards and Upwards 77 Onwards and Upwards 77
Slide 79: Development and Manufacturing Capabilities Overview
Development and Manufacturing Capabilities Overview Development and Manufacturing Capabilities Overview
Slide 80: Overview of VG's Manufacturing Capabilities
Overview of VG’s Manufacturing Capabilities § Vertically-integrated aerospace system development and manufacturing organization within Virgin Galactic § End-to-end control of SS2, WK2 and rocket motor production, from design to manufacturing, testing and post-delivery support 200,000+ square feet ca
Slide 81: Virgin Galactic's Mojave Campus
Virgin Galactic’s Mojave Campus § 200,000+ square feet multi-facility campus housing fabrication, assembly, warehouse, office and test operations § Ability to build and assemble majority of SS2, WK2 and rocket motor components on-campus § Unique spaceport infrastructure, restricted airspace and rela
Slide 82: Mojave Campus – Main Facilities
Mojave Campus – Main Facilities Building 79 n Composite structures manufacturing n Rocket motor IV production n Advanced materials testing Hybrid Rocket Motor Test Site n Stage and qualification testing of rocket motors Building 31 I n Metal machining and II welding shop Lines V Final Assembly, Inte
Slide 83: Full Lifecycle Aerospace Development Expertise
Full Lifecycle Aerospace Development Expertise Design, Modeling Assembly and Systems Manufacturing Testing and Validation and Analysis Integration Capabilities cover the full range of design, manufacturing, ground testing, flight testing and post-delivery support 82 Full Lifecycle Aerospace Developm
Slide 84: Key Capabilities
Key Capabilities Design, Modeling and Analysis Manufacturing Assembly and Systems Integration Avionics Continuous Testing and Validation 83 Key Capabilities Design, Modeling and Analysis Manufacturing Assembly and Systems Integration Avionics Continuous Testing and Validation 83
Slide 85: Practically Driven Principles and Approaches
Practically Driven Principles and Approaches ü Minimize parts count and complexity ü Digital definition and configuration management via Oracle ü Organic composite structural design ü Vertical integration ü Embedded and cross-trained collaborative ü Design for Manufacturing and Assembly teams (DFMA)
Slide 86: Transitioned to Modular Design with Pre-Installed Systems
Transitioned to Modular Design with Pre-Installed Systems SS2-2 Feather Flap SS2-2 Wing SS2-2 Boom Assembly SS2-2 / SS2-3 Fuselage 85 Transitioned to Modular Design with Pre-Installed Systems SS2-2 Feather Flap SS2-2 Wing SS2-2 Boom Assembly SS2-2 / SS2-3 Fuselage 85
Slide 87: Fleet Build Progress and Expected Expansion Schedule
Fleet Build Progress and Expected Expansion Schedule SS2-1 SS2-2 SS2-3 WK2-1 (VSS Unity) (VMS Eve) Design Tooling / Fixtures Part Fabrication Assembly and Integration Flight Testing Est. Year of 2019 2020 2021 In Operation Build Completion Stage of readiness: Approximate progress 86 Fleet Build Prog
Slide 88: Rocket Motor Manufacturing Capabilities
Rocket Motor Manufacturing Capabilities § Currently investing in world class rocket motor manufacturing facility § VG has developed the capabilities and processes to increase rocket motor production rates with lower costs per motor, driven by improvements to key process elements: üReduced labor thro
Slide 89: Potential Future Applications of VG's Technology and Capabilities
Move to development Potential Future Applications of VG’s Technology and Capabilities Third Party WK2 Sales Hypersonic Testbed Electric Air Mobility High Altitude Persistent Platforms 88 Move to development Potential Future Applications of VG’s Technology and Capabilities Third Party WK2 Sales Hyper
Slide 90: Ground Operations Overview
Ground Operations Overview Ground Operations Overview
Slide 91: Overview of Virgin Galactic's Ground Operations
Overview of Virgin Galactic’s Ground Operations § Emphasis on safety, reliability and maintainability for vehicles rooted in decades of best practices in airline / charter operations § Prudent planned maintenance assumptions during ramp-up period § Learnings from the maintenance program during ramp-
Slide 92: Illustrative 5-Day SS2 Operational Flow
Illustrative 5-Day SS2 Operational Flow T-4 Days T-3 Days T-2 Days T-1 Day Flight Day § Scheduled § Scheduled § Pre-flight prep § Pre-flight prep § Nitrous Oxide maintenance maintenance continued continued loaded (1) § Compliance-driven § Pre-flight prep § Rocket motor § SS2 and WK2 mated § Final pr
Slide 93: Shorter Launch Preparation Times Compared to Traditional Vehicles
Shorter Launch Preparation Times Compared to Traditional Vehicles Target WK2 and SS2 Operational Parameters Pre-Flight Activity Duration § Anticipated monthly flight rate: WK2 Fueling < 30 minutes 15 flights per vehicle (at scale) § Supported by 2 days of scheduled maintenance per week Rocket Motor
Slide 94: Financial Overview
Financial Overview Financial Overview
Slide 95: Key Assumptions
Key Assumptions § Financial projections assume June 2020 commencement of commercial operations, starting with Start of Commercial one vehicle in service Operations § Modest flight rates at commercial start, scaling up to an ultimate anticipated flight rate of 5 per Flight Rates month in 2022 and the
Slide 96: Highly Attractive Single Flight Unit Economics
Highly Attractive Single Flight Unit Economics (1) A§ Ticketed revenue: Assumes flight carries Contribution Analysis 5 passengers at $250,000 per passenger B § Rocket motor and fuel costs: Assumes price per rocket motor decreases over time via additional investments in $121k advanced manufacturing c
Slide 97: Key Assumed Operational Metrics and Revenue
Key Assumed Operational Metrics and Revenue Number of Vehicles by Year End Total Flights (Annual) 270 5 4 170 3 115 2 16 2020E 2021E 2022E 2023E 2020E 2021E 2022E 2023E Total Passengers Flown (Annual) Total Revenue ($m) % Growth NM 834% 93% 49% 1,565 $590 965 $398 646 $210 $31 66 2020E 2021E 2022E 2
Slide 98: Strong Profitability Highlights
Strong Profitability Highlights Strength of Business Model Gross Profit ($m) EBITDA ($m) Gross EBITDA 14.3% 62.5% 71.7% 73.1% NM 5.5% 36.7% 46.4% 4 Margin Margin $274 $431 $146 $285 $12 $131 $4 ($104) 2020E 2021E 2022E 2023E 2020E 2021E 2022E 2023E Run-rate gross and EBITDA margins are projected to
Slide 99: Estimated Capex Spend Over Time
Estimated Capex Spend Over Time Total Annual Capex ($m) Total Direct Design and Build Costs by Vehicle ($m) $133 $99 $84 $59 $60 $54 $52 $11 $11 $11 $11 Long-term expectation of $48 $49 $41 $43 ~$25m direct build costs per SS2 2020E 2021E 2022E 2023E SS2-1 SS2-2 WK2-2 (VSS Unity) Design Costs SS2 &
Slide 100: Significant Liquidity to Fund Operations
Significant Liquidity to Fund Operations EBITDA – Capex ($m) Liquidity § Strong liquidity position today as a result of cash from merger with IPOA $219 § Company has no debt on its balance sheet § Approximately $16 million current cash burn per month $86 ($190 million per year) § For illustrative pu
Slide 101: Projected Financial Summary
Projected Financial Summary Fiscal Year Ended CAGR ($m) 2020E 2021E 2022E 2023E '20E - '23E Ticketed Revenue $21 $195 $376 $562 Other Revenue 10 15 21 28 Total Revenue $31 $210 $398 $590 167.3% % Growth NM 580% 89% 48% Rocket Motor Costs & Fuel Costs ($5) ($24) ($36) ($41) Flight Operations & Mainte
Slide 102: Thank You
Thank You Proprietary Thank You Proprietary