Virgin Galactic Holdings, Inc. · NYSE:SPCE
Virgin Galactic — Q3 2025 Earnings Presentation
22 slides from Virgin Galactic's earnings presentation, Nov 13, 2025
Slide 1: Earnings Presentation Third Quarter 2025
EARNINGS PRESENTATION THIRD QUARTER 2025 11.13.2025
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 Third Quarter Fourth Quarter2025 and Earnings Full Year Update 2024 Earnings Update 3 3
Slide 4: Recent Virgin Galactic Updates
RECENT VIRGIN GALACTIC UPDATES WE BUILD SPACESHIPS WATCH THE SERIES: WATCH THE VIDEO: VirginGalactic.com/ VirginGalactic.com virgin-galactic-we-build-spaceships-preview Third Fourth Quarter Quarter and2025 Earnings Full Year 2024Update Earnings Update 4 4
Slide 5: The Wing
SPACESHIP PROGRESS THE WING Third Quarter 2025 Earnings Update 5
Slide 6: The Feather
SPACESHIP PROGRESS THE FEATHER Third Quarter 2025 Earnings Update 6
Slide 7: The Feather
SPACESHIP PROGRESS THE FEATHER Third Quarter 2025 Earnings Update 7
Slide 8: The Fuselage
SPACESHIP PROGRESS THE FUSELAGE Third Quarter 2025 Earnings Update 8 8
Slide 9: Oxidizer Tank – Qualification Tank
SPACESHIP PROGRESS OXIDIZER TANK – QUALIFICATION TANK Third Quarter 2025 Earnings Update 9 9
Slide 10: Oxidizer Tank – Flight Article
SPACESHIP PROGRESS Tuesday we will get new image of OXIDIZER TANK – FLIGHT ARTICLE MOT in front of fuse Third Quarter 2025 Earnings Update 10
Slide 11: The Fuselage
SPACESHIP PROGRESS THE FUSELAGE Third Quarter 2025 Earnings Update 11
Slide 12: The Fuselage
SPACESHIP PROGRESS THE FUSELAGE Third Quarter 2025 Earnings Update 12 12
Slide 13: Avionics – Rocket Systems – Launch Vehicle
SPACESHIP PROGRESS AVIONICS – ROCKET SYSTEMS – LAUNCH VEHICLE Third Quarter 2025 Earnings Update 13
Slide 14: Third Quarter 2025 Earnings Update
Third Quarter 2025 Earnings Update 14
Slide 15: Financial Results Third Quarter 2025
FINANCIAL RESULTS THIRD QUARTER 2025 Ended September 30, 2025 • Revenue of $0.4 million for each of the third quarters of 2025 and 2024, attributable to access fees related to future astronauts. • Total operating expenses were $67 million, compared to $82 million in the prior year period. This refle
Slide 16: Cash Flow and Balance Sheet
CASH FLOW AND BALANCE SHEET CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES FREE CASH FLOW (1) Q3 2025 $424M(3) $(108) million $400M Q4 2025 GUIDANCE (2) $200M Expected to be in the range of $(90) million to $(100) million $0 September 30, 2025 1. Virgin Galactic uses Free Cash Flow as a key measu
Slide 17: 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 18: Third Quarter 2025 Earnings Update
Third Quarter 2025 Earnings Update 18
Slide 19: Appendix
APPENDIX Third Quarter 2025 Third Quarter 2025 Earnings Earnings Update Update 19
Slide 20: Reconciliation of Non-GAAP Measures – Adjusted EBITDA
RECONCILIATION OF NON-GAAP MEASURES – Adjusted EBITDA (In thousands) THREE MONTHS ENDED September 30, 2025 September 30, 2024 Net loss $ (64,417) $ (74,540) Interest expense 3,250 3,233 Income tax expense - 105 Depreciation and amortization 4,117 4,341 Stock-based compensation 4,719 7,560 Legal sett
Slide 21: Reconciliation of Non-GAAP Measures – Free Cash Flow
RECONCILIATION OF NON-GAAP MEASURES – Free Cash Flow (In thousands) THREE MONTHS ENDED September 30, 2025 September 30, 2024 Net cash used in operating $ (56,303) $ (79,307) activities Capital expenditures (51,484) (38,659) Free cash flow $(107,787) $(117,966) Third Quarter 2025 Earnings Update 21
Slide 22: Third Quarter 2025
THIRD QUARTER 2025 | EARNINGS UPDATE | 11.13.25
Virgin Galactic Holdings — Q3 2025 Earnings Presentation on 6ix