Virgin Galactic Holdings, Inc. · NYSE:SPCE
Virgin Galactic — Q4 2025 Earnings Presentation
27 slides from Virgin Galactic's earnings presentation, Mar 30, 2026
Slide 1: Earnings Presentation Fourth Quarter and Full Year 2025
EARNINGS PRESENTATION FOURTH QUARTER and FULL YEAR 2025 03.30.2026
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: Fourth Quarter and Full Year 2025 Earnings Update
Fourth FourthQuarter Quarterand andFull FullYear Year2025 2024Earnings EarningsUpdate Update 3 3
Slide 4: Agenda
AGENDA • Sales Insights - 2026 • Spaceflight Cadence Growth • Future Spaceport Update • Near-term Milestones and Catalysts • Cash Management, Capital Structure, and Revenue Planning • Q4 and FY 2025 Financial Results Fourth FourthQuarter Quarterand andFull FullYear Year2025 2024Earnings EarningsUpda
Slide 5: Spaceship Progress: Wing/Fuselage Join Process
SPACESHIP PROGRESS WING/FUSELAGE JOIN PROCESS Fourth Quarter and Full Year 2025 Earnings Update 5
Slide 6: Spaceship Progress: Tank Installation
SPACESHIP PROGRESS TANK INSTALLATION Fourth Quarter and Full Year 2025 Earnings Update 6
Slide 7: Spaceship Progress: Feather Delivery
SPACESHIP PROGRESS FEATHER DELIVERY Fourth Quarter and Full Year 2025 Earnings Update 7
Slide 8: www.VirginGalactic.com
www.VirginGalactic.com Fourth Quarter and Full Year 2025 Earnings Update 8
Slide 9: Monthly Flight Cadence Ramp
MONTHLY FLIGHT CADENCE RAMP (ILLUSTRATIVE TIMELINE) Q4 2026 Q2 Q3 2027 FIRST SPACEFLIGHT Fourth Quarter and Full Year 2025 Earnings Update 9
Slide 10: Fourth Quarter and Full Year 2025 Earnings Update
Fourth Quarter and Full Year 2025 Earnings Update 10
Slide 11: Additional Spaceports
ADDITIONAL SPACEPORTS Fourth Quarter and Full Year 2025 Earnings Update 11
Slide 12: PAT: Production Acceptance Testing; IVGT: Integrated Vehicle Ground Testing
SPACESHIP PROGRESS PAT: Production Acceptance Testing IVGT: Integrated Vehicle Ground Testing Production Acceptance Testing • Each SpaceShip tested • Ensures all systems properly installed and function correctly • Electrical, pneumatic and hydraulic systems Integrated Vehicle Ground Testing • Initia
Slide 13: Unity Glide Flights / Training
SPACESHIP PROGRESS UNITY GLIDE FLIGHTS/ TRAINING IMAGE UPDATE – Hero image of VSS Unity gliding home Fourth Quarter and Full Year 2025 Earnings Update 13
Slide 14: Flight Test Program
FLIGHT TEST PROGRAM (ILLUSTRATIVE TIMELINE) Q2 2026 Q3 2026 Q4 2026 Unity Glide Flights New SpaceShip Glide Flights Rocket-Powered Flights FLIGHT TESTING Fourth Quarter Fourth Quarterand andFull Full Year 2025Earnings Year 2025 Earnings Update Update 14
Slide 15: Milestones & Catalysts
MILESTONES & CATALYSTS (ILLUSTRATIVE TIMELINE) Q2 Q3 Q4 Q1 Structural Assembly Complete • Weight On Wheels • Ground Testing Unity Glide Flights New SpaceShip Livery SpaceShip Delivery To Spaceport Flight Test Program Commercial Service Rocket Motor Production Starts 2nd SpaceShip Delivery Fourth Qua
Slide 16: Cash Management and Capital Markets
• Cash management • Capital markets and value creation approach Fourth Quarter and Full Year 2025 Earnings Update 16
Slide 17: Capital Realignment
CAPITAL REALIGNMENT • Exchanged $355M of $425M 2027 convertible notes • New final maturity in December 2028 for new notes • $355M convertible notes exchanged with $212M new first lien notes with 9.8% coupon and $46M direct offering of equity • Overall indebtedness reduced by $142M • Optionality to s
Slide 18: Financial Results Fourth Quarter 2025
FINANCIAL RESULTS FOURTH QUARTER 2025 Ended December 31, 2025 • Revenue of $0.3 million, compared to $0.4 million in the prior year period, attributable to access fees related to future astronauts. • Total operating expenses were $61 million, a 26% reduction from $82 million in the prior year period
Slide 19: Financial Results Full Year 2025
FINANCIAL RESULTS FULL YEAR 2025 Ended December 31, 2025 • Revenue of $2 million, compared to $7 million in the prior year period, with the decrease driven by the pause in commercial spaceflights to focus efforts on the production of the new SpaceShips. • Total operating expenses were $287 million,
Slide 20: Cash Flow and Balance Sheet
CASH FLOW AND BALANCE SHEET FREE CASH FLOW (1) CASH, CASH EQUIVALENTS, AND Q4 2025 MARKETABLE SECURITIES $(95) million $338M(3) Q1 2026 GUIDANCE (2) Expected to be in the range of $400M $(90) million to $(95) million $200M Q2 – Q4 2026 GUIDANCE (2) $0 Anticipate sequential improvement December 31, 2
Slide 21: 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 22: Fourth Quarter and Full Year 2025 Earnings Update
Fourth Quarter and Full Year 2025 Earnings Update 22
Slide 23: Appendix
APPENDIX Fourth Quarter and Full Year 2025 Earnings Update 23
Slide 24: Recent Virgin Galactic Updates
RECENT VIRGIN GALACTIC UPDATES WE BUILD SPACESHIPS Youtube.com/VirginGalactic VirginGalactic.com/news Fourth Quarter and Full Year 2025 Earnings Update Update 24 24
Slide 25: Reconciliation of Non-GAAP Measures – Adjusted EBITDA
RECONCILIATION OF NON-GAAP MEASURES – Adjusted EBITDA THREE MONTHS ENDED YEAR ENDED (In thousands) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net loss $ (62,723) $ (76,413) $ (278,907) $ (346,740) Interest expense 3,045 3,237 12,782 12,927 Income tax expense (benefit) 41
Slide 26: 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, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net cash used in operating activities $ (52,475) $ (81,035) $ (240,142) $ (352,703) Capital expenditures (42,153) (35,709) (198,04
Slide 27: www.VirginGalactic.com
www.VirginGalactic.com Fourth Quarter and Full Year 2025 Earnings Update 27
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