Virgin Galactic Holdings, Inc. · NYSE:SPCE
Virgin Galactic — Q1 2026 Earnings Presentation
18 slides from Virgin Galactic's earnings presentation, May 14, 2026
Slide 1: Earnings Presentation First Quarter 2026
EARNINGS PRESENTATION FIRST QUARTER 2026 05.14.2026
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: Agenda
AGENDA • Overview • SpaceShip Progress • Commercial Preparations • Financial Update Fourth First Quarter Quarter 2026 and Full Earnings Year 2024 Update Earnings Update 3 3
Slide 4: SpaceShip #1
SPACESHIP PROGRESS SpaceShip #1 First Quarter 2026 Earnings Update 4
Slide 5: Static Test Article Progress
SPACESHIP PROGRESS Static Test Article Progress WING SKIN AND STRUCTURE LOWER FUSELAGE SKIN FEATHER STATIC TEST ARTICLE UPPER FUSELAGE SKIN First Quarter 2026 Earnings Update 5
Slide 6: Safety and Test Center
SPACESHIP PROGRESS Safety and Test Center First Quarter 2026 Earnings Update 6
Slide 7: Watch video
WATCH: https://bit.ly/WBS-15-GT First Quarter 2026 Earnings Update 7
Slide 8: Unity Glide Flights
SPACESHIP PROGRESS Unity Glide Flights IMAGE UPDATE – Hero image of VSS Unity gliding home First Quarter 2026 Earnings Update 8
Slide 9: Milestones & Catalysts
MILESTONES & CATALYSTS Q2 ‘26 Q3 ‘26 Q4 ‘26 Q1 ‘27 Ground Testing Ground Testing Flight Test Program Commercial Service Continues Unity Glide Flights Unity Glide Flights Commercial Service Starts SpaceShip Livery Rocket Motor Production Starts SpaceShip Delivery to Spaceport 2nd SpaceShip Delivery F
Slide 10: Preparations For Commercial Spaceflight Operations
Preparations For Commercial Spaceflight Operations • Talent Acquisition Update • FAA Licensing • Founding Astronaut Flight Windows • Sales Process Check-In • Rocket Motor Assembly Line Fourth First Quarter Quarter 2026 and Full Earnings Year 2024 Update Earnings Update 10 10
Slide 11: Financial Results First Quarter 2026
Financial Results FIRST QUARTER 2026 Ended March 31, 2026 • Revenue of $0.2 million, compared to $0.5 million in the prior year period, attributable to access fees related to future astronauts. • Total operating expenses were $66 million, a 26% reduction from $89 million in the prior year period. Th
Slide 12: Cash Flow and Balance Sheet
Cash Flow and Balance Sheet FREE CASH FLOW (1) CASH, CASH EQUIVALENTS, AND Q1 2026 MARKETABLE SECURITIES $(93) million Q2 2026 GUIDANCE (2) $251M(3) Expected to be in the range of $300M $(87) million to $(92) million $200M Q3 – Q4 2026 GUIDANCE (2) $0 Anticipate sequential improvement March 31, 2026
Slide 13: 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 14: First Quarter 2026 Earnings Update
First Quarter 2026 Earnings Update 14
Slide 15: Appendix
APPENDIX First Quarter 2026 Earnings Update 15
Slide 16: Reconciliation of Non-GAAP Measures – Adjusted EBITDA
RECONCILIATION OF NON-GAAP MEASURES – Adjusted EBITDA THREE MONTHS ENDED (In thousands) March 31, 2026 March 31, 2025 Net loss $ (64,715) $ (84,487) Interest expense 1,828 3,240 Income tax expense 30 48 Depreciation and amortization 3,916 4,223 Stock-based compensation 4,121 4,769 Adjusted EBITDA $
Slide 17: Reconciliation of Non-GAAP Measures – Free Cash Flow
RECONCILIATION OF NON-GAAP MEASURES – Free Cash Flow THREE MONTHS ENDED (In thousands) March 31, 2026 March 31, 2025 Net cash used in operating activities $ (53,501) $ (75,918) Capital expenditures (39,807) (46,047) Free cash flow $(93,308) $(121,965) First Quarter 2026 Earnings Update 17
Slide 18: www.VirginGalactic.com
www.VirginGalactic.com Fourth Quarter and Full Year 2025 Earnings Update 18
Virgin Galactic Holdings — Q1 2026 Earnings Presentation on 6ix