Virgin Galactic Holdings, Inc. (NYSE:SPCE) Q4 2024 Earnings Conference Call February 26, 2025 5:00 PM ET Company Participants Eric Cerny - Vice President, Investor Relations. Michael Colglazier - Chief Executive Officer Mike Moses - President, Spaceline Doug Ahrens - Chief Financial Officer Conference Call Participants Greg Konrad - Jefferies Michael Leshock - KeyBanc Capital Markets Myles Walton - Wolfe Research Tom Nass - TD Cowen Operator Good afternoon. My name is Louella, and I will be your conference ...

Washington, D.C. 20549 ____________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Delaware (State or other jurisdiction of incorporation or organization) (Exact name of registrant as specified in its charter) __________________________ or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition per ...

Virgin Galactic Announces Fourth Quarter and Full Year 2024 Financial Results and Provides Business Update ORANGE COUNTY, CALIFORNIA. – February 26, 2025 – Virgin Galactic Holdings, Inc. (NYSE: SPCE) ("Virgin Galactic" or the "Company") today announced its financial results for the fourth quarter and full year ended December 31, 2024 and provided a business update. • Revenue of $7 million for each of the years ended December 31, 2024 and 2023, which was primarily attributable to commercial spaceflights and ...

Virgin Galactic may have found a better way to make money in space.In June 2024, space tourism pioneer Virgin Galactic (SPCE -4.67%) launched its Unity spaceplane with a planeload of space tourists for the last time. In the months since, the company has continued working on its new spaceplane, dubbed the Delta class.Expected to enter service sometime in 2026, the new Delta class should offer multiple improvements over Unity. For example, reconditioning and engine replacement requirements on Unity limited th ...

Earnings and Financial Performance - Virgin Galactic reported a significant loss of $72.7 million, or $2.66 per share, in Q3 despite a 49% increase in share count [6] - Revenue for the quarter was minimal at $402,000 due to no commercial flights [5] - Operating costs totaled $82.1 million, down 29% from previous periods [5] - Cash burn rate accelerated to $118 million in the quarter, with $744 million in cash and equivalents remaining [7] Future Plans and Challenges - Virgin Galactic is in the "build phase" of its new Delta-class spaceplanes and shifting to design work on a new mothership [2] - Commercial flights are expected to begin in 2026, but delays could push this timeline to 2027 or later [8] - The company plans to issue and sell $300 million worth of stock to fund additional motherships and Delta-class spaceplanes [10] - This stock issuance could dilute existing shareholders by 150% [10] Stock and Investment Outlook - Virgin Galactic stock closed down for the week despite positive developments in its spaceplane fleet [2] - The company's cash reserves are expected to last until 2026, but cash burn is predicted to rise to $115-$125 million in Q4 [7] - The stock issuance ensures solvency through 2026 but significantly dilutes shareholder value [13] - The company's long-term profitability is uncertain, even in a best-case scenario [14]

Financial Data and Key Metrics Changes - Revenue for Q3 2024 was $402,000, driven by future astronaut membership fees, with total operating expenses at $82 million, down from $116 million in the prior year period, primarily due to lower R&D and SG&A expenses [21] - Capital expenditures for the quarter increased to $39 million from $13 million in the prior year, reflecting ramped-up investment in property, plant, and equipment related to the Delta Class fleet [22] - Free cash flow was negative $118 million in Q3 2024, compared to negative $105 million in the same period last year [22] Business Line Data and Key Metrics Changes - The company is in the build phase of its spaceship program, focusing on building tools, fabricating parts, and assembling spaceships, with assembly expected to commence in Q1 2025 [6][12] - The first two Delta spaceships are projected to generate positive operating cash flow, which can be used for organic fleet expansion [24] Market Data and Key Metrics Changes - The company anticipates that the addition of a second mothership and two additional spaceships will significantly enhance its capacity and profitability, with expectations to double revenue and quadruple EBITDA [25][46] Company Strategy and Development Direction - The company is focused on expanding its fleet beyond the first two spaceships to capture economies of scale and enhance profitability [7][18] - The strategy includes targeted use of growth capital to accelerate fleet expansion, with a goal to achieve a fully utilized spaceport by 2028 [27][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the customer experience and business model, planning to accelerate economic expansion through growth capital [9][10] - The company remains on track for commercial operations to begin in 2026, with a strong cash position providing flexibility for growth capital acquisition [10][23] Other Important Information - The company is ramping up hiring in the Phoenix Mesa area in preparation for spaceship assembly, focusing on key personnel to support the build phase [16] - The company has refined its schedules to manage tool deliveries, parts fabrication, and assembly sequences effectively [17] Q&A Session Summary Question: What is the latest thinking on reopening ticket sales? - Management indicated that ticket sales will likely open towards the back half of 2025, as they want to ensure they are supply constrained relative to demand [31][32] Question: Any additional equity issuance for the mothership program? - Management clarified that while they have enough cash to bring the first two Delta ships into service, they see an opportunity to bring in growth capital to accelerate expansion [34][35] Question: Thoughts on tariffs and sourcing risks? - Management believes they are reasonably insulated from tariffs as most efforts are based in the U.S., and partnerships with Bell and Qarbon are progressing well [38][39] Question: What is the timing for the second mothership? - Management confirmed that the second mothership and the third and fourth Delta ships are targeted for 2028, aligning with their growth strategy [58][59] Question: How is Delta Class progressing relative to the initial budget? - Management reported that Delta Class is tracking well against the initial budget, with active spending management contributing to lower cash burn expectations [66][67]

Virgin Galactic (SPCE) came out with a quarterly loss of $2.66 per share versus the Zacks Consensus Estimate of a loss of $4.10. This compares to loss of $5.60 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 35.12%. A quarter ago, it was expected that this company would post a loss of $5.40 per share when it actually produced a loss of $4.36, delivering a surprise of 19.26%.Over the last four quarters, the company has surpasse ...

GALACTIC THIRD QUARTER 11.6.2024 ARTIST RENDERING OF FUTURE FLEET AT SPACEPORT AMERICA 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 Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as am ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-38202 Virgin Galactic Holdings, Inc. (Exact name of registrant as specified in its charter) | --- | --- | --- | --- | --- | --- ...

Exhibit 99.1 Virgin Galactic Announces Third Quarter 2024 Financial Results And Provides Business Update • Build Phase of Delta Class Spaceships Underway with Commercial Service on Track for 2026 • Fleet Expansion Progressing as Design Efforts Shift to Mothership Program ORANGE COUNTY, CALIFORNIA – November 6, 2024 – Virgin Galactic Holdings, Inc. (NYSE: SPCE) ("Virgin Galactic" or the "Company") today announced its financial results for the third quarter ended September 30, 2024 and provided a business upd ...