Financial Data and Key Metrics Changes - Revenue in the second quarter was approximately $0.4 million from future astronaut access fees [24] - Total operating expenses decreased by 34% to $70 million compared to $106 million in the prior year period [25] - Adjusted EBITDA improved by 34% to negative $52 million in the second quarter compared to negative $79 million in the prior year period [25] - Free cash flow was negative $114 million in the second quarter, representing a 7% improvement from negative $122 million in the first quarter [25] - Cash, cash equivalents, and marketable securities at the end of the second quarter totaled $5.08 billion [26] Business Line Data and Key Metrics Changes - The spaceship program is on track for the first commercial space flights in 2026, with private astronaut flights expected to commence in the fall of 2026 [7][20] - Capital expenditures for the second quarter were $58 million, up from $34 million in the prior year period [28] - The company is shifting spending from R&D to capital investment as it progresses through the spaceship build process [27] Market Data and Key Metrics Changes - The company anticipates that its initial fleet of two spaceships and existing launch vehicle will support 125 flights per year, generating approximately $450 million in revenue and $100 million of adjusted EBITDA [31] - With the expansion of the fleet, the company expects to grow revenue to approximately $1 billion and yield $500 million of adjusted EBITDA [31] Company Strategy and Development Direction - The company is focused on producing next-generation human spaceflight vehicles and has made significant advancements in its spaceship program [6] - The launch vehicle program, named LVX, is being developed to support the spaceship program and potential government applications [22] - The company is collaborating with Lawrence Livermore National Laboratory on a feasibility study for government research and defense applications [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the progress of the spaceship program and the ability to manage challenges typical in aerospace development [19] - The company expects to continue reducing cash spending through 2025, with a forecasted free cash flow range of negative $100 million to $110 million for 2025 [32] - Management highlighted the importance of maintaining a strong balance sheet while strategically investing in growth opportunities [26][31] Other Important Information - The company has reached a preliminary settlement from a securities class action lawsuit, with a net financial impact expected to be approximately $2.9 million [25] - The company is actively managing its workforce, reducing contract engineering staff by nearly 150 people or 85% from a year ago [30] Q&A Session Summary Question: Clarification on fuselage skin comments and adjustments needed - Management provided details on the material science issues with fuselage skins and the adjustments being made to simplify the core types used [36][37] Question: Dynamics of research flight schedule and astronaut flights - Management explained that the research flight schedule was pushed back slightly, but private astronaut flights remain on track for fall 2026 [39][40] Question: Plans for reopening ticket sales - Management confirmed plans to reopen ticket sales in Q1 2026, with the last stated price being $600,000 per ticket [43][44] Question: Considerations for ATM usage and liquidity - Management clarified that the ATM is primarily for growth and that there is no minimum cash balance requirement, focusing on balancing growth and dilution [45][46] Question: Employee reduction and headcount changes - Management indicated that while contract engineering staff were reduced, there were some additions in production roles, particularly at the Phoenix facility [53][54] Question: Expectations for free cash flow in Q4 - Management expects free cash flow burn to be in the negative $100 million to $120 million range for Q4, with continued reductions in spending into 2026 [60][61] Question: Thoughts on LVX launch vehicle program and market potential - Management discussed the focus on developing a Virgin Galactic variant of the LVX program and the ongoing assessments of government needs for high-altitude vehicles [63][64] Question: Challenges in the assembly phase and Italy spaceport opportunity - Management acknowledged typical challenges in the assembly phase but expressed confidence in the team's progress, while also discussing the ongoing feasibility study for the Italy spaceport [70][76]

EARNINGS PRESENTATION SECOND QUARTER 2025 08.06.2025 DISCLOSURES FORWARD-LOOKING STATEMENTS This presentation references certain financial measures that are not prepared in accordance with generally accepted accounting principles in the United States (GAAP), including, Adjusted EBITDA and free cash flow. The Company defines Adjusted EBITDA as earnings before interest expense, income taxes, depreciation and amortization, stock-based compensation and certain other items the Company believes are not indicative ...

Project Delay - Virgin Galactic 将其升级后的 Delta 航天器的首次商业飞行从夏季推迟到 2026 年秋季 [1]

PART I [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) Virgin Galactic's H1 2025 revenue was **$0.87 million** with a **$151.8 million** net loss, and total assets stood at **$898.8 million** [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$898.8 million** by June 30, 2025, driven by reduced cash and marketable securities, impacting equity Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $163,547 | $178,605 | | Marketable securities (short & long-term) | $314,025 | $445,901 | | Total current assets | $532,795 | $627,936 | | Total assets | $898,817 | $961,225 | | **Liabilities & Equity** | | | | Customer deposits | $80,871 | $84,493 | | Convertible senior notes, net | $421,263 | $420,120 | | Total liabilities | $635,444 | $638,945 | | Total stockholders' equity | $263,373 | $322,280 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Q2 2025 revenue declined to **$0.4 million**, but net loss narrowed to **$67.3 million** due to significantly lower operating expenses Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $406 | $4,220 | $867 | $6,205 | | Operating Loss | $(69,942) | $(101,790) | $(158,390) | $(212,948) | | Net Loss | $(67,280) | $(93,775) | $(151,767) | $(195,787) | | Net Loss Per Share (Basic & Diluted) | $(1.47) | $(4.36) | $(3.74) | $(9.43) | - Total operating expenses decreased significantly to **$70.3 million** in Q2 2025 from **$106.0 million** in Q2 2024, driven by reductions in Spaceline operations and Research and development costs[18](index=18&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities improved in H1 2025, with financing providing **$83.6 million**, decreasing total cash by **$17.2 million** Cash Flow Summary for Six Months Ended June 30 (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(131,364) | $(192,361) | | Net cash provided by investing activities | $30,634 | $83,676 | | Net cash provided by financing activities | $83,572 | $69,921 | | **Net decrease in cash, cash equivalents and restricted cash** | **$(17,158)** | **$(38,764)** | - Capital expenditures increased significantly to **$104.4 million** in the first six months of 2025, compared to **$47.5 million** in the prior year period, reflecting investment in future fleet development[25](index=25&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the company's aerospace business, accounting policies, and key financial events including a legal settlement and ATM stock offerings - The company is focused on developing, manufacturing, and operating spaceships for private individuals, researchers, and government agencies[27](index=27&type=chunk) - In July 2025, the company reached a settlement in the 'Lavin v. Virgin Galactic' class action lawsuit for **$8.5 million**, with an expected net cost of **$2.9 million** after insurance coverage, accrued in Q2 2025[78](index=78&type=chunk) - During the first six months of 2025, the company sold **22.7 million** shares of common stock under its 2024 ATM Program, generating **$86.3 million** in gross proceeds[50](index=50&type=chunk) - The company has **$425 million** in principal of 2.50% convertible senior notes due in 2027, with a net carrying amount of **$421.3 million** as of June 30, 2025[43](index=43&type=chunk)[44](index=44&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Delta Class spaceship development on track for 2026, reduced operating expenses, and sufficient capital to fund operations for the next twelve months - Development of the new Delta Class spaceships is progressing on schedule, with commercial service planned to begin in the fall of 2026[95](index=95&type=chunk) - As of June 30, 2025, the company holds reservations for approximately **675** future astronauts, which translates to about **$190 million** in expected future revenue[98](index=98&type=chunk) - The company believes its current capital, including cash, cash equivalents, and marketable securities totaling **$507.7 million**, is adequate to sustain operations for at least the next twelve months[116](index=116&type=chunk)[125](index=125&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Q2 2025 revenue decreased to **$0.4 million**, while operating expenses significantly reduced, including Spaceline operations down **48%** and R&D down **52%** Operating Expense Comparison (Q2 2025 vs Q2 2024, in millions) | Expense Category | Q2 2025 | Q2 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Spaceline operations | $14.2 | $27.3 | $(13.1) | (48)% | | Research and development | $20.1 | $41.5 | $(21.4) | (52)% | | Selling, general and administrative | $31.9 | $33.9 | $(2.0) | (6)% | - The decrease in R&D expenses was primarily driven by a **$19.2 million** reduction in sub-contractor and contract labor costs related to the development of next-generation spaceflight vehicles[107](index=107&type=chunk) - The decrease in Spaceline operations expense was mainly due to an **$8.7 million** decrease in compensation and benefits and a **$4.1 million** decrease in materials and other operational costs[104](index=104&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, total liquidity was **$507.7 million**, with **$83.6 million** from ATM offerings, supporting short-term needs Key Liquidity Figures (as of June 30, 2025, in millions) | Item | Amount | | :--- | :--- | | Cash, cash equivalents and restricted cash | $193.7 | | Total marketable securities | $314.0 | | **Total Liquidity** | **$507.7** | - The company's 2024 ATM Program generated **$86.3 million** in gross proceeds during the first six months of 2025 from the sale of **22.7 million** shares[130](index=130&type=chunk) - Net cash used in operating activities for the first six months of 2025 was **$131.4 million**, a decrease from **$192.4 million** in the same period of 2024[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section is not applicable as Virgin Galactic Holdings, Inc. qualifies as a smaller reporting company - Disclosure is not required for smaller reporting companies[137](index=137&type=chunk) [Item 4. Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal controls - Based on an evaluation as of June 30, 2025, the CEO and CFO concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level[139](index=139&type=chunk) - No changes occurred in the internal control over financial reporting during Q2 2025 that have materially affected, or are reasonably likely to materially affect, these controls[140](index=140&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various legal proceedings, none of which are considered material to its business or financial condition - The company states that no pending legal proceedings are expected to have a material adverse effect on its operating results, financial condition, or cash flows. For more details, it refers to Note 12 of the financial statements[141](index=141&type=chunk) [Item 1A. Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) No material changes occurred to the risk factors previously disclosed in the company's 2024 Annual Report and Q1 2025 Quarterly Report - The company reports no material changes to the risk factors disclosed in its 2024 Annual Report on Form 10-K and Q1 2025 Form 10-Q[142](index=142&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[143](index=143&type=chunk) [Item 5. Other Information](index=31&type=section&id=Item%205.%20Other%20Information) No officers or directors adopted or terminated Rule 10b5-1 trading plans during Q2 2025 - No officers or directors adopted or terminated any Rule 10b5-1 trading plans during the second quarter of 2025[146](index=146&type=chunk) [Item 6. Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate documents, incentive plans, and officer certifications - The report includes exhibits such as the Third Amended and Restated 2019 Incentive Award Plan, the 2025 Employee Stock Purchase Plan, and certifications by the Principal Executive Officer and Principal Financial Officer[147](index=147&type=chunk)[148](index=148&type=chunk)

[Virgin Galactic Q2 2025 Earnings Release](index=1&type=section&id=Virgin%20Galactic%20Q2%202025%20Earnings%20Release) [Management Commentary and Business Update](index=1&type=section&id=Management%20Commentary%20and%20Business%20Update) Management highlights progress on the Delta Class fleet, a strong balance sheet, and disciplined spending, reaffirming the 2026 commercial service timeline - CEO Michael Colglazier emphasized continued progress on the SpaceShips, a strong balance sheet, and disciplined cash spending, reaffirming the 2026 commercial service timeline[2](index=2&type=chunk) - Key operational updates and timelines include: - **Commercial Service:** Planned for 2026, with private astronaut and research flights on track for Fall 2026[5](index=5&type=chunk) - **SpaceShip Production:** Wing and feather assembly completion expected in Q4 2025; fuselage completion expected late Q4 2025 or early Q1 2026[6](index=6&type=chunk) - **Strategic Collaborations:** Feasibility studies are underway with Lawrence Livermore National Laboratory and for a potential second spaceport in Italy[12](index=12&type=chunk) [Q2 2025 Financial Highlights](index=1&type=section&id=Q2%202025%20Financial%20Highlights) The company reported lower Q2 revenue due to a flight pause but improved its net loss through reduced operating expenses, maintaining a strong cash position | Financial Metric | Q2 2025 | Q2 2024 | Change Driver | | :--- | :--- | :--- | :--- | | Revenue | $0.4 million | $4.2 million | Pause in commercial spaceflights | | GAAP Operating Expenses | $70 million | $106 million | Disciplined spending approach | | Non-GAAP Operating Expenses | $58 million | $95 million | Disciplined spending approach | | Net Loss | $(67) million | $(94) million | Lower operating expenses | | Adjusted EBITDA | $(52) million | $(79) million | Lower operating expenses | | Free Cash Flow | $(114) million | $(114) million | N/A | - The company maintains a strong liquidity position with cash, cash equivalents, and marketable securities totaling **$508 million** as of June 30, 2025[2](index=2&type=chunk)[6](index=6&type=chunk) - Generated **$56 million** in gross proceeds through its at-the-market (ATM) offering program by issuing **15.7 million shares** of common stock[6](index=6&type=chunk) [Financial Guidance](index=2&type=section&id=Financial%20Guidance) The company projects third-quarter 2025 free cash flow to be between negative $100 million and negative $110 million - The company projects free cash flow for the third quarter of 2025 to be between **$(100) million and $(110) million**[7](index=7&type=chunk) [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) The financial statements detail a reduced net loss, a strong cash position, and cash usage for operations and new fleet investment [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) | (In thousands, except per share) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $406 | $4,220 | $867 | $6,205 | | Total operating expenses | $70,348 | $106,010 | $159,257 | $219,153 | | Operating loss | $(69,942) | $(101,790) | $(158,390) | $(212,948) | | Net loss | $(67,280) | $(93,775) | $(151,767) | $(195,787) | | Net loss per share (Basic & Diluted) | $(1.47) | $(4.36) | $(3.74) | $(9.43) | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) | (In thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $163,547 | $178,605 | | Marketable securities (short & long-term) | $314,025 | $445,901 | | Total current assets | $532,795 | $627,936 | | Total assets | $898,817 | $961,225 | | Total current liabilities | $157,430 | $150,010 | | Total liabilities | $635,444 | $638,945 | | Total stockholders' equity | $263,373 | $322,280 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) | (In thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(131,364) | $(192,361) | | Net cash provided by investing activities | $30,634 | $83,676 | | Net cash provided by financing activities | $83,572 | $69,921 | | Net decrease in cash, cash equivalents and restricted cash | $(17,158) | $(38,764) | [Non-GAAP Financial Measures](index=7&type=section&id=Non-GAAP%20Financial%20Measures) The company provides non-GAAP metrics to supplement GAAP results, showing improved Adjusted EBITDA and operating expenses year-over-year - The company uses non-GAAP financial measures to provide investors with supplemental information for evaluating operating results, including non-GAAP total operating expenses, Adjusted EBITDA, and free cash flow[20](index=20&type=chunk)[21](index=21&type=chunk) Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net loss | $(67,280) | $(93,775) | | Adjustments | $15,088 | $14,756 | | **Adjusted EBITDA** | **$(52,192)** | **$(79,019)** | Reconciliation of Net Cash Used in Operating Activities to Free Cash Flow (in thousands) | | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(55,446) | $(79,132) | | Capital expenditures | $(58,361) | $(34,415) | | **Free cash flow** | **$(113,807)** | **$(113,547)** |

Group 1 - Virgin Galactic's stock price increased by 18.7%, reaching $3.86 per share [1]

Core Viewpoint - The article highlights significant stock movements in the Hong Kong and US markets, indicating potential investment opportunities and sector trends, particularly in technology, healthcare, and entertainment sectors [1][2][3]. Hong Kong Market Highlights - Mixue (02097) surged over 7%, while Bluetec (00325) rose over 16%, and Guming (01364) increased over 3% [1]. - Lion Group (02562) gained over 4% as it plans to acquire a domestic SaaS company with substantial market share [1]. - Apple-related stocks saw a broad increase, with Sunny Optical (02382) up nearly 4%, and other companies like Q Tech (01478) and AAC Technologies (02018) rising over 3% [1]. - Far East Pharmaceutical (00512) rose over 3% as it commenced international Phase III clinical trials for its innovative ophthalmic drug CBT-001 [1]. - Alibaba Pictures (01060) jumped over 16%, with a cumulative increase of nearly 140% over the past two weeks, focusing on Damao performances and IP derivatives [1]. - Global Data (09698) increased over 5% after signing a strategic agreement with China Life Investment for comprehensive cooperation in asset securitization [1]. - Three Life Pharmaceuticals (01530) rose over 5% following a significant licensing agreement with Pfizer, showcasing promising data for SSGJ-707 [1]. - JD Group (09618) gained nearly 5% after signing a strategic cooperation agreement with China Resources Group [1]. - Tencent Music (01698) increased over 6% as it expands its international footprint by investing in South Korea's SM Entertainment [1]. - Cinda Biologics (01801) rose over 6% due to promising early data for IBI363 in lung cancer, with Goldman Sachs previously indicating the stock was undervalued [1]. - SMIC (00981) increased nearly 4% as it plans to sell its stake in SMIC Ningbo to focus on its core business [1]. - Rare earth stocks surged, with China Rare Earth (00769) up over 48% [1]. - Fubo Group (03738) rose over 3% after completing a 138 million share placement to enhance its AI business [1]. - Friendship Time (06820) surged over 22%, with a year-to-date increase exceeding 90%, driven by positive market feedback on its new game [1]. - Military stocks collectively rose, with China Shipbuilding Defense (00317) increasing nearly 4% [1]. US Market Highlights - Huaxing Capital Holdings (01911) surged over 14% following the successful listing of stablecoin "first stock" Circle, in which its fund participated in 2018 [2]. - In the US market, Circle's stock skyrocketed nearly 30% on its second day of trading after an initial 168% surge [2]. - Lululemon (LULU.US) fell nearly 20% after lowering its full-year profit guidance [2]. - DocuSign (DOCU.US) dropped nearly 19% after revising its full-year billing revenue forecast downward [2]. - Virgin Galactic (SPCE.US) rose over 2%, with a peak increase of over 14%, as it announced a potential recovery in commercial space flight services [2]. - Nvidia's holdings saw a broad increase, with Applied Digital (APLD.US) up over 8% and Recursion Pharmaceuticals (RXRX.US) rising over 20% [2]. - Robinhood (HOOD.US) fell 6.25% in after-hours trading, while AI stock Applovin (APP.US) dropped 5.53% [3].

Core Viewpoint - Virgin Galactic has seen a significant decline in its stock value, down 98% over the last five years, highlighting the risks associated with investing in speculative, unprofitable companies [1] - Recent better-than-expected earnings and analyst upgrades have led to a notable 80% increase in shares on May 16, raising questions about the sustainability of this rally [2] Company Overview - Virgin Galactic is pioneering the space tourism industry, offering suborbital flights to wealthy individuals at approximately $600,000 per seat [3][4] - The company estimates a total addressable market of 300,000 potential customers for space tourism, with an expected annual growth rate of 8% [5] Financial Performance - In the first quarter, Virgin Galactic reported a 77% year-over-year revenue decline to $461,000, although a reduction in expenses helped narrow the operating loss from $113.1 million to $88.9 million [6][7] - The company has $140.8 million in cash and equivalents, raising concerns about its ability to sustain losses without seeking external capital, which could lead to equity dilution [8] Business Stage and Future Prospects - Virgin Galactic is currently in a pre-commercial stage, focusing on aircraft design and obtaining regulatory approvals to start commercial flights in 2026 [10] - The management's history of overpromising and underdelivering raises skepticism about the timeline for commercial operations, which were initially expected to begin in 2011 [12] Investment Potential - There is potential for Virgin Galactic to become a millionaire-maker stock if it successfully establishes commercial operations, but this outcome is uncertain [11] - The ongoing capital burn and potential for shareholder dilution present significant risks that may outweigh the potential rewards at this time [13]

Investment Rating - The report maintains a Neutral rating on Virgin Galactic Holdings (SPCE) [1][8] Core Insights - Virgin Galactic expects to open Future Astronaut sales in 1Q26 and plans to commence commercial spaceflight in mid-2026, while continuing to develop its Delta Class spaceships [1] - The company is currently experiencing a high rate of free cash burn relative to its cash balance, raising concerns about its ability to scale without additional capital [1] - Demand for SPCE's offerings remains uncertain, complicating revenue and profitability projections [1] Financial Performance - SPCE reported an adjusted EBITDA of $(72) million for 1Q25, which was better than the FactSet consensus of $(77) million and the estimate of $(87) million [2][17] - The company generated $0.5 million in revenue during the quarter, with free cash flow usage of $(122) million, compared to $(117) million in the previous quarter and $(126) million a year ago [2][20] - SPCE expects free cash flow usage of $(115)-(105) million for 2Q25 [18] Revenue and Earnings Estimates - Revenue estimates for SPCE have been revised for 2025-2027, with projected revenues of $9.5 million in 2025 and $160.5 million in 2026 [3][19] - EPS estimates have been adjusted to $(12.25) for 2025, $(6.67) for 2026, and $(2.21) for 2027, reflecting changes in revenue and margin inputs [19] Price Target Methodology - The 12-month price target for SPCE has been revised to $32 from $36, based on a blend of three scenarios: 2025 EV/sales multiple, sub-orbital steady state, and an "everything works" scenario [19][22] - The target price reflects a significant upside potential of 566.7% from the current price of $4.80 [1]

Group 1 - Virgin Galactic (SPCE.N) continues its upward trend, initially surging nearly 100% before narrowing to a 70% increase [1] - The company's Q1 earnings exceeded expectations, contributing to the stock price increase [1]