Core Insights - Virgin Galactic Holdings Inc reported third-quarter financial results, showing flat revenue and a loss per share that was better than expected [2][3] Financial Performance - The company reported third-quarter revenue of $365,000, unchanged from the same period last year, missing the consensus estimate of $395,800 [2] - The loss per share was $1.09, which was better than the expected loss of $1.43 [2] - Adjusted EBITDA for the quarter was a loss of $53 million, an improvement from a loss of $59 million in the previous year's third quarter, attributed to lower operating expenses [3] - The company ended the quarter with $424 million in cash and cash equivalents [3] Future Guidance - Virgin Galactic is guiding for a free cash flow loss of between $100 million and $90 million for the fourth quarter [4] - The Flight Test Program is on track to commence in the third quarter of 2026, with the first commercial spaceflights expected in the fourth quarter of 2026 [4] - Private astronaut flights are anticipated to begin six to eight weeks after the first commercial flight in 2026 [5] - Preparations for commercial operations are underway, with the first tranche of sales for new SpaceShips set to begin in the first quarter of 2026 [5] Operational Updates - The company has a research mission planned with Purdue University for 2027 [5] - CEO Michael Colglazier indicated that the production checklist is becoming shorter in preparation for commercial spaceflights in 2026 [6] - The company expects most current customers to take their space journey in 2027, facilitated by increased flight rate capability and quick turnaround times from the first two SpaceShips [6] Stock Performance - Virgin Galactic stock rose by 4.53% to $3.46 in after-hours trading, within a 52-week trading range of $2.18 to $8 [7]

Revenue and Financial Performance - Revenue for the three months ended September 30, 2025, was $365,000, a decrease of 9% compared to $402,000 for the same period in 2024[102]. - Operating loss for the nine months ended September 30, 2025, was $224.6 million, compared to a loss of $294.7 million for the same period in 2024, reflecting a 24% improvement[102]. - Total operating expenses for the nine months ended September 30, 2025, were $225.8 million, down from $301.3 million in 2024, a reduction of 25%[102]. - Interest income decreased to $5.0 million for the three months ended September 30, 2025, from $10.4 million in 2024, a decline of 52%[115]. - Net cash used in operating activities was $187.7 million for the nine months ended September 30, 2025, compared to $271.7 million for the same period in 2024, reflecting a decrease of 30.9%[120][121]. - Net cash provided by investing activities was $29.9 million for the nine months ended September 30, 2025, down from $116.4 million in 2024, a decline of 74.3%[122][123]. - Net cash provided by financing activities was $105.7 million for the nine months ended September 30, 2025, slightly lower than $106.3 million in 2024, a decrease of 0.6%[124]. Expenses and Cost Management - Research and development expenses decreased by 38% to $15.0 million for the three months ended September 30, 2025, from $23.9 million in 2024[108]. - Selling, general and administrative expenses decreased by 18% to $28.0 million for the three months ended September 30, 2025, from $34.0 million in 2024[112]. - The company expects expenditures to increase as it scales its commercial operations and expands its fleet of spaceships, launch vehicles, and supporting facilities[125][127]. - The company anticipates that costs to manufacture additional vehicles will decrease as manufacturing processes and capabilities scale up[126]. Future Operations and Revenue Generation - The company has reservations for approximately 675 future astronauts, representing about $189 million in expected future spaceflight revenue[99]. - The first commercial spaceflight is expected to occur in the fourth quarter of 2026, with private astronaut spaceflights commencing six to eight weeks thereafter[96]. - The company expects to generate revenue from its spaceflight program, anticipated to commence in the fourth quarter of 2026[134]. Capital and Financing - As of September 30, 2025, the company had cash, cash equivalents, and restricted cash of $158.8 million, along with marketable securities of $264.8 million[118]. - The company believes its current capital is adequate to sustain operations for at least the next twelve months, but may need additional financing if capital sources are insufficient[133][134]. - As of September 30, 2025, the company had sold a total of 34.1 million shares under the 2024 ATM Program, generating $138.3 million in gross proceeds[132]. Risks and Uncertainties - The commercial launch of the spaceflight program and fleet expansion are subject to significant risks and uncertainties that may affect costs and timing[135]. - There have been no material changes to the company's contractual obligations and commitments outside the ordinary course of business[136].

Financial Performance - Revenue for the third quarter of 2025 was $0.4 million, consistent with the third quarter of 2024, primarily from access fees related to future astronauts[6] - Net loss for Q3 2025 was $64 million, an improvement from a net loss of $75 million in Q3 2024, mainly due to lower operating expenses[6] - Adjusted EBITDA for Q3 2025 totaled $(53) million, compared to $(59) million in Q3 2024, reflecting reduced operating expenses[6] - Free cash flow for Q3 2025 was $(108) million, an improvement from $(118) million in Q3 2024[6] - Total operating expenses for Q3 2025 were $66,531,000, a decrease of 19% from $82,130,000 in Q3 2024[21] - Non-GAAP total operating expenses for Q3 2025 were $58,195,000, down 17% from $70,229,000 in Q3 2024[21] - Net loss for Q3 2025 was $(64,417,000), an improvement from $(74,540,000) in Q3 2024[21] - Total operating expenses for the nine months ended September 30, 2025, were $225,788,000, down 25% from $301,283,000 in the same period of 2024[21] - Non-GAAP total operating expenses for the nine months ended September 30, 2025, were $196,582,000, a decrease of 26% from $265,947,000 in 2024[21] Cash Flow and Position - Cash position remains strong, with cash, cash equivalents, and marketable securities of $424 million as of September 30, 2025[6] - Free cash flow for Q4 2025 is expected to be in the range of $(90) million to $(100) million[8] - Net cash used in operating activities for Q3 2025 was $(56,303,000), compared to $(79,307,000) in Q3 2024[22] - The company has not provided a reconciliation of forward-looking free cash flow to GAAP financial measures due to substantial uncertainty[22] Operational Developments - The first commercial spaceflight is on track for Q4 2026, with private astronaut flights expected to follow 6 to 8 weeks later[5] - 90% of structural parts for the first SpaceShip are expected to be in the factory by Q4 2025, with commercial preparations underway[5] - A research mission with Purdue University has been announced for 2027[7] Capital Expenditures - Capital expenditures for Q3 2025 were $(51,484,000), an increase from $(38,659,000) in Q3 2024[22]

Earnings Reports Overview - The earnings season is slowing down, but several retail-favorite companies are set to report this week [1] - Key companies reporting include Barrick Mining Corp., Plug Power Inc., Oklo Inc., Cisco Systems Inc., Walt Disney Co., and Applied Materials Inc. [2][3][5][10][11] Company-Specific Insights - Barrick Mining Corp. reported its third-quarter results before the market opened on November 10 [2] - Plug Power Inc. is expected to report losses of 12 cents per share and revenue of $179.54 million, having missed earnings expectations for the last 18 quarters [3] - Oklo Inc. is anticipated to report losses of 13 cents per share and revenue of $17.01 billion, with stock volatility noted ahead of the report [5] - Cisco Systems Inc. is expected to be a focal point for investors, particularly regarding management's guidance and updates on AI and cybersecurity business momentum [10] - Walt Disney Co. and JD.com Inc. will release earnings reports before the market opens on November 13 [11] - Applied Materials Inc. is set to release its Q4 results after the market closes on November 13 [11] Additional Companies Reporting - Other companies reporting this week include Workhorse Group Inc., Beyond Meat Inc., Microvision Inc., and Virgin Galactic Holdings Inc. [4][6][12]

Core Insights - Investor interest in the space industry is increasing, particularly in companies like Rocket Lab Corp. (RKLB) and Virgin Galactic Holdings, Inc. (SPCE) due to rising defense spending and demand for satellite infrastructure [1][3] Summary of Rocket Lab (RKLB) - Recent Achievements: Rocket Lab completed its 15th launch of the year in October 2025 and initiated a series of 21 launches for Synspective [4]. The company also cleared the Systems Integration Review and finished building its Photon spacecraft for NASA's LOXSAT mission, which will test new cryogenic fuel storage technology [5]. Additionally, Rocket Lab signed a contract with JAXA for two dedicated Electron launches and a multi-launch deal with iQPS [6] - Financial Stability: As of the end of Q2 2025, Rocket Lab had cash and cash equivalents of $688 million, with current debt of $17 million and long-term debt of $415 million, indicating a solid solvency position [7] - Challenges: Rocket Lab faces high operating expenses due to investments in next-generation technologies, which have led to continued losses as costs outpace revenue growth [8] Summary of Virgin Galactic (SPCE) - Recent Achievements: In September 2025, Virgin Galactic announced a collaboration with Purdue University for a suborbital spaceflight planned for 2027, focusing on microgravity experiments [9] - Financial Stability: SPCE ended Q2 2025 with cash and cash equivalents of $500 million and long-term debt of $421 million, with no notable current debt, indicating a solid solvency position [11] - Challenges: SPCE faces industry-specific risks such as supply-chain disruptions and rising raw material costs, which could impact profitability [12] Financial Performance Comparison - Zacks Consensus Estimate for RKLB suggests a 35.6% increase in 2025 sales, while SPCE's estimate implies a 77% decline [13][14] - Stock performance shows RKLB up 472.1% over the past year, while SPCE is down 43.3% [16] - SPCE has a more attractive valuation with a forward sales ratio of 12.46X compared to RKLB's 39.15X [17] Leverage Comparison - SPCE is more leveraged than RKLB, indicated by its higher debt-to-capital ratio [21] Final Assessment - Both RKLB and SPCE are positioned to benefit from the growing space technology sector, but SPCE appears to be the stronger option for long-term investors due to its recent developments and favorable valuation [22][23]

Core Viewpoint - Halper Sadeh LLC is investigating potential breaches of fiduciary duties by certain officers and directors of Virgin Galactic Holdings, Inc. regarding shareholder interests [1] Company Summary - The investigation pertains to whether the actions of Virgin Galactic's leadership have harmed shareholders, particularly those who acquired shares on or before July 10, 2019 [1] - Shareholders may seek various forms of relief, including corporate governance reforms, return of funds to the company, and court-approved financial incentive awards [1]

More News From Virgin Galactic Holdings, Inc. Wish your news had this kind of reach? The awards were granted under Virgin Galactic's Amended and Restated 2023 Employment Inducement Incentive Award Plan, which provides for the granting of equity awards to new employees of Virgin Galactic. The restricted stock unit awards will vest over a three-year period: 33% of the underlying shares will vest on the first and second anniversary of the grant date and the remaining 34% of the shares will vest on the third an ...

Group 1 - The space concept stocks experienced a significant rally on Wednesday, with notable increases across various companies [1] - Destiny Tech100 (DXYZ.US) surged over 32%, indicating strong investor interest and market momentum [1] - AST SpaceMobile (ASTS.US) rose more than 12%, while BlackSky Technology (BKSY.US) increased by over 9%, reflecting positive sentiment in the space sector [1] - Virgin Galactic (SPCE.US) also saw a rise of over 4.3%, contributing to the overall strength of the space stocks [1]

Core Insights - Purdue University is set to conduct a suborbital spaceflight, named Purdue 1, in collaboration with Virgin Galactic, featuring an all-Boilermaker crew [1][2][3] - The mission aims to advance research in microgravity, focusing on fluid behavior in zero gravity, which is essential for future spaceflight design and operations [2][4] Purdue University and Virgin Galactic Collaboration - The Purdue 1 flight will include a five-person crew comprising faculty, students, and alumni, highlighting the university's commitment to space research and education [3][4] - The mission is expected to serve as a model for academic access to space, allowing researchers to conduct experiments in real-time during the flight [5][6] Research Focus and Experiments - The onboard experiments will investigate how fluids behave in microgravity, which is critical for spacecraft design and fuel management [2][7] - Graduate student Abigail Mizzi's project will explore zero-gravity oscillations of liquids, contributing valuable data for future spacecraft and engine designs [7][10] Educational Impact - The mission is seen as a transformative opportunity for STEM education, enabling hands-on experience in a microgravity environment [5][12] - The involvement of students and faculty in real-time research during the flight emphasizes the integration of academic learning with practical application in space [8][9] Funding and Participation - Mizzi's seat on the flight is funded through donations, while other alumni passengers will purchase their seats, showcasing a blend of philanthropic support and personal investment in the mission [12][13] - The initiative aims to break barriers in space access, making it more reachable for educational institutions and individuals [13]

Group 1: Firefly Aerospace - Firefly Aerospace, Inc. reported second-quarter revenue of $15.55 million and a loss of $5.78 per share, leading to a 13% drop in shares following its first earnings report post-IPO [2] - The company anticipates its first Eclipse launch to occur "as early as next year" and is increasing its flight cadence and production to meet strong demand for launch services [3] Group 2: Rocket Lab - Rocket Lab Corp. CEO Peter Beck expressed interest in collaborating with NASA on Mars and Venus exploration missions, particularly in bringing back rock samples from Mars that may contain biosignatures [4] - Beck described the recent Martian discovery as exciting, reflecting his personal interest in planetary science [5] Group 3: AST SpaceMobile - AST SpaceMobile, Inc. shares were trending on social media and saw increased trading volume, with President Scott Wisniewski discussing the advantages of having a large aperture in low Earth orbit for managing frequencies and delivering services [6] - Wisniewski emphasized that the company's approach does not require a new device, focusing on a flexible technology and spectrum strategy [7] Group 4: Virgin Galactic - Virgin Galactic Holdings, Inc. shares rose by 17% on heavy trading volume [8] Group 5: Intuitive Machines - Intuitive Machines, Inc. stock traded higher, gaining over 12% in the past five days despite the absence of company-specific news [9]