Virgin Galactic(SPCE) - 2025 Q3 - Quarterly Results

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]