Core Viewpoint - Virgin Galactic reported a significant decline in GAAP revenue for Q2 2025, reflecting ongoing challenges in commercial operations while showing improvements in net loss due to cost control measures [1][5][6]. Financial Performance - GAAP revenue fell by 90.5% year-over-year to $0.4 million in Q2 2025, compared to $4.2 million in Q2 2024, and was below analyst estimates of $0.45 million [2][5]. - The net loss per share improved to $(1.47) in Q2 2025 from $(4.36) in Q2 2024, a 66.3% reduction, driven by lower operating expenses [2][6]. - Non-GAAP total operating expenses decreased by 38.1% year-over-year to $58.5 million [2]. - Adjusted EBITDA improved from $(79.0) million in Q2 2024 to $(52.2) million in Q2 2025 [2][7]. - Free cash flow remained negative at $(113.8) million, nearly unchanged from the previous year [2][7]. Operational Focus - The company is currently focused on the development of the Delta Class SpaceShips, which are intended to enhance flight frequency and capacity [4][9]. - Major assembly milestones for the Delta Class SpaceShips are expected to be completed by late 2025 or early 2026, which are critical for resuming commercial operations [9][10]. - The company aims to shift spending towards capitalized assets to support long-term scaling while maintaining cost control [10]. Strategic Initiatives - Virgin Galactic is exploring new business areas beyond tourism, including potential research payloads and government contracts, in collaboration with Lawrence Livermore National Laboratory [11]. - The company plans to reopen reservations for flights in Q1 2026, ahead of the anticipated service restart in fall 2026 [12][13]. Cash Position - Cash reserves stood at $508 million as of June 30, 2025, bolstered by $56 million from issuing new shares, although this resulted in shareholder dilution [8]. - The company expects free cash flow to remain negative in Q3 2025, projected between $(100) million to $(110) million, but anticipates a decline in quarterly cash burn for the remainder of 2025 [13][14].

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 ...

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)** |

Core Viewpoint - OpenDoor Technologies has become the latest "meme stock" in the U.S. market, with its share price skyrocketing from around $1 to a peak of $4.97 within six trading days, marking a 312% increase, reminiscent of the 2021 GameStop incident [1][3] Group 1: Stock Performance - The stock experienced a significant intraday surge of 121% on Monday, triggering a trading halt due to volatility [1] - Daily trading volume surged to 1.9 billion shares, a 1700% increase compared to the three-month average [1] - Short positions accounted for 24% of the stock, indicating a short squeeze scenario [1] Group 2: Market Dynamics - The rally was initiated by hedge fund manager Eric Jackson's buy recommendation on social media, which gained traction on platforms like Reddit's WallStreetBets and Stocktwits [3] - Options market data revealed that over 3.4 million options contracts for OpenDoor were traded on Monday, setting a new record, with call options making up nearly 70% of the activity, the highest level since 2021 [3] Group 3: Sector Impact - OpenDoor's surge has had a ripple effect on the broader sector, with QuantumScape rising nearly 200% in the past month and Bit Mining increasing by 87% in the same period [3] - Other stocks such as Beyond Meat and Virgin Galactic also saw notable increases [3] - The UBS meme stock index rose by 4% on Monday, indicating a spread of speculative sentiment to smaller stocks like Rocketlab and Circle, which also experienced a significant rise in call option volumes [3] Group 4: Analyst Commentary - Analysts have drawn parallels between the current market behavior and the 1999 internet bubble, suggesting that retail investors are engaging in irrational exuberance [3] - Concerns were raised about the sustainability of the rally, with warnings that a lack of continued buying could lead to a sharp decline [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]

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Core Insights - Virgin Galactic reported a quarterly loss of $2.38 per share, which was worse than the Zacks Consensus Estimate of a loss of $2.23, but an improvement from a loss of $5 per share a year ago [1] - The company posted revenues of $0.46 million for the quarter, exceeding the Zacks Consensus Estimate by 15.25%, but down from $1.99 million year-over-year [2] - Virgin Galactic shares have declined approximately 39.6% year-to-date, contrasting with a 0.2% gain in the S&P 500 [3] Financial Performance - The earnings surprise for the latest quarter was -6.73%, while the previous quarter saw a positive surprise of 29.72% with an actual loss of $2.53 against an expected loss of $3.60 [1][2] - Over the last four quarters, the company has surpassed consensus EPS estimates three times and topped revenue estimates twice [2] Future Outlook - The current consensus EPS estimate for the upcoming quarter is -$2.10 on revenues of $0.4 million, and for the current fiscal year, it is -$8.72 on revenues of $2.3 million [7] - The estimate revisions trend for Virgin Galactic is currently favorable, leading to a Zacks Rank 2 (Buy), indicating expected outperformance in the near future [6] Industry Context - The Aerospace - Defense industry, to which Virgin Galactic belongs, is currently ranked in the top 28% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8]