Virgin Galactic Holdings Inc (NYSE:SPCE) shares are ripping higher in Thursday’s after-hours session after the company reported better-than-expected financial results for the first quarter.

Q1 Earnings: Virgin Galactic reported first-quarter revenue of $461,000, beating estimates of $285,710, according to Benzinga Pro. The aerospace and space travel company reported a first-quarter loss of $2.38 per share, beating estimates for a loss of $2.55 per share.

Total revenue was down from $2 million in the prior year’s quarter due to a pause in commercial spaceflights in an effort to focus on production of its Delta Class SpaceShips. Virgin Galactic said its first spaceflight with the new SpaceShip carrying research payloads is planned for summer 2026.

The company plans to open future astronaut sales in the first quarter of 2026, with private astronaut spaceflights planned for fall 2026.

Virgin Galactic said it generated $31 million in gross proceeds through the issuance of 6.9 million in an at-the-market offering during the quarter and ended the period with $567 million in cash, cash equivalents and marketable securities.

“The assets being built as we march through our pre-revenue phase are tremendous, and we expect them to open up a powerful and profitable business model that will benefit from an industry-leading cost structure, fixed-cost leverage as we scale, and an unparalleled customer experience,” said Michael Colglazier, CEO of Virgin Galactic.

Virgin Galactic guided for second-quarter free cash flow of negative $105 million to negative $115 million, versus negative $122 million in the first quarter.

Virgin Galactic executives will further discuss the quarter on a conference call set to begin at 5 p.m. ET.

SPCE Price Action: Virgin Galactic shares were up 15.82% after-hours, trading at $3.88 at the time of publication Thursday, according to Benzinga Pro.