Virgin Galactic reports Q3 revenue of $0.4 million and net loss of $64 million
Virgin Galactic Holdings Inc. reported third quarter 2025 revenue of $0.4 million, consistent with the same period in 2024, mainly from access fees related to future astronauts. The company recorded a net loss of $64 million, an improvement from a $75 million net loss in the third quarter of 2024, attributed primarily to lower operating expenses. GAAP total operating expenses were $67 million, down from $82 million in Q3 2024, while non-GAAP total operating expenses were $58 million, compared to $70 million in the previous year. Adjusted EBITDA was $(53) million, improving from $(59) million a year earlier. The cash position, including cash equivalents and marketable securities, stood at $424 million as of September 30, 2025. Virgin Galactic announced that its flight test program remains on track to begin in Q3 2026, with the first commercial spaceflight expected in Q4 2026 and private astronaut flights following 6 to 8 weeks later. Ninety percent of structural parts for the first SpaceShip are expected to be in the factory by Q4 2025, and initial sales for flights on new SpaceShips are planned to start in Q1 2026.
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