Virgin Galactic : Presentation Open Event Link, PDF file, May 14, 2026,
SPCE
Published on 05/14/2026 at 04:21 pm EDT
05.14.2026
FIRST QUARTER 2026
EARNINGS PRESENTATION
AGENDA
Overview
SpaceShip Progress
Commercial Preparations
Financial Update
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SP A C E SH IP P RO G RE SS
First Quarter 2026 Earnings Update 4
FEATHER STATIC TEST ARTICLE UPPER FUSELAGE SKIN
First Quarter 2026 Earnings Update 5
SP A C E SH IP P RO G RE SS
WING SKIN AND STRUCTURE LOWER FUSELAGE SKIN
SP A C E SH IP P RO G RE SS
First Quarter 2026 Earnings Update 6
WATCH: https://bit.ly/WBS-15-GT
First Quarter 2026 Earnings Update 7
SP A C E SH IP P RO G RE SS
IMAGE UPDATE - Hero image of VSS Unity gliding home
First Quarter 2026 Earnings Update 8
Ground Testing Unity Glide Flights
Ground Testing Unity Glide Flights SpaceShip Livery
SpaceShip Delivery
Flight Test Program
Commercial Service Starts
Rocket Motor Production Starts
Commercial Service Continues
to Spaceport Flight Test Program
2nd SpaceShip Delivery
First Quarter 2026 Earnings Update 9
Preparations For
Commercial Spaceflight Operations
Talent Acquisition Update
FAA Licensing
Founding Astronaut Flight Windows
Sales Process Check-In
Rocket Motor Assembly Line
First Quarter 2026 Earnings Update 10
Financial Results
FIRST QUARTER 2026
Ended March 31, 2026
Revenue of $0.2 million, compared to $0.5 million in the prior year period, attributable to access fees related to future astronauts.
Total operating expenses were $66 million, a 26% reduction from $89 million in the prior year period. This reflects a shift from R&D to capital investments in manufacturing assets and the production of our SpaceShips, as well as a reduction in overall cost structure.
Net loss improved 23% to $65 million compared to a net loss of $84 million in the prior year period, with the improvement primarily driven by lower operating expenses.
Adjusted EBITDA improved 24% to $(55) million, compared to $(72) million in the prior year period.
Free cash flow improved 23% to $(93) million, compared to $(122) million in the prior year period.
Raised $11 million in gross proceeds as part of the at-the-market equity offering program.
First Quarter 2026 Earnings Update 11
Cash Flow and Balance Sheet
Q1 2026
$(93) million
Q2 2026 GUIDANCE (2)
Expected to be in the range of
$(87) million to $(92) million
Q3 - Q4 2026 GUIDANCE (2)
Anticipate sequential improvement from Q2 2026
CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES
$251M(3)
March 31, 2026
$300M
$200M
$0
Virgin Galactic uses Free Cash Flow as a key measure of its performance. Free Cash Flow is defined as cash flows provided by operating activities less capital expenditures. Refer to the appendix of this presentation for a reconciliation to GAAP.
For the reasons discussed under the heading "Use of Non-GAAP Financial Measures" on slide 2, the Company has not provided a reconciliation of this forward-looking non-GAAP financial measure to the most directly comparable GAAP financial measure because such a reconciliation is not available without unreasonable efforts.
Amount includes $31M of restricted cash.
First Quarter 2026 Earnings Update 12
(I L L U S TR ATI V E E C O N O M I C S )
SPACEPORT AMERICA
Initial Fleet
Annual Revenue1 $450M
Variable Spaceflight Costs2 (80M)
Contribution Margin $370M
Spaceline Operation Costs (105M - 120M)
-Sales, General, & Administrative (95M - 100M)
-Business Development/R&D/Other (55M - 60M)
Adjusted EBITDA3 $90M - $115M
Adjusted EBITDA % 20% - 25%
Expanded Fleet
$990M
(165M)
$825M (140M - 170M) (100M - 110M) (85M - 95M)
$450M - $500M 45% - 50%
Growth with Expanded Fleet
Approx. 2x Revenue
Approx. 4x Adj. EBITDA
Approximate Annual # of
flights/astronauts
125 flights/
750 passengers
275 flights/
1,650 passengers
# of SpaceShips in Operation 2
# of Launch Vehicles in Operation 1
4 SpaceShip #3 and #4
2 Additional Launch Vehicle
Reflects anticipated stabilized annual revenue with ticket price at $600K/passenger
Rocket motor, Astronaut support, fuel, Spaceport landing fees, other
unreasonable efforts.
Adjusted EBITDA excludes stock-based compensation. See definition of Adjusted EBITDA on page 2. For the reasons discussed under the heading "Use of Non-GAAP Financial Measures" on slide 2, the Company has not provided a reconciliation of this forward-looking non-GAAP financial measure to the most directly comparable GAAP financial measure because such a reconciliation is not available without
First Quarter 2026 Earnings Update 13
First Quarter 2026 Earnings Update 14
APPENDIX
First Quarter 2026 Earnings Update 15
RECONCILIATION OF NON-GAAP MEASURES - Adjusted EBITDA
THREE MONTHS ENDED
(In thousands)
March 31, 2026
March 31, 2025
Net loss
$ (64,715)
$ (84,487)
Interest expense
1,828
3,240
Income tax expense
30
48
Depreciation and amortization
3,916
4,223
Stock-based compensation
4,121
4,769
Adjusted EBITDA
$ (54,820)
$ (72,207)
First Quarter 2026 Earnings Update 16
RECONCILIATION OF NON-GAAP MEASURES - Free Cash Flow
THREE MONTHS ENDED
(In thousands)
March 31, 2026
March 31, 2025
Net cash used in operating activities
$ (53,501)
$ (75,918)
Capital expenditures
(39,807)
(46,047)
Free cash flow
$(93,308)
$(121,965)
First Quarter 2026 Earnings Update 17
https://www.VirginGalactic.com
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Disclaimer
Virgin Galactic Holdings Inc. published this content on May 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 20:19 UTC.