Virgin Galactic 2025 Q3 Earnings Narrowed Losses and Improved Net Income Signal Progress

Virgin Galactic reported fiscal 2025 Q3 earnings on Nov 14th, 2025, with a 13.6% reduction in net losses and improved net income. The company met revenue expectations but faced ongoing operational challenges, maintaining its 2026 commercial launch timeline.

Revenue

The total revenue of Virgin Galactic decreased by 9.2% to $365,000 in 2025 Q3, down from $402,000 in 2024 Q3. The decline reflects ongoing pre-commercial operations, with revenue primarily derived from astronaut access fees.

Earnings/Net Income

Virgin Galactic narrowed losses to $1.09 per share in 2025 Q3 from a loss of $2.66 per share in 2024 Q3 (59.0% improvement). Meanwhile, the company successfully narrowed its net loss to $-64.42 million in 2025 Q3, reducing losses by 13.6% compared to the $-74.54 million net loss reported in 2024 Q3. The EPS improvement reflects progress in cost control, though sustained profitability remains a challenge.

Post-Earnings Price Action Review

The stock price of Virgin Galactic has dropped 7.02% during the latest trading day, has dropped 7.54% during the most recent full trading week, and has plummeted 28.82% month-to-date.

CEO Commentary

Michael Colglazier, CEO, highlighted significant progress in Virgin Galactic’s SpaceShip program, emphasizing operational readiness for 2026 commercial launches. He noted the fuselage as the critical path component, with first-flight parts arriving ahead of schedule, and praised the team’s resolution of manufacturing challenges. The CEO underscored the oxidizer tank’s qualification for 500+ flights, enhancing reusability and cost efficiency, and emphasized strategic investments in avionics and launch vehicle upgrades, including Eve’s enhanced capability to support 3–4 weekly flights. He expressed optimism about commercial readiness, with Q1 2026 sales tranches and a phased flight cadence ramp-up (1–3 flights/week), while acknowledging the need for prudent operational scaling. The tone was cautiously optimistic, balancing progress with disciplined execution.

Guidance

Virgin Galactic reported Q3 2025 revenue of $365,000 (official data) from astronaut access fees, with Q4 2025 revenue guided at ~$300,000. Free cash flow for Q4 2025 is projected at -$90M to -$100M, with spending declining through Q3 2026 before rising post-commercial launch. The company expects 125 annual flights (2 ships) generating $450M in revenue and $100M adjusted EBITDA by 2027, with a $1B target.

Additional News

Virgin Galactic’s CEO announced a strategic pivot toward 2026 commercial readiness, with first fuselage components arriving ahead of schedule and 90% of structural parts expected by Q4 2025. The company also hired a Chief Growth Officer to accelerate commercial operations, targeting 125 annual flights by 2027. Additionally, Virgin Galactic outlined a $450M annual revenue model at full capacity, supported by upgraded launch vehicles enabling 3–4 weekly flights. These updates reinforce the company’s commitment to scaling operations while managing costs.

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