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- **SpaceShip Production Milestones**: First ship nearing final assembly with all major components on track for Q4 delivery.
- **Oxidizer Tank Qualification**: 500+ flight-capable tank completes testing, enabling uninterrupted commercial service.
- **Avionics Upgrades**: Enhanced flight control systems to support 3-4 weekly flights.
- **Research Opportunities**: Collaborations like Purdue University mission in 2027 to advance microgravity science.
- **Commercial Service Timing**: Q4 2026 launch with 125 flights/year capacity.


**【Management Opening Remarks】**
- Michael Colglazier and Doug Ahrens kicked off the call with updates on SpaceShip production milestones, including the qualification of a new oxidizer tank design for 500+ flights and advancing commercial readiness for Q1 2026.
- Q3 revenue of $400,000 from astronaut access fees, with a net loss of $64 million and adjusted EBITDA of -$53 million, reflecting ongoing investment in production capacity.

**【CEO Program Update】**
- The first SpaceShip is nearing final assembly in Phoenix, with all major subassemblies (wing, feather, fuselage) on track for Q4 2025 delivery.
- The new oxidizer tank design has completed 4,000 qualification cycles, enabling 500+ flights per ship vs. 40 flights for legacy tanks.
- Avionics upgrades will support 3-4 flights per week, with commercial service starting in Q4 2026.

**【CFO Financial Review】**
- Q3 2025 capital expenditures of $51 million reflect ongoing investment in production tooling and infrastructure.
- Free cash flow expected to improve sequentially in Q4 2025, with commercial service in Q4 2026 driving cash flow positivity.
- 2026 financials to be disclosed in Q1 2026, with a focus on fleet expansion and economic model scalability.

**【Q&A Highlights】**
- Purdue University research mission in 2027 will feature 5-person crew and experiments, leveraging Virgin Galactic's unique microgravity environment.
- Flight cadence in 2027 will prioritize research utilization alongside private astronaut missions.
- Avionics team to leverage expertise in high-temperature composites and flight control systems.


Virgin Galactic Holdings, Inc. (SPCE) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

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Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

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Net Income from Continuing Operations

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Net Income

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Net Income Attributable to Owners of the Company

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Owners of the Company

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Diluted EPS from Discontinued Operations

SPCE

SPCE fundamentals

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