---
schema_version: "secwatch.filing_event.v1"
accession: "0001706946-25-000077"
form_type: "8-K"
ticker: "SPCE"
cik: "0001706946"
company_name: "Virgin Galactic Holdings, Inc"
filed_at: "2025-05-15T23:59:59+00:00"
generated_at: "2026-05-21T05:18:00.501645+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Virgin Galactic Q1 2025 net loss $84M; cash $567M; plans commercial spaceflight summer 2026

## Summary
- Revenue $0.5M (down 75% YoY); net loss $84M vs $102M Q1 2024; adjusted EBITDA $(72)M.
- Cash, equivalents and marketable securities $567M; free cash flow $(122)M; $31M raised via ATM (6.9M shares).
- Future astronaut ticket sales expected to open in Q1 2026; first research spaceflight planned for summer 2026.
- Private astronaut flights targeted for fall 2026; feasibility study underway for second spaceport in Italy.

## SEC filing metadata
- accession: 0001706946-25-000077
- form_type: 8-K
- ticker: SPCE
- cik: 0001706946
- company_name: Virgin Galactic Holdings, Inc
- filed_at: 2025-05-15T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1706946/000170694625000077/0001706946-25-000077-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1706946/000170694625000077/spce-20250515.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001706946-25-000077
- JSON: https://secwatch.observer/filing/0001706946-25-000077.json
- Plain text: https://secwatch.observer/filing/0001706946-25-000077.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.