---
schema_version: "secwatch.filing_event.v1"
accession: "0001706946-26-000017"
form_type: "8-K"
ticker: "SPCE"
cik: "0001706946"
company_name: "Virgin Galactic Holdings, Inc"
filed_at: "2026-03-30T23:59:59+00:00"
generated_at: "2026-05-15T08:24:23.722343+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Virgin Galactic Q4 net loss $63M; opens spaceflight sales at $750K, first SpaceShip to ground test in April

## Summary
- Q4 2025 net loss $63M vs $76M YoY; adjusted EBITDA $(49)M; free cash flow $(95)M.
- Revenue $0.3M in Q4 ($2M full year); cash and marketable securities $338M at year-end.
- Commercial spaceflight sales opened at $750K per expedition; first new SpaceShip to begin ground testing in April 2026.
- First new SpaceShip commercial ops on track for Q4 2026; second SpaceShip expected late Q4 2026 to early Q1 2027.
- Debt obligations reduced by $142M through capital realignment; ATM issuance generated $122M gross in 2025.

## SEC filing metadata
- accession: 0001706946-26-000017
- form_type: 8-K
- ticker: SPCE
- cik: 0001706946
- company_name: Virgin Galactic Holdings, Inc
- filed_at: 2026-03-30T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1706946/000170694626000017/0001706946-26-000017-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1706946/000170694626000017/spce-20260330.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001706946-26-000017
- JSON: https://secwatch.observer/filing/0001706946-26-000017.json
- Plain text: https://secwatch.observer/filing/0001706946-26-000017.txt

## Key facts
- Earnings Releases
  Virgin Galactic Holdings, Inc reported the fourth quarter and full year ended December 31, 2025 results: revenue Revenue of $0.3 million, net income Net loss of $63 million.
  - Period: the fourth quarter and full year ended December 31, 2025
  - Revenue: Revenue of $0.3 million
  - Net income: Net loss of $63 million
  - Result: reported results
  source text: Quarter 2025 Financial Highlights • Cash position remains strong, with cash, cash equivalents and marketable securities of $338 million as of December 31, 2025. • Revenue of $0.3 million, compared to $0.4 million in the fourth quarter of 2024, attributable to access fees related to future astronauts. • GAAP total operating expenses of $61 million, compared to $82
  evidence_url: https://www.sec.gov/Archives/edgar/data/1706946/000170694626000017/0001706946-26-000017-index.htm

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