$SPCE

Virgin Galactic Holdings, Inc

CIK:0001706946|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 134	$ 406	$ 361	$ 867
Operating expenses:
Spaceline operations	28,182	14,206	57,822	35,032
Research and development	4,339	20,121	11,051	53,431
Selling, general and administrative	28,556	31,850	54,107	62,400
Depreciation and amortization	3,983	4,171	7,899	8,394
Total operating expenses	65,060	70,348	130,879	159,257
Operating loss	(64,926)	(69,942)	(130,518)	(158,390)
Interest income	2,396	5,832	5,097	13,047
Interest expense	(1,994)	(3,247)	(3,822)	(6,487)
Gain on extinguishment of debt	8,639	0	8,639	0
Other income, net	26	40	60	74
Loss before income taxes	(55,859)	(67,317)	(120,544)	(151,756)
Income tax expense (benefit)	30	(37)	60	11
Net loss	(55,889)	(67,280)	(120,604)	(151,767)
Other comprehensive loss:
Foreign currency translation adjustment	(7)	22	(10)	18
Unrealized gain (loss) on marketable securities	19	(134)	(66)	(310)
Total comprehensive loss	$ (55,877)	$ (67,392)	$ (120,680)	$ (152,059)
Net loss per share:
Basic (in dollars per share)	$ (0.50)	$ (1.47)	$ (1.27)	$ (3.74)
Diluted (in dollars per share)	$ (0.50)	$ (1.47)	$ (1.27)	$ (3.74)
Weighted-average shares outstanding:
Basic (in shares)	110,757	45,641	95,206	40,569
Diluted (in shares)	110,757	45,641	95,206	40,569

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (55,889)	$ (67,280)	$ (120,604)	$ (151,767)
Stock-based compensation			10,944	9,601
Depreciation and amortization	3,983	4,171	7,899	8,394
Gain on extinguishment of debt	(8,639)	0	(8,639)	0
Amortization of debt issuance costs			918	1,143
Accretion of marketable securities purchased at a discount			(810)	(4,007)
Other non-cash items			(11)	(22)
Change in operating assets and liabilities:
Other current and non-current assets			7,139	(550)
Accounts payable			2,851	3,965
Customer deposits			1,735	(3,622)
Other current and non-current liabilities			(5,095)	5,501
Net cash used in operating activities			(103,673)	(131,364)
Cash flows from investing activities:
Capital expenditures			(80,373)	(104,408)
Purchases of marketable securities			(68,118)	(220,925)
Proceeds from maturities and calls of marketable securities			163,465	355,959
Other investing activities			10	8
Net cash provided by investing activities			14,984	30,634
Cash flows from financing activities:
Payments of long-term debt			(8,203)	0
Payments of finance lease obligations			(119)	(98)
Other debt and equity transaction costs			(247)	0
Proceeds from issuance of common stock pursuant to employee stock purchase plan			476	0
Withholding taxes paid on behalf of employees on net settled stock-based awards			(1,793)	(108)
Net cash provided by financing activities			131,386	83,572
Net increase (decrease) in cash, cash equivalents and restricted cash			42,697	(17,158)
Cash, cash equivalents and restricted cash at beginning of period			175,715	210,885
Cash, cash equivalents and restricted cash at end of period	218,412	193,727	218,412	193,727
Cash and cash equivalents	187,340	163,547	187,340	163,547
Restricted cash	31,072	30,180	31,072	30,180
Cash, cash equivalents and restricted cash	$ 218,412	$ 193,727	218,412	193,727
At The Market Offering
Cash flows from financing activities:
Proceeds from issuance of common stock pursuant to at-the-market offering			145,020	86,330
Transaction costs related to issuance of common stock pursuant to at-the-market offering			$ (3,748)	$ (2,552)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 187,340	$ 144,727
Restricted cash	31,072	30,988
Marketable securities	67,714	162,313
Other current assets	26,457	34,870
Total current assets	312,583	372,898
Property, plant and equipment, net	465,848	388,730
Other non-current assets	37,845	41,551
Total assets	816,276	803,179
Current liabilities:
Accounts payable	20,758	15,163
Current portion of long-term debt	29,983	47,830
Customer deposits	80,270	78,535
Other current liabilities	61,510	67,795
Total current liabilities	192,521	209,323
Non-current liabilities:
Long-term debt	189,056	276,362
Other long-term liabilities	38,585	43,530
Total liabilities	420,162	529,215
Commitments and contingencies (Note 14)
Stockholders’ Equity
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.0001 par value; 700,000,000 shares authorized; 141,277,897 and 73,326,504 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	14	7
Additional paid-in capital	3,268,427	3,025,604
Accumulated deficit	(2,872,383)	(2,751,779)
Accumulated other comprehensive income	56	132
Total stockholders’ equity	396,114	273,964
Total liabilities and stockholders’ equity	$ 816,276	$ 803,179