Virgin Galactic charts a cautious 2025 with liquidity positioned for 2026 push
Virgin Galactic reported Q4 2025 revenue of about $0.31 million and full-year 2025 revenue of roughly $1.54 million, with a Q4 net loss of $62.7 million and a 2025 net loss of $278.9 million. Cash and marketable securities totaled $338 million at year-end; Adjusted EBITDA was −$48.6 million in Q4 and −$225.8 million for 2025. Free cash flow was −$94.6 million in Q4 and −$438.2 million for 2025, aided by $122 million in gross proceeds from stock offerings. The company also completed a capital realignment to align debt maturities and reduce obligations by $142 million, and guided 2026 free cash flow to be negative in Q1 (−$90 to −$95 million) with sequential improvement through the year. On the operational side, the first SpaceShip is nearing completion with ground testing in April 2026, SpaceShip 2 production is planned to begin later in 2026, rocket motor production at the Phoenix plant starts in Q4 2026, and Virgin Galactic targets late-2026 for the start of commercial spaceline flights followed by a ramp in 2027.










