SPCE

EX-99.1

2 spce-2026q2_8kprexhibit991.htm

EX-99.1

Document

Exhibit 99.1

Virgin Galactic Announces Second Quarter 2026 Financial Results and Provides Business Update

•Recent Tranche of Spaceflight Expeditions Booked Out Ahead of Schedule and Oversubscribed at $750,000 Price Point, Representing an Addition of Over $50 Million to Expected Future Spaceflight Revenue

•First Commercial Spaceflight Moves to February 2027 to Complete Systems Installations; Positive Quarterly Cash Flow Expected Within 2027

•Upcoming Milestones: Commencement of Flight Test Phase with Spaceship Captive Carry Flight (October 2026); Start of Rocket Production (Q4 2026)

ORANGE COUNTY, CALIFORNIA – August 12, 2026 – Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or the “Company”) today announced its financial results for the second quarter ended June 30, 2026 and provided a business update.

CEO Michael Colglazier said, “Our tranche of spaceflight expeditions priced at $750,000 was oversubscribed and booked out ahead of schedule, demonstrating strong demand from a wide range of customers. We expect to release a new tranche of spaceflight expeditions at higher price points this fall. Our first ship is now expected to enter commercial service in February 2027 rather than the fourth quarter of 2026, allowing additional time to complete avionics and systems installations. We expect to commence the flight test phase with this vehicle in October, and with our second spaceship planned to join the fleet in March 2027, we expect to deliver positive quarterly cash flow within 2027.”

Second Quarter 2026 Financial Highlights

•Cash position remains strong, with cash, cash equivalents and marketable securities of $286 million as of June 30, 2026.

•Revenue of $0.1 million, compared to $0.4 million in the second quarter of 2025, attributable to access fees related to future astronauts.

•GAAP total operating expenses of $65 million, compared to $70 million in the second quarter of 2025. Non-GAAP total operating expenses of $54 million in the second quarter of 2026, compared to $58 million in the second quarter of 2025.

•Net loss of $56 million, compared to a $67 million net loss in the second quarter of 2025, with the improvement primarily driven by a gain on extinguishment of debt and lower operating expenses in 2026.

•Adjusted EBITDA totaled $(52) million, consistent with the second quarter of 2025.

•Net cash used in operating activities totaled $50 million, compared to $55 million in the second quarter of 2025.

•Cash paid for capital expenditures totaled $41 million, compared to $58 million in the second quarter of 2025.

•Free cash flow totaled $(91) million, compared to $(114) million in the second quarter of 2025.

•Generated $134 million in gross proceeds through the issuance of 41 million shares of common stock as part of the Company's at-the-market offering program.

Business Updates

•The Company substantially completed its at-the-market equity offering program, generating $134 million in gross proceeds during the second quarter of 2026.

•For the notes due December 2028, the Company has no mandatory principal payments due until March 2028 following the principal reduction of $40.5 million during the second quarter of 2026.

•For the notes due February 2027, the Company reduced the outstanding principal balance by $52.5 million during the second quarter of 2026 to $17.9 million.

Financial Guidance

The following forward-looking statements reflect our expectations for the third quarter of 2026 as of August 12, 2026 and are subject to substantial uncertainty. Our results are based on assumptions that we believe to be reasonable as of this date, but may be materially affected by many factors, as discussed below in “Forward-Looking Statements.”

•Free cash flow for the third quarter of 2026 is expected to be in the range of $(95) million to $(100) million.

•Free cash flow for the fourth quarter of 2026 is expected to improve from the third quarter and be in the range of $(80) million to $(90) million.

Non-GAAP Financial Measures

In addition to the Company’s results prepared in accordance with generally accepted accounting principles in the United States (GAAP), the Company is also providing certain non-GAAP financial measures. A discussion regarding the use of non-GAAP financial measures and a reconciliation of such measures to the most directly comparable GAAP information is presented later in this press release.

Conference Call Information

Virgin Galactic will host a conference call to discuss the results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today. To access the conference call, parties should dial +1 800-715-9871 or +1 646-307-1963 and enter the conference ID number 8165984. The live audio webcast along with supplemental information will be accessible on the Company’s Investor Relations website at https://investors.virgingalactic.com/events-and-presentations/. A recording of the webcast will also

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