What the bad jobs report means for markets
Investing.com -- Virgin Galactic Holdings, Inc. (NYSE:SPCE) saw its stock surge 16.1% after the space tourism company announced plans for its first research spaceflight in summer 2026, followed by private astronaut flights in fall 2026. The company also revealed it is exploring the possibility of a second spaceport in Italy.
Virgin Galactic reported a first quarter loss of $2.38 per share on revenue of $460,000, down from $2 million in the same quarter last year. The revenue decline was attributed to a pause in commercial spaceflights as the company focuses on producing its new Delta Class SpaceShips.
"The first quarter demonstrated strong progress advancing the build of our new SpaceShips and keeping pace with our plans to begin commercial spaceflight in 2026," said CEO Michael Colglazier. He added that the assets being built during the pre-revenue phase will "open up a powerful and profitable business model."
The company’s cash position remained strong at $567 million as of March 31, 2025. Net loss narrowed to $84 million from $102 million YoY, primarily due to lower operating expenses. Adjusted EBITDA improved to -$72 million from -$87 million in the prior-year quarter.
Virgin Galactic expects free cash flow for the second quarter of 2025 to be between -$105 million and -$115 million. The company is currently midway through a feasibility study for potentially developing a second spaceport in Italy, which could expand its operational capabilities.
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