Virgin Galactic Holdings Inc (NYSE:SPCE) posted its second-quarter results after Wednesday’s closing bell. The company said that the first commercial space flights have been pushed into 2027, from the previously expected end of 2026.
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Virgin Galactic Q2 Details
Virgin Galactic reported quarterly losses of 50 cents per share, which beat the analyst consensus estimate for losses of 66 cents, according to Benzinga Pro data.
Quarterly revenue came in at $134,000. It beat the Street estimate of $127,000, but was down from $406,000 in the same period last year.
The company said that it expects free cash flow to improve beginning in the third quarter.
“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,” said CEO Michael Colglazier.
“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,” Colglazier added.
SPCE Stock Price Activity: According to data from Benzinga Pro, Virgin Galactic stock was down 14.55% to $2.82 in Wednesday’s extended trading.
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