Every 10-Q that Virgin Galactic Holdings, Inc. (SPCE) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow SPCE and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SPCE filings page.
Virgin Galactic Holdings, Inc. reported minimal revenue and continuing losses for the quarter and six months ended June 30, 2026 while remaining in a pre-commercial phase with no spaceflight revenue. Revenue was $0.1 million for the quarter and $0.4 million for the first half, primarily from astronaut access fees.
The company recorded a quarterly net loss of $55.9 million and a first-half net loss of $120.6 million, with operating cash outflows of $103.7 million in the first half. Cash, cash equivalents and restricted cash totaled $218.4 million, and marketable securities were $67.7 million as of June 30, 2026. Management concluded that conditions raise substantial doubt about the ability to continue as a going concern under ASC 205-40.
The company is shifting from development to manufacturing and testing of its next-generation spaceships, reducing research and development expenses while increasing spaceline operations costs. It expects flight tests to begin in October 2026 and commercial service to restart in February 2027. Debt was restructured: 2028 Notes were reduced to $172.0 million and 2027 Notes to $17.9 million, generating an $8.6 million gain on extinguishment and deferring mandatory 2028 principal payments until March 2028. An at-the-market equity program raised $145.0 million in the first half. The company reports over $240 million in expected future spaceflight revenue from reservations.
Virgin Galactic reported another quarterly loss and highlighted serious liquidity pressure. For the three months ended March 31, 2026, revenue was just $227,000, while net loss was $64.7 million, narrower than the $84.5 million loss a year earlier, mainly as research and development spending declined.
Cash, cash equivalents, restricted cash and marketable securities totaled about $250.5 million, and operating activities used $53.5 million of cash in the quarter. Management concluded that these resources may not fund planned operations for 12 months and stated there is substantial doubt about the company’s ability to continue as a going concern.
The company is targeting flight tests of its next-generation spaceships in the third quarter of 2026 and first commercial flights in the fourth quarter of 2026, supported by reservations from about 650 future astronauts representing roughly $186 million of potential revenue. To bridge its funding gap, Virgin Galactic is relying on additional debt or equity raises, including its at-the-market stock program, and has significant obligations under its 2027 and 2028 notes.
Virgin Galactic (SPCE) reported Q3 2025 results with a narrower loss and continued development spending. Revenue was $365 thousand, and net loss was $64.4 million, or $1.09 per share. Operating loss was $66.2 million as expenses trended lower year over year.
Liquidity comprised cash, cash equivalents and restricted cash of $158.8 million and marketable securities of $264.8 million as of September 30, 2025. The company continued using its 2024 at‑the‑market program, selling 30.0 million shares for $109.2 million in gross proceeds during the nine-month period; cumulatively, 34.1 million shares have raised $138.3 million in gross proceeds since inception. Convertible senior notes due 2027 remain at $425.0 million principal.
Management plans to open tranches of sales reservations in the first quarter of 2026 and holds approximately 675 reservations, representing about $189 million in expected future spaceflight revenue upon completion. The flight test program for Delta Class spaceships is expected to commence in the third quarter of 2026, with the first commercial research spaceflight in the fourth quarter of 2026 and private astronaut flights six to eight weeks later.
The company executed an MOU to settle the Lavin class action for $8.5 million, with about $6.1 million expected from insurers; a $2.4 million net settlement expense was recorded year‑to‑date.
Virgin Galactic (SPCE) filed its Q2 2025 10-Q showing narrower losses but virtually no revenue while it transitions to its next-generation fleet.
- Revenue fell to $0.4 m (vs. $4.2 m Q2-24) as commercial flights are paused; six-month revenue only $0.9 m.
- Cost controls cut operating expenses 34 % YoY; operating loss improved to $69.9 m and net loss to $67.3 m (-28 %). EPS was -$1.47 on 45.6 m average shares.
- Cash burn eased: operating cash outflow $131.4 m vs. $192.4 m prior-year; however, capex jumped to $104.4 m as Delta-class production ramps.
- Liquidity remains solid with $507.8 m cash, restricted cash and marketable securities; share count rose to 55.8 m after raising $86.3 m via the 2024 ATM program in H1.
- Balance sheet: total assets $898.8 m (-6 % YTD); convertible notes unchanged at $421.3 m; stockholders’ equity $263.4 m.
- Legal overhang reduced: an $8.5 m settlement (≈$2.9 m net to company after insurance) recorded for the Lavin class action.
- Management reiterates Delta spaceship commercial service and resumed ticket sales for 2026; engineering resources shifted from design to manufacturing.