Virgin Galactic Holdings, Inc. (NYSE:SPCE) reported a fourth-quarter loss of $0.98 per share on revenue of $310,000 for the period ending December 31, 2025. Revenue fell 27% year-over-year from $429,000 in the same quarter of the prior year.
Despite the weaker results, shares of the company rose 5.53% in pre-market trading following the announcement.
Virgin Galactic said it has reopened ticket sales for its spaceflight expeditions, priced at $750,000 per seat, while development of its first next-generation SpaceShip moves forward. The company expects ground testing to begin in April, with flight tests scheduled for the third quarter of 2026.
CEO Michael Colglazier said, “We completed pivotal milestones during the first quarter of 2026, and with assembly of our first SpaceShip nearly complete and ground testing set to begin in April, we have released a limited number of Virgin Galactic Spaceflight Expeditions, each priced at $750,000.”
Commercial spaceflight operations using the first of the new SpaceShips are still targeted to begin in the fourth quarter of 2026, while the second spacecraft is expected to enter service between late Q4 2026 and early Q1 2027.
The company also plans to start manufacturing rocket motors at its Phoenix facility during the fourth quarter of 2026.
Virgin Galactic reported a net loss of $63 million, narrowing from $76 million in the same quarter a year earlier, largely due to lower operating expenses.
Adjusted EBITDA improved to negative $49 million, compared with negative $63 million in the fourth quarter of 2024. The company ended the year with $338 million in cash as of December 31, 2025.
Looking ahead, Virgin Galactic expects free cash flow in the first quarter of 2026 to range between negative $90 million and negative $95 million, with a midpoint estimate of negative $92.5 million. The company added that free cash flow is expected to improve sequentially through the rest of 2026.