US Market News
2日前
Supersonic Launch Play Lands a $17.5M Vote of ConfidenceJune 2, 2026 8:35 AM
PR Newswire (Canada) Issued on behalf of Starfighters Space, Inc. (NYSE: FJET)CAPE CANAVERAL, Fla., June 2, 2026 /CNW/ -- USA News Group News Commentary - The space trade has rarely been louder. With SpaceX reportedly targeting a public listing at a valuation ranging into the trillions, capital has poured into nearly every adjacent name with a credible launch or in-space-services story, rerating the sector as a whole rather than picking single winners. In that environment, the companies that stand out are the ones doing something structurally different from the crowd of small-satellite builders and rocket startups. Starfighters Space, Inc. (NYSE American: FJET) is one of the few pursuing launch from a fleet of crewed, flight-ready supersonic jets — and it just attracted a $17.5 million institutional vote of confidence to scale that platform. Starfighters operates what it describes as the world's only commercial fleet of flight-ready MACH 2+ supersonic aircraft, flying from NASA's Kennedy Space Center on Florida's Space Coast. Rather than launching everything vertically from a pad, the company's architecture uses its F-104 aircraft as a reusable airborne carrier platform — carrying a rocket to high altitude and speed before release. The model targets the small, responsive end of the launch market: microgravity research, satellite deployment, hypersonic and defense testing, and rapid mission turnaround.See how the supersonic launch model stacks up against the field — view the full Starfighters Space briefing here.The financing and what it funds
In a May 22, 2026 announcement, Starfighters disclosed a roughly $17.5 million strategic equity investment led by global institutional investors, structured through a definitive securities purchase agreement and expected to close on or about May 27, 2026, subject to customary conditions. The company said it intends to direct the capital toward operational expansion, infrastructure development, and continued advancement of its STARLAUNCH platform — including launch-readiness initiatives, mission-execution capabilities, and broader space-launch operations."This financing represents a strong endorsement of our platform and long-term strategy," said Tim Franta, Chief Executive Officer of Starfighters Space. The company framed the raise as a milestone in its transition from operational-capability development toward scaled commercial execution across multiple space-access markets.The roadmap attached to the raise is specific. Near-term milestones include continued STARLAUNCH I mission activity and procurement scaling, alongside STARLAUNCH II development with a targeted space-demonstration flight timeline over the next 18 to 24 months — subject to regulatory approvals and program execution. For a company that listed on NYSE American only at the end of 2025, putting institutional capital behind a defined demonstration timeline is the kind of step that moves a story from concept toward cadence.The structure of the raise matters as much as the headline number. By bringing in institutional investors through a definitive securities purchase agreement rather than a retail-heavy placement, Starfighters is signaling the kind of backer it wants on the register as it scales — capital that tends to underwrite multi-quarter development programs rather than trade around single news events. For a micro-cap whose share price has swung hard on milestone flow, a more stable institutional base can matter to how the next phase of the story is funded and received. The company has framed the timing deliberately: secure the capital first, then carry out the operational and infrastructure build-out that a demonstration-flight campaign requires.It is also worth keeping the company's stage in view. Starfighters is still early in commercializing its model, and the capital is explicitly tied to launch readiness and infrastructure rather than to revenue already booked. That is normal for a pre-commercial launch company, but it means the investment case rests on execution against the roadmap, not on current financial results — a distinction investors in early-stage space names need to hold onto as the sector's broader rerating pulls valuations along with it.Why the supersonic-launch angle matters now
Starfighters has also been deepening its research footprint. The company recently expanded its partnership with Mu-g Technologies on parabolic-flight testing and a coordinated response to a NASA Request for Information for Parabolic Flight Services, work centered on Mu-g's modified Dassault Falcon 50 alongside Starfighters' F-104 operations. That ties FJET more directly into the microgravity-research and supersonic-testing niches that larger players tend to underserve. According to market commentary, the stock has been volatile around this news flow, with a sharp 30-day move higher even as its year-to-date performance remained negative — a reminder that small-cap space names trade on sentiment and milestones as much as fundamentals.The strategic logic rests on three converging tailwinds the company itself points to: government demand for responsive launch and test capacity, growth in the commercial space segment, and the public-market access that came with its listing. Whether the supersonic-jet model proves out commercially is still unproven — the demonstration flights ahead are the real test — but the differentiation is genuine. Few commercial aerospace companies are pursuing an air-launch architecture based on crewed MACH 2+ aircraft.Air-launch is not a new idea in the abstract — carrying a vehicle aloft before release can cut the energy a rocket needs to reach orbit and open up more flexible launch windows and azimuths than a fixed pad allows. What sets the Starfighters approach apart is the use of a fleet of high-performance crewed jets as the carrier element, drawing on an aircraft platform with a long operational heritage. The pitch to customers is responsiveness: the ability to support frequent, smaller missions — microgravity experiments, technology demonstrations, hypersonic and defense test articles — without competing for slots on the heavy-lift manifests that dominate the vertical-launch market. If the model works at cadence, it occupies a niche the sector's larger players have largely left open.Want the full STARLAUNCH roadmap and milestone timeline? Explore the Starfighters Space breakdown here.Four space names investors are watching alongside Starfighters
FJET sits at the speculative, pre-commercial end of a sector where even the established names are still scaling. The broader peer group shows how much momentum is behind launch and in-space services right now — and how uneven the results can be from one quarter to the next.Virgin Galactic Holdings, Inc. (NYSE: SPCE) is the closest architectural analogue in the group — a commercial human-spaceflight company built around an air-launch model, in which a carrier aircraft lifts a crewed spaceplane to altitude before release, conceptually similar to the airborne-carrier approach at the heart of Starfighters' platform. In its first-quarter 2026 update, Virgin Galactic said it had moved the first of its new Delta-class SpaceShips from its assembly hangar to its test-and-launch hangar, with ground testing underway, and reported a narrowed net loss of roughly $65 million versus about $84 million a year earlier as it works through the final quarters of its pre-revenue phase.CEO Michael Colglazier said the company remains "on track to commence flight testing in Q3 and spaceflight in Q4 of this year," with a second SpaceShip already in fabrication and roughly 650 founding astronauts holding advanced bookings for flight windows in 2027 and early 2028. SPCE has been one of the sector's sharpest movers on the SpaceX-IPO narrative — a momentum dynamic FJET shareholders will recognize — and, like Starfighters, its investment case rests on converting a defined flight-test timeline into commercial cadence rather than on current revenue.Rocket Lab Corporation (NASDAQ: RKLB) is the bellwether for the small-launch-plus-space-systems model. Per its Q1 2026 results, Rocket Lab delivered record quarterly revenue of $200.3 million, up 63.5% year over year, with backlog of more than $2.2 billion and GAAP gross margins of 38.2%. Founder and CEO Peter Beck noted the company topped $200 million in a quarter for the first time, and guided Q2 revenue to $225–240 million. Its space-systems unit now out-earns its launch business — a maturation path smaller players aspire to.Intuitive Machines, Inc. (NASDAQ: LUNR) focuses on lunar access and infrastructure. The company reported record first-quarter 2026 revenue of $186.7 million — nearly triple the prior year, driven largely by its Lanteris Space Systems acquisition — along with its first positive Adjusted EBITDA of $2.7 million and a record quarter-end backlog of $1.1 billion, up $842 million from year-end 2025. New awards in the quarter totaled $428.9 million, and the company was contracted by the U.S. Space Force under the Andromeda IDIQ, which carries an anticipated ceiling value of $6.2 billion. LUNR illustrates how a government-anchored backlog can underwrite a high-growth space story — the same kind of public-and-defense demand Starfighters is targeting at a smaller scale.Voyager Technologies (NYSE: VOYG) rounds out the group on the defense-and-stations side. In its Q1 2026 results, the company raised full-year 2026 revenue guidance to $230–255 million on a record backlog of $275.3 million, up 54% year over year, and in late May was awarded a $16.5 million DARPA "Burn n' Go" Phase 2 contract for advanced solid-rocket-motor propulsion technology. Voyager's mix of missile-defense work, propulsion, and commercial space-station ambitions through Starlab speaks to the same government-demand thesis underpinning the launch and test markets Starfighters is chasing.Across all four, the common thread is the one driving interest in FJET: a sector being repriced on the SpaceX-IPO narrative, government demand for responsive launch and test capacity, and a market willing to pay up for differentiated access to space. The difference is scale and stage — these peers are scaling proven businesses, while Starfighters is funding its way toward first commercial demonstration.What to watch from here
For Starfighters specifically, the catalysts now cluster around execution against the roadmap the financing is meant to fund. Confirmation of the closing of the $17.5 million investment is the first checkpoint; from there, investors will watch STARLAUNCH I mission activity and procurement scaling, progress on STARLAUNCH II toward the targeted demonstration flight in the next 18–24 months, and any further development of the Mu-g parabolic-flight and NASA RFI work.None of this changes the fundamental reality that FJET is an early-stage company whose commercial model is still to be proven in flight, in a sector prone to sharp sentiment-driven swings. But the combination of a differentiated launch architecture, a Kennedy Space Center operating base, fresh institutional capital, and a sector-wide rerating gives the story more runway than most micro-cap space names enjoy at this stage. The demonstration flights ahead will tell investors whether the supersonic-launch thesis converts from concept into cadence.Stay ahead of the next STARLAUNCH milestone — get updates and the full Starfighters Space story here.About Starfighters Space
Starfighters Space, Inc. (NYSE American: FJET) is an aerospace company operating a commercial fleet of flight-ready MACH 2+ supersonic aircraft from NASA's Kennedy Space Center in Florida. Through its STARLAUNCH platform, the company is developing an aircraft-based, reusable launch architecture targeting satellite deployment, microgravity missions, defense applications, and space testing.TRACK THE TREND WITH EAGLE EYE:
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Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.FORWARD-LOOKING STATEMENTS:This publication contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward looking statements in this publication include that demand for U.S. aerodynamic and hypersonic test infrastructure will continue to accelerate; that Starfighters Space, Inc.'s F-104 platform will provide testing capabilities at the cadence and conditions described; that the Company's expansion to Midland, Texas will proceed as planned; that the Company will retain and grow its existing customer base; that comparable companies will perform as expected. The forward-looking information contained herein is provided for the purpose of assisting the reader to understand the Company's business, however such information may not be appropriate for other purposes. Risks that could change or prevent these statements from coming to fruition include changing governmental laws and policies; the Company's ability to obtain and retain necessary licensing; political and competitive risks; failure of forecasts and assumptions to come to fruition; and other unforeseen circumstances. The publisher of this article does not take responsibility for the accuracy of any statements made by the issuing company or its representatives. Readers are cautioned not to place undue reliance on these forward-looking statements, and the publisher undertakes no obligation to update or revise any forward-looking statements except as required by applicable law.Logo: https://mma.prnewswire.com/media/2838876/5656770/USA_News_Group_Logo.jpg View original content:https://www.prnewswire.com/news-releases/supersonic-launch-play-lands-a-17-5m-vote-of-confidence-302788160.htmlSOURCE USA News Group Original: Supersonic Launch Play Lands a $17.5M Vote of Confidence
US Market News
1週前
VSS Unity Returns to the Skies In Preparation For New Spaceship Flight Test ProgramMay 27, 2026 4:15 PM
Business Wire Glide flights support pilot training and proficiency Ground crew, maintenance, and Mission Control teams build operational readiness ahead of new Spaceship operations New Spaceship glide flights expected in Q3 2026; commercial spaceflight operations expected to begin Q4 2026 In advance of the first flight test of Virgin Galactic’s next generation Spaceship, the company announced today that VSS Unity, its prototype Spaceship, has returned to the skies above Spaceport America in New Mexico for the first of several anticipated glide flights. These flights are designed to prepare the company’s pilots and operations teams ahead of new Spaceship operations. “Unity's glide characteristics and energy-management profile provide an outstanding real-world proxy for our new Spaceship,” said Virgin Galactic Spaceline President Mike Moses. “Using a proven vehicle in this way prepares our pilots and operations teams to move through flight testing for our new Spaceship more efficiently and with greater confidence than simulator training alone could provide." Unity's glide profile, landing approach and view from the cockpit match the new Spaceship, giving pilots live experience in the glide conditions they will encounter when the new vehicle takes flight. The glide flights are as much about what happens on the ground as in the air. Ground crew, maintenance teams, and Mission Control are all running live operations, building the rhythm, muscle memory, and cross-team coordination needed to support an increasing cadence of spaceflight activity as the new Spaceship program advances. Virgin Galactic expects to perform glide tests with the first of its new Spaceships in Q3 2026 and rocket-powered test flights to space in Q4 2026. These next-generation Spaceships are designed to fly twice per week with an expected vehicle lifetime of more than 500 missions – intended to unlock the economics of a spaceline built to be profitable at scale. About Virgin Galactic Virgin Galactic is an aerospace and space travel company, pioneering human-first spaceflight for private individuals, researchers, and governments with its advanced Spaceships and launch vehicle. Scale and profitability are driven by next-generation vehicles capable of taking humans to space at an unprecedented frequency with an industry-leading cost structure. You can find more information at https://www.virgingalactic.com/. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding Virgin Galactic’s spaceflight systems, and planned timeline for glide flights, testing and commercial service using Virgin Galactic’s Spaceships and preparation for Virgin Galactic’s pilots and operations teams, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “strategy,” “future,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Virgin Galactic’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to any delay in future testing or commercial flights of Virgin Galactic’s spaceflight fleet, Virgin Galactic’s ability to successfully develop and test its next generation vehicles, and the time and costs associated with doing so, Virgin Galactic’s expected capital requirements and the availability of additional financing, and the other factors, risks and uncertainties included in Virgin Galactic’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such factors may be updated from time to time in its other filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of Virgin Galactic’s website at www.virgingalactic.com, which could cause its actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While Virgin Galactic may elect to update such forward-looking statements at some point in the future, it disclaims any obligation to do so, even if subsequent events cause its views to change. View source version on businesswire.com: https://www.businesswire.com/news/home/20260527635284/en/ For media inquiries:
Aleanna Crane - Vice President, Communications
news@virgingalactic.com
575.800.4422 Original: VSS Unity Returns to the Skies In Preparation For New Spaceship Flight Test Program
US Market News
3週前
Virgin Galactic Announces First Quarter 2026 Financial Results and Provides Business UpdateMay 14, 2026 4:05 PM
Business Wire First SpaceShip Advancing Through Ground Test Phase; Static Test Article Assembly In Progress; Fabrication of Second SpaceShip Underway Flight Test Continues on Track for Q3 2026 First Spaceflight Continues on Track for Q4 2026 Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or the “Company”) today announced its financial results for the first quarter ended March 31, 2026 and provided a business update. CEO Michael Colglazier said, “We’ve delivered the first of our new SpaceShips from our Assembly hangar to our Test-and-Launch hangar, ground testing of that SpaceShip is underway, and we remain on track to commence flight testing in Q3 and spaceflight in Q4 of this year. Spending continues to decline quarter by quarter, debt retirements are being made on or ahead of schedule, and cash balances are being maintained at appropriate levels as we work through the final quarters of our pre-revenue phase and prepare for the launch of commercial spaceflight operations.” First Quarter 2026 Financial Highlights Cash position remains strong, with cash, cash equivalents and marketable securities of $251 million as of March 31, 2026. Revenue of $0.2 million, compared to $0.5 million in the first quarter of 2025, attributable to access fees related to future astronauts. GAAP total operating expenses of $66 million, compared to $89 million in the first quarter of 2025. Non-GAAP total operating expenses of $58 million in the first quarter of 2026, compared to $80 million in the first quarter of 2025. Net loss of $65 million, compared to an $84 million net loss in the first quarter of 2025, with the improvement primarily driven by lower operating expenses. Adjusted EBITDA totaled $(55) million, compared to $(72) million in the first quarter of 2025, primarily driven by lower operating expenses. Net cash used in operating activities totaled $54 million, compared to $76 million in the first quarter of 2025. Cash paid for capital expenditures totaled $40 million, compared to $46 million in the first quarter of 2025. Free cash flow totaled $(93) million, compared to $(122) million in the first quarter of 2025. Generated $11 million in gross proceeds through the issuance of 4.0 million shares of common stock as part of the Company's at-the-market offering program. Business Updates During April 2026, the Company generated approximately $52 million in gross proceeds through its at-the-market offering program and had approximately $87 million remaining on the existing program. On April 30, 2026, the Company announced an offer to redeem $10 million of debt originally due in September of 2026 by issuing shares of its common stock. Upon the successful completion of this redemption, the remaining amount outstanding on the first lien notes due in December 2028 will be $202 million. Construction to support rocket motor production assembly line at the spaceship factory in Arizona is underway. Financial Guidance The following forward-looking statements reflect our expectations for the second quarter of 2026 as of May 14, 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 second quarter of 2026 is expected to be in the range of $(87) million to $(92) million. For the remainder of 2026, quarterly free cash flow is expected to show sequential improvement from the second quarter. 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 4185352. 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 be available following the conference call. About Virgin Galactic Virgin Galactic is an aerospace and space travel company, pioneering human-first spaceflight for private individuals, researchers, and governments with its advanced SpaceShips and launch vehicle. Scale and profitability are driven by next-generation vehicles capable of taking humans to space at an unprecedented frequency with an industry-leading cost structure. You can find more information at https://www.virgingalactic.com/. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our spaceflight systems, development, production and design of our SpaceShips and planned timeline for assembly, testing and commercial service using such SpaceShips, our plans to hire pilots, our plans for constructing our rocket motor assembly line at the spaceship factory and our objectives for future operations, growth plans and the Company’s financial forecasts, including expected free cash flow in the second quarter 2026 and for subsequent quarters in 2026, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “strategy,” “future,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to any delay in future commercial flights of our spaceflight fleet, our ability to successfully develop and test our next generation vehicles, and the time and costs associated with doing so, our expected capital requirements and the availability of additional financing, and the other factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.virgingalactic.com, which could cause our actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. First Quarter 2026 Financial Results VIRGIN GALACTIC HOLDINGS, INC. Condensed Consolidated Statements of Operations and Comprehensive Loss (In thousands, except per share amounts) Three Months Ended March 31, 2026 2025 Revenue $ 227 $ 461 Operating expenses: Spaceline operations 29,640 20,826 Research and development 6,712 33,310 Selling, general and administrative 25,551 30,550 Depreciation and amortization 3,916 4,223 Total operating expenses 65,819 88,909 Operating loss (65,592 ) (88,448 ) Interest income 2,701 7,215 Interest expense (1,828 ) (3,240 ) Other income, net 34 34 Loss before income taxes (64,685 ) (84,439 ) Income tax expense 30 48 Net loss (64,715 ) (84,487 ) Other comprehensive loss: Foreign currency translation adjustment (3 ) (4 ) Unrealized loss on marketable securities (85 ) (176 ) Total comprehensive loss $ (64,803 ) $ (84,667 ) Net loss per share: Basic and diluted $ (0.81 ) $ (2.38 ) Weighted-average shares outstanding: Basic and diluted 79,482 35,440 VIRGIN GALACTIC HOLDINGS, INC. Condensed Consolidated Balance Sheets (In thousands) March 31, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 124,837 $ 144,727 Restricted cash 30,634 30,988 Marketable securities 95,054 162,313 Other current assets 32,931 34,870 Total current assets 283,456 372,898 Property, plant and equipment, net 426,713 388,730 Other non-current assets 40,060 41,551 Total assets $ 750,229 $ 803,179 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 17,041 $ 15,163 Current portion of long-term debt 117,041 47,830 Customer deposits 77,954 78,535 Other current liabilities 70,578 67,795 Total current liabilities 282,614 209,323 Non-current liabilities: Long-term debt 202,695 276,362 Other long-term liabilities 41,191 43,530 Total liabilities 526,500 529,215 Stockholders’ Equity Common stock 8 7 Additional paid-in capital 3,040,171 3,025,604 Accumulated deficit (2,816,494 ) (2,751,779 ) Accumulated other comprehensive income 44 132 Total stockholders’ equity 223,729 273,964 Total liabilities and stockholders’ equity $ 750,229 $ 803,179 VIRGIN GALACTIC HOLDINGS, INC. Condensed Consolidated Statements of Cash Flows (In thousands) Three Months Ended March 31, 2026 2025 Cash flows from operating activities: Net loss $ (64,715 ) $ (84,487 ) Stock-based compensation 4,121 4,769 Depreciation and amortization 3,916 4,223 Amortization of debt issuance costs 511 569 Accretion of marketable securities purchased at a discount (406 ) (2,193 ) Other non-cash items (11 ) (14 ) Change in operating assets and liabilities: Other current and non-current assets 1,300 5,749 Accounts payable 840 (751 ) Customer deposits (581 ) (2,296 ) Other current and non-current liabilities 1,524 (1,487 ) Net cash used in operating activities (53,501 ) (75,918 ) Cash flows from investing activities: Capital expenditures (39,807 ) (46,047 ) Purchases of marketable securities (33,516 ) (104,607 ) Proceeds from maturities and calls of marketable securities 101,099 158,121 Other investing activities — 8 Net cash provided by investing activities 27,776 7,475 Cash flows from financing activities: Payments of long-term debt (4,967 ) — Payments of finance lease obligations (59 ) (46 ) Proceeds from issuance of common stock pursuant to at-the-market offering 10,961 30,730 Transaction costs related to issuance of common stock pursuant to at-the-market offering (301 ) (922 ) Transaction costs related to issuance of common stock and equity-classified warrants pursuant to registered offering (145 ) — Withholding taxes paid on behalf of employees on net settled stock-based awards (8 ) (50 ) Net cash provided by financing activities 5,481 29,712 Net decrease in cash, cash equivalents and restricted cash (20,244 ) (38,731 ) Cash, cash equivalents and restricted cash at beginning of period 175,715 210,885 Cash, cash equivalents and restricted cash at end of period $ 155,471 $ 172,154 Cash and cash equivalents $ 124,837 $ 140,763 Restricted cash 30,634 31,391 Cash, cash equivalents and restricted cash $ 155,471 $ 172,154 Use of Non-GAAP Financial Measures This press release references certain financial measures that are not prepared in accordance with GAAP, including non-GAAP total operating expenses, Adjusted EBITDA and free cash flow. The Company defines non-GAAP total operating expenses as total operating expenses other than stock-based compensation and depreciation and amortization. The Company defines Adjusted EBITDA as earnings before interest expense, income taxes, depreciation and amortization, and stock-based compensation. The Company defines free cash flow as net cash provided by operating activities less capital expenditures. None of these non-GAAP financial measures is a substitute for or superior to measures prepared in accordance with GAAP and should not be considered as an alternative to any other measures derived in accordance with GAAP. The Company believes that presenting these non-GAAP financial measures provides useful supplemental information to investors about the Company in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore any non-GAAP measures the Company uses may not be directly comparable to similarly titled measures of other companies. A reconciliation of total operating expenses to non-GAAP total operating expenses for the three months ended March 31, 2026 and 2025, respectively, is set forth below (in thousands): Three Months Ended March 31, 2026 2025 Total operating expenses $ 65,819 $ 88,909 Stock-based compensation 4,121 4,769 Depreciation and amortization 3,916 4,223 Non-GAAP total operating expenses $ 57,782 $ 79,917 A reconciliation of net loss to Adjusted EBITDA for the three months ended March 31, 2026 and 2025, respectively, is set forth below (in thousands): Three Months Ended March 31, 2026 2025 Net loss $ (64,715 ) $ (84,487 ) Interest expense 1,828 3,240 Income tax expense 30 48 Depreciation and amortization 3,916 4,223 Stock-based compensation 4,121 4,769 Adjusted EBITDA $ (54,820 ) $ (72,207 ) The following table reconciles net cash used in operating activities to free cash flow for the three months ended March 31, 2026 and 2025, respectively (in thousands): Three Months Ended March 31, 2026 2025 Net cash used in operating activities $ (53,501 ) $ (75,918 ) Capital expenditures (39,807 ) (46,047 ) Free cash flow $ (93,308 ) $ (121,965 ) The Company has not provided a reconciliation of forward-looking free cash flow to the most directly comparable GAAP financial measures because such a reconciliation is not available without unreasonable efforts, due to the variability of these items and the fact that there is substantial uncertainty associated with predicting any future adjustments that we may make to our GAAP financial measures in calculating our non-GAAP financial measures. View source version on businesswire.com: https://www.businesswire.com/news/home/20260514666939/en/ For media inquiries:
Aleanna Crane - Vice President, Communications
news@virgingalactic.com
575.800.4422 For investor inquiries:
Eric Cerny - Vice President, Investor Relations
vg-ir@virgingalactic.com
949.774.7637 Original: Virgin Galactic Announces First Quarter 2026 Financial Results and Provides Business Update