Revenue has plummeted to $227.0K in 2026Q1, while the company continues to struggle with a structurally unviable gross margin of -146.8%.
| Sales/Revenue | 1.31M | 1.54M | 7.04M | 6.8M | 2.31M | 3.29M | 238K | 3.78M | 2.85M | 1.75M |
| Revenue Growth % | -76.23% | -78.06% | 3.47% | 194.12% | -29.77% | 1283.19% | -93.71% | 32.71% | 62.43% | - |
| Cost of Goods Sold | 97.76M | 89.25M | 90.02M | 50.54M | 1.91M | 272K | 173K | 2M | 1.34M | 488K |
| COGS % of Revenue | - | 5780.7% | 1279.48% | 743.21% | 82.44% | 8.26% | 72.69% | 53% | 47.17% | 27.82% |
| Gross Profit | -96.45M | -87.71M | -82.99M | -43.74M | 406K | 3.02M | 65K | 1.78M | 1.51M | 1.27M |
| Gross Margin % | -7362.67% | -5680.7% | -1179.48% | -643.21% | 17.56% | 91.74% | 27.31% | 47% | 52.83% | 72.18% |
| Gross Profit Growth % | - | -5.69% | -89.74% | -10872.91% | -86.56% | 4546.15% | -96.34% | 18.07% | 18.89% | - |
| Operating Expenses | 163.79M | 195.38M | 293.64M | 487.77M | 500.39M | 322.56M | 275.35M | 215.04M | 1.34M | 140M |
| OpEx % of Revenue | - | 12654.34% | 4173.41% | 7173.1% | 21643.17% | 9798.15% | 115692.86% | 5687.36% | 47.17% | 7981.76% |
| Selling, General & Admin | 109.92M | 114.92M | 125.5M | 174.86M | 175.12M | 173.18M | 111.2M | 82.17M | 46.3M | 610.63K |
| SG&A % of Revenue | - | 7442.81% | 1783.63% | 2571.53% | 7574.31% | 5260.57% | 46723.95% | 2173.13% | 1624.96% | 34.81% |
| Research & Development | 53.87M | 80.47M | 152.68M | 295.14M | 314.17M | 149.38M | 154.37M | 132.87M | 116.73M | 93.08M |
| R&D % of Revenue | - | 5211.53% | 2169.95% | 4340.29% | 13588.84% | 4537.58% | 64859.24% | 3514.23% | 4097.3% | 5307.01% |
| Other Operating Expenses | 0 | 0 | 15.47M | 17.77M | 11.1M | 182K | 9.78M | 128K | 1.34M | 140M |
| Operating Income | -260.24M | -283.09M | -376.63M | -531.51M | -499.98M | -319.54M | -275.28M | -213.26M | -1.34M | -140M |
| Operating Margin % | -19865.42% | -18335.04% | -5352.89% | -7816.31% | -21625.61% | -9706.41% | -115665.55% | -5640.36% | -47.17% | -7981.76% |
| Operating Income Growth % | - | 24.83% | 29.14% | -6.31% | -56.47% | -16.07% | -29.08% | -15768.78% | 99.04% | - |
| EBITDA | -244.06M | -266.61M | -361.16M | -518.14M | -488.89M | -308.02M | -265.5M | -206.26M | 4.46M | -135.45M |
| EBITDA Margin % | -18630.46% | -17267.36% | -5133.06% | -7619.71% | -21145.59% | -9356.53% | -111555.88% | -5455.25% | 156.65% | -7722.46% |
| EBITDA Growth % | 27.78% | 26.18% | 30.3% | -5.98% | -58.72% | -16.01% | -28.72% | -4721.53% | 103.3% | - |
| D&A (Non-Cash Add-back) | 16.18M | 16.48M | 15.47M | 13.37M | 11.1M | 11.52M | 9.78M | 7M | 5.81M | 4.55M |
| EBIT | -260.24M | -283.09M | -333.74M | -489.01M | -487.42M | -352.79M | -644.85M | -213.26M | -137.98M | -138.71M |
| Net Interest Income | 5.96M | 9.06M | 29.43M | 29.36M | 372K | 1.18M | 2.24M | 2.26M | 623K | 0 |
| Interest Income | 17.33M | 21.84M | 42.35M | 42.23M | 12.5M | 1.21M | 2.28M | 2.3M | 633K | 0 |
| Interest Expense | 11.37M | 12.78M | 12.93M | 12.87M | 12.13M | 25K | 36K | 36K | 10K | 0 |
| Other Income/Expense | 1.14M | 4.24M | 29.96M | 29.63M | 430K | -33.28M | -369.6M | 2.39M | 29.19M | 140.04M |
| Pretax Income | -259.1M | -278.86M | -346.67M | -501.88M | -499.55M | -352.82M | -644.88M | -210.87M | 10.97M | 1.33M |
| Pretax Margin % | -19778.7% | -18060.56% | -4927.03% | -7380.65% | -21607.01% | -10717.5% | -270958.4% | -5577.18% | 384.87% | 75.87% |
| Income Tax | 34K | 52K | 74K | 453K | 598K | 79K | 6K | 62K | -24.62M | 155K |
| Effective Tax Rate % | -0.01% | -0.02% | -0.02% | -0.09% | -0.12% | -0.02% | -0% | -0.03% | -224.51% | 11.65% |
| Net Income | -259.13M | -278.91M | -346.74M | -502.34M | -500.15M | -352.9M | -644.89M | -210.94M | 10.97M | 1.33M |
| Net Margin % | -19781.3% | -18063.92% | -4928.08% | -7387.31% | -21632.87% | -10719.9% | -270960.92% | -5578.82% | 384.87% | 75.87% |
| Net Income Growth % | 21.29% | 19.56% | 30.97% | -0.44% | -41.73% | 45.28% | -205.73% | -2023.71% | 723.99% | - |
| Net Income (Continuing) | -259.13M | -278.91M | -346.74M | -502.34M | -500.15M | -352.9M | -644.89M | -210.94M | -138.14M | 1.33M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.26 | -5.44 | -13.89 | -29.80 | -37.80 | -28.50 | -24.92 | -21.70 | 1.13 | 0.01 |
| EPS Growth % | 63.54% | 60.84% | 53.39% | 21.16% | -32.63% | -14.37% | -14.84% | -2020.35% | - | - |
| EPS (Basic) | - | -5.44 | -13.89 | -29.80 | -37.80 | -28.50 | -24.92 | -21.77 | 1.13 | 0.01 |
| Diluted Shares Outstanding | 79.48M | 51.24M | 24.95M | 16.86M | 13.2M | 12.38M | 10.96M | 9.72M | 9.68M | 194.38M |
| Basic Shares Outstanding | 79.48M | 51.24M | 24.95M | 16.86M | 13.2M | 12.38M | 10.96M | 9.69M | 9.68M | 194.38M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Liquidity and operational hiatus
As indicated by the most recent quarterly filings, SPCE's revenue has plummeted to $227.0K, representing a severe contraction from prior periods as the company halts flight operations to focus on the development of its next-generation Delta Class fleet, effectively stalling its primary commercial revenue stream.
The precipitous decline in top-line figures suggests that the company has transitioned from a commercialization phase back into a pure-play development cycle. Investors should monitor whether this revenue void can be bridged by non-flight research services or if the lack of operational activity will further erode the company's market presence.
According to the latest income statement data, the company reported a gross margin of -146.8%, highlighting a fundamental inability to cover direct flight costs, which suggests that the current business model remains structurally unviable without a significant increase in flight cadence and operational efficiency.
The negative gross margins imply that every flight conducted under the current architecture consumes more capital than it generates in revenue. This persistent margin deficit warrants further investigation into whether the upcoming Delta Class ships can achieve the necessary economies of scale to reach positive unit economics.
Based on reported financial statements, the company continues to sustain high SG&A and R&D expenditures, with SG&A alone reaching $25.6M in 2026Q1, despite the significant reduction in revenue-generating activities, indicating a rigid cost structure that is difficult to scale down during development hiatuses.
The persistence of high overhead costs during a period of minimal revenue suggests that the company is maintaining a substantial workforce and infrastructure footprint. This expense discipline, or lack thereof, may indicate that management is prioritizing long-term technical milestones over near-term cash preservation.
As shown in the historical income statements, the company's net losses remain deeply negative, with 2026Q1 net income at -$64.7M, a trend that appears to necessitate ongoing external financing and potential shareholder dilution to sustain the company's capital-intensive research and development roadmap.
The quality of earnings is heavily impacted by the absence of recurring revenue and the reliance on cash reserves to fund operations. Investors should be wary of the potential for future equity raises, which may be required to bridge the funding gap until the Delta Class becomes commercially viable.
While management frames the current operational pause as a strategic pivot toward the Delta Class, the financial data suggests a high-risk transition period where the company's limited cash position may be insufficient to reach the projected commercial launch without further dilutive capital market intervention.
Short-sellers may focus on the widening gap between cash burn and the timeline for new vehicle deployment. The lack of a clear path to positive operating cash flow suggests that the company's survival is contingent on execution perfection, leaving little room for the technical delays that have historically plagued the sector.
Quick answers to the most common questions about buying SPCE stock.
For fiscal year 2025, Virgin Galactic Holdings, Inc. (SPCE) reported total revenue of $1.5M. This represents a 12.0% decline compared to $1.8M in 2017.
Virgin Galactic Holdings, Inc. (SPCE) reported a net loss of $278.9M for the fiscal year ending 2025.
Virgin Galactic Holdings, Inc. (SPCE) reported an operating income of $-283.1M, resulting in an operating profit margin of -18335.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Virgin Galactic Holdings, Inc. (SPCE) generated $-87.7M in gross profit for the year, representing a gross profit margin of -5680.7%. This demonstrates the company's core pricing power and production efficiency.