In 2026Q2, revenue collapsed to $134.0K with a gross margin deteriorating to -209.3%, highlighting severe cost-revenue mismatches and operational inefficiencies.
Virgin Galactic Holdings, Inc. (SPCE) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 1.04M | 1.54M | 7.04M | 6.8M | 2.31M | 3.29M | 238K | 3.78M | 2.85M | 1.75M |
| Revenue Growth % | -38.87% | -78.06% | 3.47% | 194.12% | -29.77% | 1283.19% | -93.71% | 32.71% | 62.43% | - |
| Cost of Goods Sold | 107.57M | 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 | -106.53M | -87.71M | -82.99M | -43.74M | 406K | 3.02M | 65K | 1.78M | 1.51M | 1.27M |
| Gross Margin % | -10262.81% | -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 | 148.69M | 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 | 106.62M | 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 | 38.09M | 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 | 1000K | 0 | 15.47M | 17.77M | 11.1M | 182K | 9.78M | 128K | 1.34M | 140M |
| Operating Income | -255.22M | -283.09M | -376.63M | -531.51M | -499.98M | -319.54M | -275.28M | -213.26M | -1.34M | -140M |
| Operating Margin % | -24587.76% | -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 | -239.23M | -266.61M | -361.16M | -518.14M | -488.89M | -308.02M | -265.5M | -206.26M | 4.46M | -135.45M |
| EBITDA Margin % | -23047.3% | -17267.36% | -5133.06% | -7619.71% | -21145.59% | -9356.53% | -111555.88% | -5455.25% | 156.65% | -7722.46% |
| EBITDA Growth % | 21.61% | 26.18% | 30.3% | -5.98% | -58.72% | -16.01% | -28.72% | -4721.53% | 103.3% | - |
| D&A (Non-Cash Add-back) | 15.99M | 16.48M | 15.47M | 13.37M | 11.1M | 11.52M | 9.78M | 7M | 5.81M | 4.55M |
| EBIT | -237.53M | -266.07M | -333.74M | -489.01M | -487.42M | -352.79M | -644.85M | -213.26M | -137.98M | -138.71M |
| Net Interest Income | 3.77M | 9.06M | 29.43M | 29.36M | 372K | 1.18M | 2.24M | 2.26M | 623K | 0 |
| Interest Income | 13.89M | 21.84M | 42.35M | 42.23M | 12.5M | 1.21M | 2.28M | 2.3M | 633K | 0 |
| Interest Expense | 10.12M | 12.78M | 12.93M | 12.87M | 12.13M | 25K | 36K | 36K | 10K | 0 |
| Other Income/Expense | 7.58M | 4.24M | 29.96M | 29.63M | 430K | -33.28M | -369.6M | 2.39M | 29.19M | 140.04M |
| Pretax Income | -247.64M | -278.86M | -346.67M | -501.88M | -499.55M | -352.82M | -644.88M | -210.87M | 10.97M | 1.33M |
| Pretax Margin % | -23857.71% | -18060.56% | -4927.03% | -7380.65% | -21607.01% | -10717.5% | -270958.4% | -5577.18% | 384.87% | 75.87% |
| Income Tax | 101K | 52K | 74K | 453K | 598K | 79K | 6K | 62K | -24.62M | 155K |
| Effective Tax Rate % | -0.04% | -0.02% | -0.02% | -0.09% | -0.12% | -0.02% | -0% | -0.03% | -224.51% | 11.65% |
| Net Income | -247.74M | -278.91M | -346.74M | -502.34M | -500.15M | -352.9M | -644.89M | -210.94M | 10.97M | 1.33M |
| Net Margin % | -23867.44% | -18063.92% | -4928.08% | -7387.31% | -21632.87% | -10719.9% | -270960.92% | -5578.82% | 384.87% | 75.87% |
| Net Income Growth % | 18.16% | 19.56% | 30.97% | -0.44% | -41.73% | 45.28% | -205.73% | -2023.71% | 723.99% | - |
| Net Income (Continuing) | -247.74M | -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) | -2.24 | -5.44 | -13.89 | -29.80 | -37.80 | -28.50 | -24.92 | -21.70 | 1.13 | 0.01 |
| EPS Growth % | 62.61% | 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 | 110.76M | 51.24M | 24.95M | 16.86M | 13.2M | 12.38M | 10.96M | 9.72M | 9.68M | 194.38M |
| Basic Shares Outstanding | 110.76M | 51.24M | 24.95M | 16.86M | 13.2M | 12.38M | 10.96M | 9.69M | 9.68M | 194.38M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Unsustainable cash burn
Metrics are mathematically derived from official filings.
Severe Revenue Contraction Amid Low Base
Based on reported financials, SPCE's revenue has contracted by 67.0% year-over-year in 2026Q2 to $134.0K, a trend that appears unsustainable and highlights the company's struggle to generate sales, which may indicate a need for strategic overhaul.
The revenue trajectory suggests a dramatic deceleration from prior quarters, with growth rates volatile due to the extremely low base effect, implying limited commercial traction or reliance on irregular project-based income. This pattern raises concerns about the durability of any revenue streams and may signal operational challenges in scaling the business.
Deep Negative Margins Signal Cost-Structure Mismatch
As per recent filings, SPCE's gross margin has deteriorated to -209.3% in 2026Q2, with COGS of $28.2M vastly exceeding revenue of $134.0K, indicating a fundamental misalignment between production costs and sales.
The persistently negative gross margins suggest that the company's cost of goods sold is not covered by revenue, pointing to high fixed costs or inefficiencies in operations that may be structural. This imbalance implies that without significant revenue growth or cost restructuring, the company faces ongoing profitability pressures that could erode its financial position.
Persistent High Overhead Despite Minimal Revenue
According to income statements, SPCE's SG&A and R&D expenses totaled $32.9M in 2026Q2, dwarfing its $134.0K revenue, which underscores the heavy investment phase without corresponding returns and weak expense discipline.
The cost structure is dominated by SG&A and R&D, which remain elevated even as revenue remains negligible, suggesting that management has not adjusted spending to align with current revenue levels. This may indicate ongoing development efforts or administrative burdens, but the lack of cost control warrants further investigation into operational efficiency.
Viability Questioned by Extreme Losses
Based on SPCE's reported figures, operating losses of $64.9M in 2026Q2 against near-zero revenue raise serious concerns about the company's ability to achieve profitability without significant restructuring or additional funding.
Short-sellers would likely focus on the unsustainable loss trajectory and negative gross margins, which suggest that the business model may not be viable in its current form. The high cash burn rate, implied by the deep net losses, poses a going-concern risk, and investors should monitor whether the company can secure adequate financing to continue operations.