Virgin Galactic Reports Q3 2025 Loss Amid Progress Toward Commercial Spaceflights
Virgin Galactic posted a narrowed net loss of $64 million for Q3 2025, down from $75 million year-over-year, as operating expenses fell 19% to $67 million. The space tourism firm maintains a $424 million cash reserve while advancing its next-generation SpaceShip program.
Structural components for the first new spacecraft are 90% complete, with flight testing slated for Q3 2026. The company targets initial commercial operations in Q4 2026, eventually scaling to 125 annual flights capable of generating $450 million in revenue at full capacity.
Ticket sales for future missions will open in Q1 2026 at $600,000 per seat, positioning Virgin Galactic in the nascent but growing space tourism sector. The equity offering program raised $23 million during the quarter, bolstering liquidity during this pre-revenue phase.
