Virgin Galactic sets prices for space tourists
March 31, 2026
Virgin Galactic, Sir Richard Branson’s space tourism venture, says its redesigned spacecraft will begin test flights later this year during Q4. It is also offering seats on its upcoming flights at $750,000 per passenger.
March 30th saw Virgin Galactic’s Q4 and full year results declared.
In summary, its Q4 numbers are:
· Cash position remains strong, with cash, cash equivalents and marketable securities of $338 million as at December 31st 2025.
· Revenue of $0.3 million, compared to $0.4 million in the fourth quarter of 2024, attributable to access fees related to future astronauts.
· Net loss of -$63 million, compared to a -$76 million net loss in the fourth quarter of 2024, with the improvement primarily driven by lower operating expenses.
· Adjusted EBITDA totaled $(49) million, compared to $(63) million in the fourth quarter of 2024, with the improvement primarily driven by lower operating expenses.
· Net cash used in operating activities totaled $52 million, compared to $81 million in the fourth quarter of 2024.
· Cash paid for capital expenditures totaled $42 million, compared to $36 million in the fourth quarter of 2024.
· Free cash flow totaled -$(95) million, compared to -$(117) million in the fourth quarter of 2024.
· Generated $12 million in gross proceeds through the issuance of 3.5 million shares of common stock as part of the Company’s at-the-market offering programme.
As for the full year, Virgin Galactic reported:
· Revenue of $2 million, compared to $7 million in 2024, with the decrease driven by the pause in commercial spaceflights to focus efforts on the production of the new SpaceShips.
· Net loss of -$279 million, compared to a -$347 million net loss in 2024, with the improvement primarily driven by lower operating expenses.
· Adjusted EBITDA totaled $(226) million, compared to $(289) million in 2024, with the improvement primarily driven by lower operating expenses.
· Net cash used in operating activities totaled $240 million, compared to $353 million in 2024.
· Cash paid for capital expenditures totaled $198 million, compared to $122 million in 2024.
· Free cash flow totaled $(438) million, compared to $(475) million in 2024.
· Generated $122 million in gross proceeds through the issuance of 33.5 million shares of common stock as part of the Company’s at-the-market offering programs.
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. Fabrication efforts are pivoting to support testing and production of our second SpaceShip, which we expect will enter service between late Q4 2026 and early Q1 2027 in line with our planned ramp in spaceflight cadence. With production of SpaceShips well underway, we are gearing up for rocket motor assembly at our Phoenix factory, with manufacturing planned to begin in Q4 2026. We continue to strategically manage our capital to support our planned ramp in cash flow from commercial spaceline operations.”
Free cash flow for the first quarter of 2026 is expected to be in the range of $(90) million to $(95) million.
For the remainder of 2026, free cash flow is expected to show sequential improvement from the first quarter, says Virgin Galactic.
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