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Research Alert: Virgin Galactic Revenue Drops; Continues To Focus On First Commercial Flights

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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

Virgin Galactic reported a Q1 2026 net loss of $65M, improving from $84M in the prior year, with a $0.81 loss per share beating consensus estimates of $0.94. Operating expenses declined 26% to $66M, reflecting disciplined cost management as the company transitions from design to spacecraft manufacturing. The firm achieved a key milestone by transferring its first spaceship to the test facility, with ground validation testing underway. Management maintains Q3 2026 aerial testing and Q4 2026 commercial launch targets, while opening sales for 50 expeditions at $750k each. We believe the upcoming flight testing campaign will be crucial in determining whether Virgin Galactic can meet its commercial timeline and generate meaningful cash flow. The company holds $251M in cash but faces a $93M free cash flow deficit, though improved from $122M last year. Recent debt optimization reduced obligations to $202M maturing in 2028, positioning the firm for its expected transition to revenue generation in Q4 2026.

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