News about Virgin Galactic

Virgin Galactic sold out its latest tranche of tickets at $750,000 each for its first commercial flights, expected in February, and CEO Michael Colglazier said the company expects to deliver positive quarterly cash flow within 2027. In the second quarter, the company reported negative free cash flow of $90.7 million and paid down about $58.4 million of debt. The initial fleet alone is projected to generate $450 million in annual revenue and adjusted EBITDA of $90 million to $115 million. However, management guides to cash burn of up to $190 million in the second half of 2026, and it had $286 million in cash as of June 30, much of it from a $134 million at-the-market equity offering. With a market cap near $350 million, the article warns that further share sales could dilute existing shareholders.