Virgin Galactic Holdings Inc. (NYSE: SPCE) reported its fourth quarter and full year 2025 financial results and announced the opening of ticket sales for its spaceflight expeditions priced at $750,000 per seat.

The company expects to begin commercial operations with its first new SpaceShip in Q4 2026, with ground testing scheduled to begin in April and flight testing to commence in Q3 2026. A second new SpaceShip is expected to enter service between late Q4 2026 and early Q1 2027.

For the fourth quarter of 2025, Virgin Galactic reported revenue of $0.3 million, down from $0.4 million in the prior year period. The company posted a net loss of $63 million, an improvement from the $76 million loss in Q4 2024. Full year 2025 revenue totaled $2 million compared to $7 million in 2024, primarily due to the pause in commercial spaceflights to focus on new SpaceShip production.

Cash, cash equivalents and marketable securities stood at $338 million as of December 31, 2025. The company generated $12 million in gross proceeds through the issuance of 3.5 million shares of common stock in the fourth quarter as part of its at-the-market offering program.

CEO Michael Colglazier said assembly of the first SpaceShip is nearly complete, with fabrication efforts now pivoting to support testing and production of the second vehicle. The company plans to begin rocket motor assembly at its Phoenix factory in Q4 2026.

For the first quarter of 2026, Virgin Galactic expects free cash flow in the range of negative $90 million to $95 million, with sequential improvement anticipated for the remainder of 2026. The company also executed capital realignment transactions in December 2025 that reduced contractual debt obligations by $142 million.