Is Virgin Galactic a Buy? Q1 2026 Financials and Delta-Class Spaceship Progress

Key Highlights of Q1 2026
Delta-Class Progress: The first Delta-class spaceship has been delivered to the test and launch hangar, with ground testing currently underway. Glide flight testing is scheduled for Q3 2026, followed by the commencement of commercial spaceflight operations in Q4 2026.
Financial Performance: Q1 2026 saw a net loss of $65 million, which represents a 23% improvement compared to the previous year. Total operating expenses were $66 million, a 26% reduction year-over-year, as the company shifts from research and development to production and testing.
Bookings and Pricing: A limited tranche of seats was opened at $750,000 per seat, receiving qualified inquiries from over 20 countries. The company plans to close this tranche in Q3 and reopen bookings at a likely higher price point.
Scaling Operations: Fabrication has begun on the second operational spaceship, which is expected to enter service between late Q4 2026 and early Q1 2027. Additionally, construction of a new rocket motor assembly line in Phoenix is underway and expected to be operational by Q4 2026.
Long-Term Strategy: Virgin Galactic aims to reach a cadence of four flights per month in January 2027, ramping up to eight flights per month by Q2 2027. The company expects to achieve modest quarterly positive cash flow within 2027.