SPCE on NYSE

Virgin Galactic

Logo: Virgin Galactic, Public domain, via Wikimedia Commons5

Space tourism company

Virgin Galactic Holdings, Inc. is a British-American spaceflight company founded by Richard Branson and the Virgin Group conglomerate, which retains an 11.9% stake through Virgin Investments Limited. Headquartered in California with launches in New Mexico, the company develops commercial spacecraft and provides suborbital spaceflights to space tourists. Virgin Galactic's suborbital spacecraft are air-launched from beneath a carrier airplane, White Knight Two.3 Its revenue was $238,000 in 2020.1 Its shares trade on NYSE under the symbol SPCE.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

2004Founded1

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  • TickerSPCE on NYSE1
  • Industryspace tourism1
  • HeadquartersLas Cruces1
  • Websitewww.virgingalactic.com
  • Legal formlimited liability company1
  • Business address1700 Flight Way, Tustin, Ca 927826
  • Filer categoryNon-accelerated filer, Smaller reporting company6
  • LEI549300C631IMXCSMN0484
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 76721824
SS2 and VMS Eve
Photo: Virgin Galactic/Mark Greenberg, CC BY-SA 3.0, via Wikimedia Commons9

Virgin Galactic Holdings, Inc. is a British-American spaceflight company founded by Richard Branson and the Virgin Group conglomerate, which retains an 11.9% stake through Virgin Investments Limited.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-18480.8%Operating margin10
-18063.9%Net margin10
-78.1%Revenue growth, 202510
-101.8%Return on equity10
1.01×Debt to equity10
-$438.2MFree cash flow10

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue27¢$72.8M
  • Research and development30¢$80.5M
  • Selling, general and admin43¢$117.2M
  • Income tax0¢$52.0K

Out of $1.5M in revenue.10 The company lost money this year.

Financial statements

Revenue1112131410$1.5M in 2025−59% since 2019
0$2.0M$4.0M$6.0M$8.0M2019: $3.8M$3.8M20192020: $238.0K$238.0K2020−94%2021: $3.3M$3.3M2021+1283%2022: $2.3M$2.3M2022−30%2023: $6.8M$6.8M2023+194%2024: $7.0M$7.0M2024+3%2025: $1.5M$1.5M2025−78%
Gross profit11$3.0M in 2021+70% since 2019
0$1.0M$2.0M$3.0M$4.0M2019: $1.8M$1.8M20192020: $65.0K$65.0K2020−96%2021: $3.0M$3.0M2021+4546%
Operating income1112131410-$285.3M in 2025+34% since 2019
-$600.0M-$400.0M-$200.0M02019: -$213.3M-$213.3M20192020: -$275.3M-$275.3M2020+29%2021: -$319.5M-$319.5M2021+16%2022: -$500.0M-$500.0M2022+56%2023: -$531.5M-$531.5M2023+6%2024: -$376.6M-$376.6M2024−29%2025: -$285.3M-$285.3M2025−24%
Net income1112131410-$278.9M in 2025+30% since 2019
-$800.0M-$600.0M-$400.0M-$200.0M02019: -$215.1M-$215.1M20192020: -$644.9M-$644.9M2020+200%2021: -$352.9M-$352.9M2021−45%2022: -$500.2M-$500.2M2022+42%2023: -$502.3M-$502.3M2023+0%2024: -$346.7M-$346.7M2024−31%2025: -$278.9M-$278.9M2025−20%

Every line of the income statement as filed: the last 2 fiscal years, latest first.10

Period ending2025-12-312024-12-31
Revenue$1.5M$7.0M
Spaceline operations$72.8M$90.0M
Research and development$80.5M$152.7M
Selling, general and administrative$117.2M$125.5M
Depreciation and amortization$16.5M$15.5M
Total operating expenses$286.9M$383.7M
Operating loss-$285.3M-$376.6M
Interest income$21.8M$42.4M
Interest expense-$12.8M-$12.9M
Debt restructuring expense-$2.8M$0
Other income, net$226.0K$538.0K
Loss before income taxes-$278.9M-$346.7M
Income tax expense$52.0K$74.0K
Net loss-$278.9M-$346.7M
Foreign currency translation adjustment$6.0K$0
Unrealized loss on marketable securities-$152.0K-$93.0K
Total comprehensive loss-$279.1M-$346.8M
Basic (in dollars per share)-$5.44-$13.89
Diluted (in dollars per share)-$5.44-$13.89
Basic (in shares)51.2M shares25.0M shares
Diluted (in shares)51.2M shares25.0M shares

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Corporate structure

Virgin Galactic is part of a group headed by Virgin Group. 56 entities, 12 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Virgin Galactic

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Virgin Galactic reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$493.4M10 Dec 31, 2025$299.5M10 Dec 31, 2024+64.7%
Accumulated depreciation$104.6M10 Dec 31, 2025$90.4M10 Dec 31, 2024+15.8%
Property and equipment, net$388.7M10 Dec 31, 2025$209.1M10 Dec 31, 2024+85.9%
Operating-lease assets (leased space)$36.9M10 Dec 31, 2025$58.0M10 Dec 31, 2024−36.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$144.7M10 Dec 31, 2025$178.6M10 Dec 31, 2024−19.0%
Marketable securities, current$162.3M10 Dec 31, 2025$384.6M10 Dec 31, 2024−57.8%
Marketable securities, non-current$010 Dec 31, 2025$61.3M10 Dec 31, 2024−100.0%
Debt securities available for sale$445.9M14 Dec 31, 2024$728.8M13 Dec 31, 2023−38.8%

Properties, in its own words

We currently operate primarily at our locations in California, New Mexico and Arizona. All of our current operating facilities are located on land that is leased from third parties. We believe that such facilities meet our current and future anticipated needs.

We maintain more than 200,000 square feet of manufacturing and operations facilities at the Mojave Air and Space Port in Mojave, California. This campus includes four main operational buildings and several storage buildings under separate lease agreements that collectively house office, rocket motor design and test. These facilities are leased pursuant to separate agreements, which generally have renewal options. Several leases are either operating in renewal periods or on a month-to-month basis.

The rest of Item 2

We conduct our commercial operations at Spaceport America in Sierra County, New Mexico. Located on more than 25 square miles of desert landscape and with access to more than 6,000 square miles of protected airspace, Spaceport America is the world’s first purpose-built commercial spaceport and is home to the Virgin Galactic Gateway to Space terminal. State and local governments in New Mexico have invested more than $200 million in Spaceport America, with Virgin Galactic serving as the facility’s anchor tenant under a 20-year lease scheduled to expire in 2028, subject to our right to extend the term for an additional five years.

Our design and engineering center located in Tustin, California encompasses approximately 100,000 square feet of office space and also functions as our corporate headquarters. This facility houses our management, research, design, development, marketing, finance and other administrative functions.

In July 2024, we completed our final assembly facility in Arizona, which consists of two hangars with an aggregate of approximately 150,000 square feet. This facility, which is located in the Phoenix-Mesa area, is used to assemble our next-generation spaceships and launch vehicles.

Item 2 of the 10-K filed Mar 30, 2026.18

The story

Founded by Burt Rutan and Richard Branson in 2004.1

Structure and history

Formation and early activities

Virgin Galactic was founded in 2004 by British entrepreneur Sir Richard Branson, who had previously founded the Virgin Group and the Virgin Atlantic airline, and who had a long personal history of balloon and surface record-breaking activities.

The Spaceship Company

The Spaceship Company (TSC) was founded by Richard Branson through Virgin Group (which owned 70%) and Burt Rutan through Scaled Composites (which owned 30%) to build commercial spaceships and launch aircraft for space travel. From the time of TSC's formation in 2005, the launch customer was Virgin Galactic, which contracted to purchase five SpaceShipTwos and two WhiteKnightTwos. Scaled Composites was contracted to develop and build the initial prototypes of WhiteKnightTwo and SpaceShipTwo, and then TSC began production of the follow-on vehicles beginning in 2008. In 2012, after Northrop Grumman acquired Scaled Composites, Virgin Galactic acquired the remaining 30% of The Spaceship Company.

Investors

After a claimed investment by Virgin Group of US$100 million, in 2010 the sovereign wealth fund of Abu Dhabi, Aabar Investments group, acquired a 31.8% stake in Virgin Galactic for US$280 million, receiving exclusive regional rights to launch tourism and scientific research space flights from the United Arab Emirates capital. In July 2011, Aabar invested a further US$110 million to develop a program to launch small satellites into low Earth orbit, raising their equity share to 37.8%. The New Mexico government has invested approximately $200m (£121m) in the Spaceport America facility, for which Virgin Galactic is the anchor tenant; other commercial space companies also use the site.

On Monday, October 28, 2019, Virgin Galactic listed on the New York Stock Exchange, trading under the ticker symbol 'SPCE', the first publicly traded space tourism company. The company raised $450 million through a SPAC merger listing, and the company's market value after listing was more than $2.4 billion. At the time, the company claimed to have over 600 customer reservations representing approximately $80 million in total collected deposits and more than $120 million in "potential revenue".

Early history and background

The Ansari X Prize was a space competition in which the X Prize Foundation offered a US$10,000,000 prize for the first non-government organization to launch a reusable crewed spacecraft into space twice within two weeks. It was modeled after early 20th-century aviation prizes, and aimed to spur development of low-cost spaceflight.

Created in May 1996 and initially called just the "X Prize", it was renamed the "Ansari X Prize" on 6 May 2004 following a multimillion-dollar donation from entrepreneurs Anousheh Ansari and Amir Ansari.

The prize was won on 4 October 2004, the 47th anniversary of the Sputnik 1 launch, by the Tier One project designed by Burt Rutan and financed by Microsoft co-founder Paul Allen, using the experimental spaceplane SpaceShipOne. $10 million was awarded to the winner, and more than $100 million was invested in new technologies in pursuit of the prize.

First launch of founder into space

On 11 July 2021 Virgin Galactic became the first spaceflight company to independently launch a founder of the company into space, using the 50-mile (80 km) high US definition of space, having flown founder Richard Branson above the 50-mile (80 km) mark on flight Unity 22. This suborbital flight was accomplished using the twin-fuselage aircraft launch platform VMS Eve, coupled together with VSS Unity, enabling Branson, three other employee passengers and the two pilots to experience approximately three minutes of weightlessness above Earth's atmosphere. The entire flight lasted approximately one hour, taking off and landing at Spaceport America facility near Truth or Consequences, New Mexico.

Read the full text

This flight had originally been scheduled to occur later in the summer; however, shortly after the announcement of competitor Blue Origin's plans to fly Amazon founder Jeff Bezos into space on 20 July 2021, the Virgin Galactic flight was rescheduled to occur on 11 July 2021. At the time Virgin Galactic had been certified by the FAA to provide commercial spaceflight travel, and its accounts reported that over 600 commercial passengers had already signed up. The August 2021 price was US$450,000 per person.

From Wikipedia’s article on Virgin Galactic, shared under CC BY-SA 4.0.7

Leadership

Who has led Virgin Galactic, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (27)

Products and brands

  • spaceplane

Listed on Wikidata.1

Development operations

2007 Scaled Composites fuel tank testing explosion

In July 2007, three Scaled Composites employees were killed and three critically injured at the Mojave spaceport while testing components of the rocket motor for SpaceShipTwo. An explosion occurred during a cold fire test, which involved nitrous oxide flowing through fuel injectors. The procedure had been expected to be safe.

Commencement of sub-space test flights

Just a year later, in July 2008, Richard Branson predicted the maiden space voyage would take place within 18 months. In October 2009, Virgin Galactic announced that initial flights would take place from Spaceport America "within two years." Later that year, Scaled Composites announced that White Knight Two's first SpaceShipTwo captive flights would be in early 2010.

Both aircraft did fly together in March 2010. The credibility of the earlier promises of launch dates by Virgin Galactic were brought into question in October 2014 by its chief executive, George T. Whitesides, when he told The Guardian: "We've changed dramatically as a company. When I joined in 2010 we were mostly a marketing organisation. Right now we can design, build, test, and fly a rocket motor all by ourselves and all in Mojave, which I don't think is done anywhere else on the planet".

On 7 December 2009, SpaceShipTwo was unveiled at the Mojave Spaceport. Branson told the 300 people attending, each of whom had booked rides at $200,000 each, that flights would begin "in 2011." However, in April 2011, Branson announced further delays, saying "I hope 18 months from now, we'll be sitting in our spaceship and heading off into space." By February 2012, SpaceShipTwo had completed 15 test flights attached to White Knight Two and an additional 16 glide tests, the last of which took place in September 2011. A rocket-powered test flight of SpaceShipTwo took place on 29 April 2013, with an engine burn of 16 seconds duration. The brief flight began at an altitude of 47,000 feet and reached a maximum altitude of 55,000 feet. While the SS2 achieved a speed of Mach 1.2 (920 mph), this was less than half the 2,000 mph speed predicted by Richard Branson. SpaceShipTwo's second supersonic flight achieved a speed of 1,100 mph for 20 seconds; while this was an improvement, it fell far short of the 2,500 mph for 70 seconds required to carry six passengers into space. However, Branson still announced his spaceship would be capable of "launching 100 satellites every day."

Read the full text

In addition to the suborbital passenger business, Virgin Galactic intended to market SpaceShipTwo for suborbital space science missions and market White Knight Two for "small satellite" launch services. It had planned to initiate RFPs for the satellite business in early 2010, but flights had not materialized as of 2014.

On 14 May 2013, Richard Branson stated on Virgin Radio Dubai's Kris Fade Morning Show that he would be aboard the first public flight of SpaceShipTwo, which had again been rescheduled, this time to 25 December 2013. "Maybe I'll dress up as Father Christmas", Branson said. The third rocket-powered test flight of SpaceShipTwo took place on 10 January 2014 and successfully tested the spaceship's Reaction Control System (RCS) and the newly installed thermal protection coating on the vehicle's tail booms. Virgin Galactic CEO George Whitesides said "We are progressively closer to our target of starting commercial service in 2014". Interviewed by The Observer at the time of her 90th birthday in July 2014, Branson's mother, Eve, told reporter Elizabeth Day of her intention of going to space herself. Asked when that might be, she replied: "I think it's the end of the year", adding after a pause, "It's always 'the end of the year' ".

In February 2014, cracks in WhiteKnightTwo, where the spars connect with the fuselage, were discovered during an inspection conducted after Virgin Galactic took possession of the aircraft from builder Scaled Composites.

In September 2014, Richard Branson described the intended date for the first commercial flight as February or March 2015; by the time of this announcement, a new plastic-based fuel had yet to be ignited in-flight. By September 2014, the three test flights of the SS2 had only reached an altitude of around 71,000 ft, approximately 13 miles; in order to receive a Federal Aviation Administration license to carry passengers, the craft needs to complete test missions at full speed and 62-mile height. Following the announcement of further delays, UK newspaper The Sunday Times reported that Branson faced a backlash from those who had booked flights with Virgin Galactic, with the company having received $80 million in fares and deposits. Tom Bower, author of Branson: The Man behind the Mask, told the Sunday Times: "They spent 10 years trying to perfect one engine and failed. They are now trying to use a different engine and get into space in six months. It's just not feasible." BBC science editor David Shukman commented in October 2014, that "[Branson's] enthusiasm and determination [are] undoubted. But his most recent promises of launching the first passenger trip by the end of this year had already started to look unrealistic some months ago."

VSS Enterprise crash

At 10:51 PST 31 October 2014, the fourth rocket-powered test flight of the company's first SpaceShipTwo craft, VSS Enterprise, ended in disaster, as it broke apart in mid-air, with the debris falling into the Mojave desert in California, shortly after being released from the mothership. Initial reports attributed the loss to an unidentified "in-flight anomaly". The flight was the first test of SpaceShipTwo with new plastic-based fuel, replacing the original—a rubber-based solid fuel that had not met expectations. 39-year-old co-pilot Michael Alsbury was killed and 43-year-old pilot Peter Siebold was seriously injured.

Investigation

Initial investigations found that the engine and propellant tanks were intact, showing that there had not been a fuel explosion. Telemetry data and cockpit video showed that instead, the air braking system appeared to have deployed incorrectly and too early, for unknown reasons, and that the craft had violently broken apart in mid-air seconds later.

U.S. National Transportation Safety Board Chairman Christopher Hart said on 2 November 2014 that investigators had determined SpaceShipTwo's tail system was supposed to have been released for deployment as the craft was traveling about 1.4 times the speed of sound; instead, the tail section began pivoting when the vehicle was flying at Mach 1. He noted that it was also unclear how the tail mechanism began to rotate once it was unlocked, since that maneuver requires a separate pilot command that was never given, and whether the craft's position in the air and its speed somehow enabled the tail section to swing free on its own.

At a hearing in Washington D.C. on 28 July 2015, and a press release on the same day the NTSB cited inadequate design safeguards, poor pilot training, lack of rigorous FAA oversight and a potentially anxious co-pilot without recent flight experience as important factors in the 2014 crash. They determined that the co-pilot, who died in the accident, prematurely unlocked a movable tail section some ten seconds after SpaceShip Two fired its rocket engine and was breaking the sound barrier, resulting in the craft's breaking apart. But the board also found that the Scaled Composites unit of Northrop Grumman, which designed and flew the prototype space tourism vehicle, did not properly prepare for potential human slip-ups by providing a fail-safe system that could have guarded against such premature deployment.

NTSB Chairman Christopher Hart emphasized that consideration of human factors, which was not emphasized in the design, safety assessment, and operation of SpaceShipTwo's feather system, was critical to safe human spaceflight to mitigate the potential consequences of human error. In its submission to the NTSB, Virgin Galactic reported that the second SS2, at the time nearing completion, had been modified with an automatic mechanical inhibit device to prevent locking or unlocking of the feather during safety-critical phases. An explicit warning about the dangers of premature unlocking had also been added to the checklist and operating handbook, and a formalized crew resource management (CRM) approach, already used by Virgin for its WK2 operations, was being adopted for SS2. However, despite CRM issues being cited as a likely contributing cause, Virgin confirmed that it would not modify the cockpit display system.

While Virgin had been pursuing the development of a smallsat launch vehicle since 2012, the company began in 2015 to make the smallsat launch business a larger part of Virgin's core business plan, as the Virgin human spaceflight program had experienced multiple delays. This part of the business was spun off into a new company called Virgin Orbit in 2017.

VSS Unity

Following the crash of VSS Enterprise, the replacement SpaceShipTwo named VSS Unity was rolled out on 19 February 2016. Test flights were set to begin after ground tests completed in August 2016. VSS Unity completed its first flight (first free flight; captive carry flights had taken place since September 2016), a successful glide test, in December 2016. The glide lasted ten minutes. By January 2018, seven glide tests had been completed, and on 5 April 2018 it performed a powered test flight, the first since 2014. By July 2018, Unity had gone considerably higher and faster in its testing program than had its predecessor. On 13 December 2018, VSS Unity reached a height of 82.7 km (51.4 miles) above the Earth at speeds close to three times the speed of sound. The two pilots, Mark "Forger" Stucky and Frederick "CJ" Sturckow earned commercial astronaut wings from the US government for the accomplishment. Another flight in February 2019 carried third crew member (1 in the passenger cabin) for the first time.

After transfer to Spaceport America in New Mexico in February 2020, a couple of 15 km altitude test flights were carried out. Due to a surge in the number of COVID-19 cases in New Mexico, Virgin Galactic had to postpone a key test flight of its spacecraft in November 2020, and then in December 2020, a computer connection issue prevented engine ignition. On 22 May 2021, VSS Unity flew its sixth powered test flight reaching an altitude of 89 km [55 mi]. This suborbital flight marked the first ever human space flight from New Mexico; it was piloted by CJ Sturkow (pilot-in-command) and Dave MacKay. The VSS Unity was carried to 44,000 feet by the jet powered launch aircraft Mothership Eve, where it was released to reach its suborbital altitude over New Mexico. A fully crewed test flight took place on 11 July 2021 with two pilots Dave Mackay and Michael Masucci and the four passengers were Richard Branson, Beth Moses, Colin Bennett and Sirisha Bandla. The flight was initially claimed to be successful but it was later revealed Unity briefly stepped outside the airspace that had been reserved for it and the FAA were not informed as required. The FAA grounded Virgin Galactic's space planes before allowing a resumption of flights after some changes to procedures including reserving a larger volume of airspace.

On 14 October 2021, Virgin Galactic announced that an upgrade program for Unity and Eve would begin, delaying future commercial flights to mid 2022. This followed material analysis that required further analysis.

Spaceship III

The first Spaceship III, VSS Imagine, was rolled out on 30 March 2021 and it was indicated there is ground testing to do before glide test flights should commence not earlier than Summer 2021.

Aircraft and spacecraft

White Knight Two

The White Knight Two is a special airplane built as the mothership and launch-platform for the spacecraft SpaceShipTwo and the uncrewed launch vehicle LauncherOne (LauncherOne never launched from underneath a White Knight Two). The mothership is a large fixed-wing aircraft with two hulls linked together by a central wing. Two aircraft were planned – VMS Eve and VMS Spirit of Steve Fossett. On 22 May 2021 Mothership Eve was used to carry VSS Unity to a launch altitude of 44,000 feet.

Boeing 747

The LauncherOne system used a Boeing 747-400 aircraft, renamed Spirit of Mojave, which was acquired from Virgin Atlantic. This was spun off into Virgin Orbit with the LauncherOne business in 2017.

Generation II mothership

Virgin Galactic plans to have generation 2 motherships ready for 2025, for the next-generation Delta-class spaceplanes. In July 2022, Virgin announced it would partner with Boeing's Aurora Flight Sciences to design and build the next generation of mothership.

Boeing ended work on the contract in 2023 and has now filed suit against Virgin Galactic over unpaid bills according to a report in SpaceNews. The lawsuit was settled in 2024.

SpaceShip Two

Richard Branson unveiled the rocket plane on 7 December 2009, announcing that, after testing, the plane would carry fare-paying passengers ticketed for short duration journeys just above the atmosphere. Virgin Group would initially launch from a base in New Mexico before extending operations around the globe. Built from lightweight carbon-composite materials and powered by a hybrid rocket motor, SS2 was based on the Ansari X Prize-winning SpaceShipOne concept – a rocket plane that was lifted initially by a carrier aircraft before independent launch. SS1 became the world's first private spaceship with a series of high-altitude flights in 2004.

The programme was delayed after three Scaled Composites employees – Todd Ivens, Eric Blackwell and Charles May – were killed in an accident in Mojave on 26 July 2007, where the detonation of a tank of nitrous oxide destroyed a test stand. They had been observing the test from behind a chain-link fence that offered no protection from the shrapnel and debris when the tank exploded. Three other employees were injured in the blast and the company was fined for breaches of health and safety rules. The cause of the accident has never been made public.

The successor to SS1, SS2 was twice as large, measuring 18 m (60 ft) in length; whereas SpaceShipOne could carry a single pilot and two passengers, SS2 was planned to have a crew of two and room for six passengers. By August 2013, 640 customers had signed up for a flight, initially at a ticket price of $200,000 per person, but raised to $250,000 in May 2013. Tickets were available from more than 140 "space agents" worldwide.

SpaceShipTwo's projected performance

SpaceShipTwo was designed to fly to a height of 110 km, going beyond the defined boundary of space (100 km) and lengthening the experience of weightlessness for its passengers. The spacecraft would reach a top speed of 4000 km/h (2485 mph). On 23 May 2014, Virgin Galactic announced that they had abandoned use of the Sierra Nevada Corporation (SNC) nitrous-oxide-rubber motor for SpaceShipTwo; on 24 July 2014, SNC confirmed that they had also abandoned use of this motor for their Dream Chaser space shuttle. Future testing was to see SpaceShipTwo powered by a polyamide grain powered motor. As of July 2021 the maximum height reached has been 89.9 km.

In honor of the science-fiction series Star Trek, the first ship was named after the fictional starship Enterprise. To reenter the atmosphere, SpaceShipTwo folded its wings and then returned them to their original position for an unpowered descent flight back onto the runway. The craft had a very limited cross-range capability, and until other planned spaceports would be built worldwide, it had to land in the area where it started. Further spaceports were planned in Abu Dhabi and elsewhere, with the intention that the spaceline would have a worldwide availability and commodity in the future.

There was a series of delays to the SS2 flight test vehicle becoming operational, amidst repeated assurances from Virgin Galactic marketing that operational flights were only a year or two out. The Wall Street Journal reported in November 2014 that there has been "tension between Mr. Branson's upbeat projections and the persistent hurdles that challenged the company's hundreds of technical experts." The company responded that "the company and its contractors 'have internal milestones, such as schedule estimates and goals, but the companies are driven by safety and the completion of the flight test program before moving into commercial service.' Virgin Galactic's schedules have always been consistent with internal schedules of its contractors and changes have 'never impacted flight safety'."

SpaceShip III

SpaceShip III was an evolved version of SpaceShipTwo. All SpaceShip III development was cancelled in 2024 with no SpaceShip III spaceplanes completed or flown.

Delta-class spaceship

Virgin Galactic plans to have its third generation spaceship, the Delta class, ready for testing in 2025 and commercial flight in 2026, along with the next generation of mothership. The Delta class is to be functionally the same as the SpaceShip III class, but it has been redesigned for higher production volumes.

Commercial spaceflight locations

In 2008 it was announced that test launches for its fleet of two White Knight Two mother ships and five or more SpaceShipTwo tourist suborbital spacecraft would take place from the Mojave Spaceport, where Scaled Composites was constructing the spacecraft. An international architectural competition for the design of Virgin Galactic's operating base, Spaceport America in New Mexico, saw the contract awarded to URS and Foster + Partners architects. In the same year Virgin Galactic announced that it would eventually operate in Europe out of Spaceport Sweden or even from RAF Lossiemouth in Scotland.

While the original plan called for flight operations to transfer from the California desert to the new spaceport upon completion of the spaceport, at the time Virgin Galactic had yet to complete the development and test program of SpaceShipTwo. In October 2010, the 3,000 m (10,000 ft) runway at Spaceport America was opened, with SpaceShipTwo "VSS Enterprise" shipped to the site carried underneath the fuselage of Virgin Galactic's mothership Eve.

Other operations and aspirations

LauncherOne

LauncherOne was an orbital launch vehicle that Virgin Galactic started working on in 2008, with the technical specifications defined in some detail in late 2009. The LauncherOne configuration was proposed to be an expendable, two-stage, liquid-fueled rocket, envisaged to be air-launched from a White Knight Two. This would make it a similar configuration to that used by Orbital Sciences' Pegasus, or a smaller version of the StratoLaunch.

LauncherOne was publicly announced in July 2012. It was intended to launch "smallsat" payloads of 200 kilograms (440 lb) into Earth orbit. Several commercial customers initially contracted for launches, including GeoOptics, Skybox Imaging, Spaceflight Services, and Planetary Resources. Both Surrey Satellite Technology and Sierra Nevada Space Systems began developing satellite buses "optimized to the design of LauncherOne".

In 2015, Virgin Galactic established a 150,000-square-foot (14,000 m2) research, development, and manufacturing center for LauncherOne at the Long Beach Airport. The company reported in March 2015 that they were on schedule to begin test flights of LauncherOne with its Newton 3 engine by the end of 2016. On 25 June 2015, the company signed a contract with OneWeb Ltd. for 39 satellite launches for its satellite constellation with an option for an additional 100 launches.

In March 2017, Virgin Galactic spun off its 200-member LauncherOne team into a new company called Virgin Orbit. Virgin Orbit went bankrupt in 2023 after a few space launches.

Point to point suborbital travel

In 2016 TSC, Virgin Galactic and the Virgin Group began a collaboration with Boom Technology to develop a supersonic trans-oceanic passenger jetliner. A mission concept review of a Mach 3 vehicle design was carried out.

From Wikipedia’s article on Virgin Galactic, shared under CC BY-SA 4.0.7

Subsidiaries and ownership

Parent company

Owners

Subsidiaries

Subsidiaries (Exhibit 21)

  • FANME Development, LLC New Mexico8
  • Galactic Co., LLC (formerly TSC, LLC) Delaware8
  • Galactic Enterprises, LLC (formerly Virgin Galactic, LLC) Delaware8
  • Vehicle Holdings, Inc. (formerly TSC Vehicle Holdings, Inc.) Delaware8
  • Virgin Galactic Limited England and Wales8
  • Virgin Galactic Vehicle Holdings, Inc. Delaware8
  • Virgin Galactic, LLC (formerly VGH, LLC) Delaware8

From Wikidata.1 The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Social Capital Hedosophia Holdings Corp.May 25, 2017 to Oct 23, 20196

Timeline

  1. Aug 18, 20268-K Other events56
  2. Aug 12, 20268-K Results of operations57
  3. Jun 29, 20268-K Unregistered sale of shares58
  4. Jun 22, 20268-K Unregistered sale of shares59
  5. Jun 15, 20268-K Executive or director change; Shareholder vote60
  6. Jun 10, 20268-K Unregistered sale of shares61
  7. Jun 2, 20268-K Other events62
  8. May 28, 20268-K Regulation FD disclosure; Other events63
  9. May 18, 20268-K Unregistered sale of shares64
  10. May 14, 20268-K Results of operations65
  11. Apr 30, 20268-K Other events66
  12. Apr 24, 20268-K Entered a material agreement67
  13. Jul 22, 2020New chief executive Michael A. Colglazier becomes CEO19
  14. Oct 2019Went public Listed on NYSE1
  15. 2010New chief executive George T. Whitesides becomes CEO1
  16. 2004Founded Founded1

Calendar

Coming up

  1. Nov 12, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($1.09) a share, on Nov 13, 2025.68

When it reported results

  1. Aug 12, 2026Reported quarterly or annual results57
  2. May 14, 2026Reported quarterly or annual results65
  3. Mar 30, 2026Reported quarterly or annual results69
  4. Nov 13, 2025Reported quarterly or annual results70
  5. Aug 6, 2025Reported quarterly or annual results71
  6. May 15, 2025Reported quarterly or annual results72
  7. Feb 26, 2025Reported quarterly or annual results73
  8. Nov 6, 2024Reported quarterly or annual results74

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

402 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 65 major events, 240 insider forms, 31 large holders, 46 other. The latest 20:

  1. Oct 6, 20264 EDGAR
  2. Oct 6, 20264 EDGAR
  3. Oct 6, 20264 EDGAR
  4. Sep 28, 20264 EDGAR
  5. Aug 18, 20268-K EDGAR
  6. Aug 12, 202610-Q EDGAR
  7. Aug 12, 20268-K EDGAR
  8. Aug 7, 2026SCHEDULE 13G EDGAR
  9. Jul 31, 2026SCHEDULE 13G EDGAR
  10. Jul 30, 2026SCHEDULE 13G EDGAR
  11. Jul 17, 2026S-3ASR EDGAR
  12. Jul 17, 2026424B7 EDGAR
  13. Jun 30, 20264 EDGAR
  14. Jun 30, 20264 EDGAR
  15. Jun 30, 20264 EDGAR
  16. Jun 29, 20268-K/A EDGAR
  17. Jun 22, 20268-K EDGAR
  18. Jun 16, 20264 EDGAR
  19. Jun 15, 20268-K EDGAR
  20. Jun 12, 20263 EDGAR

The 402 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

2 open-market trades by officers, directors and large owners since October 2021: 1 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 19, 2026Strandberg Diana S.DirectorBuy20,000$2.49$49.8KForm 4
Nov 10, 2021Branson Sir RichardSale15,600,000$19.25$300.3MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Michael ColglazierChief Executive Officer and President$1.1M$10.7M86
2025Doug AhrensChief Financial Officer and Treasurer$634.9K$4.0M86
2025Aparna ChitaleChief People Officer and Executive Vice President, Astronaut Operations$521.5K$2.1M86
2025Sarah KimExecutive Vice President, Chief Legal Officer and Corporate Secretary$443.2K$1.7M86
2024Michael ColglazierChief Executive Officer and President$1.0M$5.6M86
2024Doug AhrensChief Financial Officer and Treasurer$615.3K$3.8M86
2024Aparna ChitaleChief People Officer and Executive Vice President, Astronaut Operations$464.6K$1.9M86
2024Sarah KimExecutive Vice President, Chief Legal Officer and Corporate Secretary$409.5K$1.6M86
2023Michael ColglazierChief Executive Officer and President$1.0M$7.7M86
2023Doug AhrensChief Financial Officer and Treasurer$585.5K$4.5M86
2023Aparna ChitaleChief People Officer and Executive Vice President, Astronaut Operations$436.5K$2.1M86
2023Sarah KimExecutive Vice President, Chief Legal Officer and Corporate Secretary$400.0K$759.6K86

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.8,458,648$24.4M0.0%+7,261,512
State Street Corp7,931,674$22.9M0.0%+7,596,941
Context Capital Management, LLC6,559,681$19.0M2.3%New
Vanguard Capital Management LLC4,457,274$12.9M0.0%+1,551,488
UBS Group AG3,499,746$10.1M0.0%+2,805,671
Renaissance Technologies LLC2,808,095$8.1M0.0%New
Geode Capital Management, LLC2,526,404$7.3M0.0%+1,639,732
Focus Financial Network, Inc.2,380,623$6.9M0.2%New
Millennium Management LLC1,524,672$4.4M0.0%+599,016
Susquehanna International Group, Llp1,017,706$2.9M0.0%+231,858
Morgan Stanley978,276$2.8M0.0%+327,380
Charles Schwab Investment Management Inc869,380$2.5M0.0%+410,449
Avantax Planning Partners, Inc.867,718$2.5M0.1%New
Nuveen, LLC774,749$2.2M0.0%New
Northern Trust Corp762,238$2.2M0.0%+599,081
D. E. Shaw & Co., Inc.741,690$2.1M0.0%+718,895
Two Sigma Investments, LP688,737$2.0M0.0%New
Vanguard Fiduciary Trust Co675,171$2.0M0.0%+215,092
Vanguard Portfolio Management LLC647,200$1.9M0.0%+561,379
RBF Capital, LLC616,185$1.8M0.1%New
Invesco Ltd.614,664$1.8M0.0%+127,285
Jpmorgan Chase & Co457,129$1.3M0.0%+340,403
IMC-Chicago, LLC432,610$1.3M0.0%+370,721
Point72 Asset Management, L.P.429,627$1.2M0.0%−85,550
Jane Street Group, LLC384,991$1.1M0.0%−63,569

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

23 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Mar 24, 2025George WhitesidesDemocratic, HouseSale$1,001 - $15,000+70.0%Report
Apr 18, 2022Brian J. MastRepublican, HouseSale$1,001 - $15,000+174.7%Report
Apr 18, 2022Brian J. MastRepublican, HouseSale$1,001 - $15,000+174.7%Report
Jul 19, 2021Brian J. MastRepublican, HouseBuy$15,001 - $50,000−181.2%Report
Jul 19, 2021Brian J. MastRepublican, HouseBuy$15,001 - $50,000−181.2%Report
May 11, 2021Alan S. Lowenthal, HouseSale$1,001 - $15,000+185.6%Report
Feb 4, 2021Alan S. Lowenthal, HouseSale$1,001 - $15,000+199.6%Report
Jan 27, 2021Alan S. Lowenthal, HousePartial sale$1,001 - $15,000+205.9%Report
Jan 27, 2021Alan S. Lowenthal, HousePartial sale$238+205.9%Report
Jan 25, 2021Alan S. Lowenthal, HousePartial sale$430+200.4%Report
Jan 25, 2021Alan S. Lowenthal, HousePartial sale$1,001 - $15,000+200.4%Report
Jun 3, 2020Alan S. Lowenthal, HouseBuy$418−246.4%Report
Jun 3, 2020Alan S. Lowenthal, HouseBuy$1,001 - $15,000−246.4%Report
Mar 13, 2020Alan S. Lowenthal, HousePartial sale$117+285.7%Report
Mar 11, 2020Alan S. Lowenthal, HouseSale$1,001 - $15,000+280.5%Report
Mar 6, 2020Alan S. Lowenthal, HousePartial sale$879+258.9%Report
Mar 6, 2020Alan S. Lowenthal, HousePartial sale$43+258.9%Report
Feb 20, 2020Alan S. Lowenthal, HousePartial sale$1,001 - $15,000+228.7%Report
Feb 20, 2020Alan S. Lowenthal, HousePartial sale$160+228.7%Report
Feb 18, 2020Alan S. Lowenthal, HousePartial sale$1,001 - $15,000+228.8%Report
Feb 18, 2020Alan S. Lowenthal, HousePartial sale$190+228.8%Report
Feb 10, 2020Alan S. Lowenthal, HousePartial sale$184+230.0%Report
Feb 10, 2020Alan S. Lowenthal, HousePartial sale$1,001 - $15,000+230.0%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Virgin Galactic is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARVirgin Galactic Holdings, Inc2
  • CIK0001706946
  • Employer ID (EIN)85-360806918
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company18
  • Incorporated inDelaware18
  • Fiscal year endsDecember 312
  • Industry code (SIC)4700 Transportation Services2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business address1700 Flight Way, Tustin, CA 927822
  • Phone(575) 424-21002
  • Shares outstanding151,595,903 as of Aug 5, 202616
  • Public float$147.6M as of Jun 30, 202518
  • AuditorErnst & Young LLP, Wichita, Kansas PCAOB ID 42; no auditor attestation of internal control over financial reporting18
  • On EDGAR sinceMay 25, 20172
  • Filings689 in all: 4 (304), 8-K (102), 3 (34), 10-Q (27), 425 (18), CORRESP (15), SC 13D/A (14), SC 13G (14)2
    All 50 form types

    SC 13G/A (13), 424B3 (10), 10-K (9), EFFECT (9), DEF 14A (8), DEFA14A (8), 424B5 (7), S-8 (7), SCHEDULE 13G (7), SCHEDULE 13G/A (7), UPLOAD (7), 4/A (5), 8-K/A (5), S-1/A (5), S-3 (5), ARS (4), S-4/A (4), SEC STAFF LETTER (4), 3/A (3), S-1 (3), SC 13D (3), 10-K/A (2), 424B4 (2), DRS (2), POS AM (2), PRE 14A (2), S-1MEF (2), S-3ASR (2), 25-NSE (1), 424B7 (1), 8-A12B (1), 8-K12B (1), CERTNYS (1), DEFM14A (1), DRS/A (1), DRSLTR (1), NT 10-Q (1), POS EX (1), POSASR (1), RW (1), S-3/A (1), S-4 (1)

  • Latest filingsAnnual report (10-K) Mar 30, 2026
    Quarterly report (10-Q) Aug 12, 2026
    Proxy statement (DEF 14A) Apr 21, 2026
    Latest 8-K (8-K) Aug 18, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, $0.0001 par value per shareSPCENew York Stock Exchange

From the cover page of the 10-K filed Mar 30, 2026 (Section 12(b) of the Exchange Act).18

Risk factors and legal proceedings

The risks Virgin Galactic names in Item 1A of its 10-K filed Mar 30, 2026: 62 risks under these headings, as written.18

  • Risks Related to Our Business
  • We have incurred significant losses since inception, we expect to incur losses in the future, and we may not be able to achieve or maintain profitability.
  • The success of our business will be highly dependent on our ability to effectively market and sell spaceflights.
  • The market for commercial spaceflight is still emerging and may not achieve the growth potential we expect or may grow more slowly than expected.
  • Delays in the development of our next-generation spaceships would adversely impact our business, financial condition and results of operations.
  • Any inability to operate our spaceflight systems at our anticipated flight rate could adversely impact our business, financial condition and results of operations.
  • Unsatisfactory safety performance of our spaceflight systems or security incidents at our facilities could have a material adverse effect on our business, financial condition and results of operation.
  • We may not be able to convert our orders in backlog or inbound inquiries about flight reservations into revenue.
  • We have not yet tested flights at our anticipated full passenger capacity of our next-generation spaceships.
  • Any delays in the manufacture, production and commercialization of additional spaceflight systems, including our next-generation spaceships and launch vehicles, may adversely impact our business, financial condition and results of operations.
  • If we are unable to adapt to and satisfy customer demands in a timely and cost-effective manner, our ability to grow our business may suffer.
  • We may be unable to manage our future growth effectively.
The other 51 risks
  • Our prospects and operations may be adversely affected by changes in consumer preferences and economic conditions that affect demand for our spaceflights.
  • Adverse publicity stemming from any incident involving us or our competitors, or an incident involving a commercial airline or other air travel provider, could have a material adverse effect on our business, financial condition and results of operations.
  • Due to the inherent risks associated with commercial spaceflight, there is the possibility that any accident or catastrophe could lead to the loss of human life or a medical emergency.
  • We will require substantial additional funding to finance our operations, but adequate additional financing may not be available when we need it, on acceptable terms or at all. Management has concluded that there are conditions present in the aggregate that raise substantial doubt about our ability to continue as a going concern.
  • Certain future operational facilities may require significant expenditures, and the ongoing need to maintain existing operational facilities requires us to expend capital.
  • We rely on a limited number of suppliers for certain raw materials and supplied components. We may not be able to obtain sufficient raw materials or supplied components to meet our needs, or obtain such materials on favorable terms, which could impair our ability to fulfill our orders in a timely manner or increase our costs of production.
  • Our spaceflight systems and related equipment may have shorter useful lives than we anticipate.
  • Failure of third-party contractors and suppliers could adversely affect our business.
  • We expect to face competition in the commercial spaceflight industry and other industries in which we may develop products.
  • Our investments in developing new offerings and technologies and exploring the application of our existing proprietary technologies for other uses and those offerings, technologies or opportunities may never materialize.
  • The “Virgin” brand is not under our control, and negative publicity related to the Virgin brand name could materially adversely affect our business.
  • If we fail to adequately protect our proprietary intellectual property rights, our competitive position could be impaired and we may lose valuable assets, generate reduced revenue and incur costly litigation to protect our rights.
  • We rely on licenses from third parties for intellectual property that is critical to our business, and we would lose the rights to use such intellectual property if those agreements were terminated or not renewed.
  • Protecting and defending against intellectual property claims may have a material adverse effect on our business.
  • We have government customers, which subjects us to risks including early termination, audits, investigations, sanctions and penalties.
  • We plan to commercialize spaceflights outside the United States, and such expansion will expose us to a variety of risks associated with international operations that could materially and adversely affect our business.
  • We could suffer increased costs, exposure to significant liability, reputational harm, material financial penalties, and other serious negative consequences if we or our third-party service providers fail to protect confidential information and/or sustain cyberattacks or other cybersecurity incidents that adversely affect our business, operations, or financial condition.
  • Failure to comply with a wide variety of extensive and evolving government laws and regulations could have a material adverse effect on our business.
  • Non-compliance with U.S. export and import control laws and regulations and U.S. government licensing policies could have an adverse effect on our business, financial condition and results of operation.
  • Compliance with U.S. federal, state and foreign laws, regulations and other requirements relating to privacy, the processing of personal information and consumer protection involves significant expenditure and resources, and any actual or perceived failure by us or third parties we rely upon to comply could adversely affect our business, results of operations and our financial condition.
  • Failures in our or our third-party providers’ information systems and technology infrastructure could damage our business, reputation and brand and substantially harm our business and results of operations.
  • We are highly dependent on our senior management team and other highly skilled personnel, and if we are not successful in attracting or retaining highly qualified personnel, we may not be able to successfully implement our business strategy.
  • We are subject to many hazards and operational risks that can disrupt our business, which could have a material adverse effect on our business, financial condition and results of operations.
  • We may become involved in litigation that may materially adversely affect us.
  • Natural disasters, unusual weather conditions, epidemic outbreaks, terrorist acts, military conflicts, macroeconomic conditions and political events could disrupt our business and flight schedule.
  • Our operating results may fluctuate significantly, which makes our future operating results difficult to predict and could cause our operating results to fall below expectations or any guidance we may provide.
  • We are subject to environmental regulations and may incur substantial costs.
  • We may be adversely affected by global climate change or by legal, regulatory or market responses to such change.
  • Failure to keep up with evolving trends and shareholder expectations relating to environmental, social and governance practices could adversely impact our reputation, share price and access to and cost of capital.
  • We are exposed to changes to the global macroeconomic environment beyond our control, including inflation fluctuations.
  • Changes to United States tariff and import/export regulations may have a negative effect on us.
  • Risks Related to Our Ownership Structure
  • Virgin Investments Limited has significant ability to control the direction of our business, which may prevent potential investors and other stockholders from influencing significant decisions.
  • Delaware law and our organizational documents contain certain provisions, including anti-takeover provisions, that limit the ability of stockholders to take certain actions and could delay or discourage takeover attempts that stockholders may consider favorable.
  • The provisions of our certificate of incorporation requiring exclusive forum in the Court of Chancery of the State of Delaware for certain types of lawsuits may have the effect of discouraging lawsuits against our directors and officers.
  • Our certificate of incorporation expressly limits the liability of certain parties to us for breach of fiduciary duty and could also prevent us from benefiting from corporate opportunities that might otherwise have been available to us.
  • Risks Related to Our Securities and Indebtedness
  • Our indebtedness could expose us to risks that could adversely affect our business, financial condition and results of operations.
  • The instruments governing our indebtedness contain certain restrictive covenants that may impact our future operating and financial flexibility.
  • We may not have or be able to raise the funds necessary to finance the repurchase of the 2028 Notes or 2027 Notes or to pay any cash amounts due upon conversion.
  • Our cash flows and capital resources may be insufficient to make required payments on our indebtedness or future indebtedness.
  • The conditional conversion feature of the 2027 Notes, if triggered, may adversely affect our financial condition and any conversion of the 2027 Notes will dilute the ownership interest of existing stockholders, and may otherwise depress the price of our common stock.
  • Exercise of our outstanding common stock purchase warrants may dilute the ownership interest of our existing stockholders.
  • The convertible note hedge may affect the value of the 2027 Notes and our common stock.
  • We are subject to counterparty risk with respect to the 2027 Note Hedge transactions.
  • We do not intend to pay cash dividends for the foreseeable future.
  • General Risk Factors
  • The trading price of our common stock may be volatile, and you may be unable to sell your shares above your purchase price.
  • Any acquisitions, partnerships or joint ventures that we enter into could disrupt our operations and have a material adverse effect on our business, financial condition and results of operations.
  • Changes in tax laws or regulations may increase tax uncertainty and adversely affect results of our operations and our effective tax rate.
  • Our ability to use our U.S. federal and state operating loss carryforwards and certain other tax attributes may be limited.
  • The obligations associated with being a public company involve significant expenses, resources and management attention, which divert from our business operations.
  • An active trading market for our common stock may not be maintained.
  • Securities analysts may not publish favorable research or reports about our business or may publish no information at all, which could cause our stock price or trading volume to decline.

Legal proceedings

We are from time to time subject to various claims, lawsuits and other legal and administrative proceedings arising in the ordinary course of business. Some of these claims, lawsuits and other proceedings may involve highly complex issues that are subject to substantial uncertainties, and could result in damages, fines, penalties, non-monetary sanctions or relief. However, we do not consider any such claims, lawsuits or proceedings that are currently pending, including the matters described in the notes to the consolidated financial statements included in Item 8 in this Annual Report on Form 10-K, individually or in the aggregate, to be material to our business or likely to result in a material adverse effect on our future operating results, financial condition or cash flows.

The opening of Item 3, Legal Proceedings.18

Sources

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