Virgin Galactic (SPCE) 10-Q7 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-38202
Entity Registrant Name	Virgin Galactic Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-3608069
Entity Address, Address Line One	1700 Flight Way
Entity Address, City or Town	Tustin
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92782
City Area Code	(949)
Local Phone Number	774-7640
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	SPCE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		411,361,910
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Entity Central Index Key	0001706946
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 195,433	$ 216,799
Restricted cash	34,918	36,793
Marketable securities, short-term	569,778	657,238
Other current assets	37,324	39,999
Total current assets	837,453	950,829
Marketable securities, long-term	67,105	71,596
Property, plant and equipment, net	110,610	93,806
Other non-current assets	63,093	63,286
Total assets	1,078,261	1,179,517
Current liabilities:
Accounts payable	32,886	32,415
Customer deposits	92,334	97,841
Other current liabilities	46,534	55,404
Total current liabilities	171,754	185,660
Non-current liabilities:
Convertible senior notes, net	418,438	417,886
Other non-current liabilities	70,487	70,495
Total liabilities	660,679	674,041
Commitments and contingencies (Note 14)
Stockholders' Equity
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.0001 par value; 700,000,000 shares authorized; 405,272,587 and 399,908,982 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	41	40
Additional paid-in capital	2,646,186	2,631,197
Accumulated deficit	(2,228,144)	(2,126,132)
Accumulated other comprehensive income (loss)	(501)	371
Total stockholders' equity	417,582	505,476
Total liabilities and stockholders' equity	$ 1,078,261	$ 1,179,517

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	700,000,000	700,000,000
Common stock, shares issued (in shares)	405,272,587	399,908,982
Common stock, shares outstanding (in shares)	405,272,587	399,908,982

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 1,985	$ 392
Operating expenses:
Spaceline operations	22,591	318
Research and development	58,969	109,870
Selling, general and administrative	27,884	50,365
Depreciation and amortization	3,699	3,245
Total operating expenses	113,143	163,798
Operating loss	(111,158)	(163,406)
Interest income	12,308	7,330
Interest expense	(3,227)	(3,211)
Other income, net	145	30
Loss before income taxes	(101,932)	(159,257)
Income tax expense	80	128
Net loss	(102,012)	(159,385)
Other comprehensive income (loss):
Foreign currency translation adjustment	(8)	35
Unrealized gain (loss) on marketable securities	(864)	3,101
Total comprehensive loss	$ (102,884)	$ (156,249)
Net loss per share:
Basic (in dollars per share)	$ (0.25)	$ (0.57)
Diluted (in dollars per share)	$ (0.25)	$ (0.57)
Weighted-average shares outstanding:
Basic (in shares)	400,387	278,450
Diluted (in shares)	400,387	278,450

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2022		275,397,229
Beginning balance at Dec. 31, 2022	$ 480,223	$ 28	$ 2,111,316	$ (1,623,795)	$ (7,326)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(159,385)			(159,385)
Other comprehensive income (loss)	3,136				3,136
Stock-based compensation for equity-classified awards	12,976		12,976
Issuance of common stock pursuant to stock-based compensation, net of withholding taxes (in shares)		508,159
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	(1,870)		(1,870)
Issuance of common stock pursuant to at-the-market offering (in shares)		5,759,499
Issuance of common stock pursuant to at-the-market offering	32,044		32,044
Transaction costs	(343)		(343)
Ending balance (in shares) at Mar. 31, 2023		281,664,887
Ending balance at Mar. 31, 2023	$ 366,781	$ 28	2,154,123	(1,783,180)	(4,190)
Beginning balance (in shares) at Dec. 31, 2023	399,908,982	399,908,982
Beginning balance at Dec. 31, 2023	$ 505,476	$ 40	2,631,197	(2,126,132)	371
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(102,012)			(102,012)
Other comprehensive income (loss)	(872)				(872)
Stock-based compensation for equity-classified awards	8,045		8,045
Issuance of common stock pursuant to stock-based compensation, net of withholding taxes (in shares)		274,709
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	(269)		(269)
Issuance of common stock pursuant to at-the-market offering (in shares)		5,088,896
Issuance of common stock pursuant to at-the-market offering	7,272	$ 1	7,271
Transaction costs	$ (58)		(58)
Ending balance (in shares) at Mar. 31, 2024	405,272,587	405,272,587
Ending balance at Mar. 31, 2024	$ 417,582	$ 41	$ 2,646,186	$ (2,228,144)	$ (501)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Cash flows from operating activities:
Net loss	$ (102,012)	$ (159,385)
Stock-based compensation	8,244	12,976
Depreciation and amortization	3,699	3,245
Amortization of debt issuance costs	552	535
Other non-cash items	(5,328)	(236)
Change in operating assets and liabilities:
Other current and non-current assets	3,835	7,594
Accounts payable	(7,480)	2,146
Customer deposits	(5,507)	(569)
Other current and non-current liabilities	(9,232)	(2,375)
Net cash used in operating activities	(113,229)	(136,069)
Cash flows from investing activities:
Capital expenditures	(13,072)	(2,767)
Purchases of marketable securities	(161,843)	(83,287)
Proceeds from maturities and calls of marketable securities	257,414	305,791
Other investing activities	598	0
Net cash provided by investing activities	83,097	219,737
Cash flows from financing activities:
Payments of finance lease obligations	(60)	(59)
Proceeds from issuance of common stock	7,272	32,044
Withholding taxes paid on behalf of employees on net settled stock-based awards	(269)	(1,870)
Transaction costs related to issuance of common stock	(52)	(320)
Net cash provided by financing activities	6,891	29,795
Net increase (decrease) in cash, cash equivalents and restricted cash	(23,241)	113,463
Cash, cash equivalents and restricted cash at beginning of period	253,592	342,627
Cash, cash equivalents and restricted cash at end of period	230,351	456,090
Cash and cash equivalents	195,433	415,682
Restricted cash	34,918	40,408
Cash, cash equivalents and restricted cash	$ 230,351	$ 456,090

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
Description of Business and Basis of Presentation	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Virgin Galactic Holdings, Inc., together with its consolidated subsidiaries ("Virgin Galactic" or the "Company"), is an aerospace and space travel company focused on the development, manufacture and operation of spaceships and related technologies. The Company provides access to space for private individuals, researchers and government agencies. The Company's missions include flying passengers to space, as well as flying scientific payloads and researchers to space in order to conduct experiments for scientific and educational purposes. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial reporting. Certain information and footnote disclosures, normally included in annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), have been condensed or omitted pursuant to such rules and regulations. However, in management's opinion, the condensed consolidated financial statements reflect all adjustments, including those of a normal recurring nature, necessary to present fairly the Company's financial position, results of operations and cash flows for the periods presented. The operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the entire fiscal year. The accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Statement of Operations Presentation In July 2023, the Company concluded that technological feasibility had been achieved for its initial spaceship, VSS Unity, and mothership carrier aircraft, VMS Eve, which together comprise the Company’s current spaceflight system. As a result, future costs associated with this spaceflight system, including the manufacture of related rocket motors, will no longer qualify as research and development activities. Following the launch of commercial service and achievement of technological feasibility, the Company began presenting the operating expenses supporting the Company’s commercial spaceline activities as spaceline operations expense in the accompanying condensed consolidated statements of operations and comprehensive loss. Expenses incurred prior to the achievement of technological feasibility were classified as research and development and selling, general and administrative expenses. Spaceline operations expense includes costs associated with commercial spaceflight services and production costs that are not eligible for capitalization. Spaceline operations expense also includes costs to support the Company’s Future Astronaut community and costs related to payload cargo and engineering services, which were previously presented as customer experience expense.

Cash, Cash Equivalents and Mark

Cash, Cash Equivalents and Marketable Securities	3 Months Ended
Cash, Cash Equivalents and Marketable Securities	Mar. 31, 2024
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Marketable Securities	Cash, Cash Equivalents and Marketable Securities The Company maintains certain cash balances restricted as to withdrawal or use. Restricted cash consists of cash deposits received from future astronauts that are contractually restricted for operational use until the condition of carriage is signed or the deposits are refunded. The amortized cost, unrealized gains (losses) and estimated fair value of the Company's cash, cash equivalents and marketable securities are as follows: March 31, 2024 Amortized Cost Gross Unrealized Losses Fair Value (In thousands) Cash and cash equivalents: Cash and restricted cash $ 9,665 $ — $ 9,665 Money market 220,686 — 220,686 Marketable securities: U.S. treasuries 113,081 (59) 113,022 Corporate bonds 524,364 (503) 523,861 $ 867,796 $ (562) $ 867,234 December 31, 2023 Amortized Cost Gross Unrealized Gains Fair Value (In thousands) Cash and cash equivalents: Cash and restricted cash $ 17,727 $ — $ 17,727 Money market 235,865 — 235,865 Marketable securities: U.S. treasuries 198,639 44 198,683 Corporate bonds 529,893 258 530,151 $ 982,124 $ 302 $ 982,426 Interest receivable of $4.4 million and $4.6 million is included in other current assets in the accompanying condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively. The Company recognizes amortization and accretion of purchase premiums and discounts on its marketable securities in interest income in the accompanying condensed consolidated statements of operations and comprehensive loss. The Company recognized $5.3 million and $0.4 million in accretion income, net for its marketable securities for the three months ended March 31, 2024 and 2023, respectively. The following table presents the contractual maturities of the Company's marketable securities as of March 31, 2024: March 31, 2024 Amortized Cost Estimated Fair Value (In thousands) Matures within one year $ 570,361 $ 569,778 Matures between one to two years 67,084 67,105 $ 637,445 $ 636,883

Inventories

Inventories	3 Months Ended
Inventories	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are included in other current assets in the accompanying condensed consolidated balance sheets and are comprised of the following: March 31, 2024 December 31, 2023 (In thousands) Raw materials and work-in-process $ 13,960 $ 13,875 Spare parts 2,761 2,426 $ 16,721 $ 16,301

Property, Plant, and Equipment,

Property, Plant, and Equipment, Net	3 Months Ended
Property, Plant, and Equipment, Net	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant, and Equipment, Net	Property, Plant and Equipment, Net Property, plant and equipment consists of the following: March 31, 2024 December 31, 2023 (In thousands) Land $ 1,302 $ 1,302 Buildings 9,092 9,092 Flight vehicles and rotables 4,099 4,074 Machinery and equipment 41,005 39,983 Information technology software and equipment 42,576 43,256 Leasehold improvements 37,424 37,141 Construction in progress 54,025 34,584 189,523 169,432 Less: accumulated depreciation and amortization 78,913 75,626 $ 110,610 $ 93,806

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2024
Leases [Abstract]
Leases	Leases The components of expense related to leases are as follows: Three Months Ended March 31, 2024 2023 (In thousands) Operating lease cost $ 3,459 $ 2,810 Variable lease cost 1,144 701 Short-term lease cost 6 6 Finance lease cost: Amortization of assets under finance leases 67 65 Interest on finance lease liabilities 19 19 Total finance lease cost 86 84 Total lease cost $ 4,695 $ 3,601 The components of supplemental cash flow information related to leases are as follows: Three Months Ended March 31, 2024 2023 (In thousands, except term and rate data) Cash Flow Information: Operating cash flows from operating leases $ 3,250 $ 2,055 Operating cash flows from finance leases $ 19 $ 19 Financing cash flows from finance leases $ 60 $ 59 Non-cash Activity: Assets acquired in exchange for lease obligations: Operating leases $ — $ — Finance leases $ — $ 86 Other Information: Weighted-average remaining lease term: Operating leases (in years) 9.5 10.4 Finance leases (in years) 3.0 3.2 Weighted-average discount rates: Operating leases 12.1 % 12.1 % Finance leases 13.1 % 12.7 % The supplemental balance sheet information related to leases is as follows: March 31, 2024 December 31, 2023 (In thousands) Operating Leases: Long-term right-of-use assets $ 58,476 $ 58,526 Short-term operating lease liabilities $ 4,538 $ 4,350 Long-term operating lease liabilities 68,900 68,864 Total operating lease liabilities $ 73,438 $ 73,214 Right-of-use assets are included in other non-current assets, and lease liabilities are included in other current liabilities and other non-current liabilities in the accompanying condensed consolidated balance sheets.
Leases	Leases The components of expense related to leases are as follows: Three Months Ended March 31, 2024 2023 (In thousands) Operating lease cost $ 3,459 $ 2,810 Variable lease cost 1,144 701 Short-term lease cost 6 6 Finance lease cost: Amortization of assets under finance leases 67 65 Interest on finance lease liabilities 19 19 Total finance lease cost 86 84 Total lease cost $ 4,695 $ 3,601 The components of supplemental cash flow information related to leases are as follows: Three Months Ended March 31, 2024 2023 (In thousands, except term and rate data) Cash Flow Information: Operating cash flows from operating leases $ 3,250 $ 2,055 Operating cash flows from finance leases $ 19 $ 19 Financing cash flows from finance leases $ 60 $ 59 Non-cash Activity: Assets acquired in exchange for lease obligations: Operating leases $ — $ — Finance leases $ — $ 86 Other Information: Weighted-average remaining lease term: Operating leases (in years) 9.5 10.4 Finance leases (in years) 3.0 3.2 Weighted-average discount rates: Operating leases 12.1 % 12.1 % Finance leases 13.1 % 12.7 % The supplemental balance sheet information related to leases is as follows: March 31, 2024 December 31, 2023 (In thousands) Operating Leases: Long-term right-of-use assets $ 58,476 $ 58,526 Short-term operating lease liabilities $ 4,538 $ 4,350 Long-term operating lease liabilities 68,900 68,864 Total operating lease liabilities $ 73,438 $ 73,214 Right-of-use assets are included in other non-current assets, and lease liabilities are included in other current liabilities and other non-current liabilities in the accompanying condensed consolidated balance sheets.

Other Current Liabilities

Other Current Liabilities	3 Months Ended
Other Current Liabilities	Mar. 31, 2024
Payables and Accruals [Abstract]
Other Current Liabilities	Other Current Liabilities The components of other current liabilities are as follows: March 31, 2024 December 31, 2023 (In thousands) Accrued compensation $ 16,555 $ 32,179 Accrued manufacturing sub-contractor and contract labor costs 9,154 9,500 Other 20,825 13,725 $ 46,534 $ 55,404

Convertible Senior Notes

Convertible Senior Notes	3 Months Ended
Convertible Senior Notes	Mar. 31, 2024
Convertible Debt [Abstract]
Convertible Senior Notes	Convertible Senior Notes In January 2022, the Company completed an offering of $425 million aggregate principal amount of convertible senior notes (the "2027 Notes"). The 2027 Notes are senior unsecured obligations of the Company and bear interest at a fixed rate of 2.50% per year. Interest is payable in cash semi-annually in arrears on February 1 and August 1 of each year. The 2027 Notes mature on February 1, 2027 unless earlier repurchased, redeemed or converted. The net carrying value of the 2027 Notes is as follows: March 31, 2024 December 31, 2023 (In thousands) Principal $ 425,000 $ 425,000 Less: unamortized debt issuance costs 6,562 7,114 Net carrying amount $ 418,438 $ 417,886

Stockholders' Equity

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity In August 2022, the Company entered into a distribution agency agreement with Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC (each, an “Agent” and collectively, the “Agents”) providing for the offer and sale of up to $300 million of shares of the Company's common stock from time to time through the Agents, acting as sales agents, or directly to one or more of the Agents, acting as principal(s), through an "at-the-market offering" program (the "2022 ATM Program"). During the three months ended March 31, 2023, the Company sold 5.8 million shares of common stock under the 2022 ATM Program, generating $32.0 million in gross proceeds, before deducting $0.3 million in underwriting discounts, commissions and other expenses. The Company completed the 2022 ATM Program in June 2023. In June 2023, the Company entered into a distribution agency agreement with the Agents providing for the offer and sale of up to $400 million of shares of the Company's common stock from time to time through the Agents, acting as sales agents, or directly to one or more of the Agents, acting as principal(s), through an "at-the-market offering" program (the "2023 ATM Program"). During the three months ended March 31, 2024, the Company sold 5.1 million shares of common stock under the 2023 ATM Program, generating $7.3 million in gross proceeds, before deducting $0.1 million in underwriting discounts, commissions and other expenses.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company maintains two equity incentive plans -- the Amended and Restated Virgin Galactic Holdings, Inc. 2019 Incentive Award Plan (the "A&R Plan") and the Virgin Galactic Holdings, Inc. 2023 Employment Inducement Incentive Award Plan (the "Inducement Plan"). Pursuant to the A&R Plan, the Company has granted time-based stock options, performance-based stock options ("PSOs"), restricted stock units ("RSUs"), and performance stock units ("PSUs"). Pursuant to the Inducement Plan, the Company has granted RSUs. Liability-Classified Stock Awards During the three months ended March 31, 2024, the Company granted 5.5 million RSUs under the A&R Plan that are expected be settled in cash. Changes in the fair value of these liability-classified awards are reported on a quarterly basis through their final vesting. Expense is recognized over the requisite service period of the award, with recognition of a corresponding liability recorded in other current liabilities in the accompanying condensed consolidated balance sheet as of March 31, 2024. Changes in fair value are recognized in stock-based compensation expense. A summary of the components of stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss is as follows: Three Months Ended March 31, 2024 2023 (in thousands) Stock option and PSO expense: Spaceline operations $ — $ — Research and development — 533 Selling, general and administrative 617 1,638 Total stock option and PSO expense 617 2,171 RSU and PSU expense: Spaceline operations 1,168 — Research and development 1,106 2,483 Selling, general and administrative 5,353 8,322 Total RSU and PSU expense 7,627 10,805 Total stock-based compensation expense 8,244 12,976 Less: stock-based compensation expense for liability-classified awards 199 — Stock-based compensation expense for equity-classified awards $ 8,045 $ 12,976 As of March 31, 2024, the Company had unrecognized stock-based compensation expense of $2.9 million for stock options, which is expected to be recognized over a weighted-average period of 0.7 years. There was no unrecognized stock-based compensation expense for PSOs. Unrecognized stock-based compensation expense as of March 31, 2024 for RSUs and PSUs totaled $48.3 million and $4.8 million, respectively, which are expected to be recognized over weighted-average periods of 1.2 years and 0.8 years, respectively.

Special Charges

Special Charges	3 Months Ended
Special Charges	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Special Charges	Special Charges In November 2023, the Company commenced a restructuring plan designed to decrease costs and strategically realign its resources. In connection with this plan, the Company announced a workforce reduction constituting approximately 18% of its workforce. As a result, the Company recorded $4.4 million in severance and related benefit costs for the involuntarily terminated employees as special charges during the fourth quarter of 2023. During the three months ended March 31, 2024, the Company fully paid the $1.4 million liability balance associated with these costs that were accrued at December 31, 2023.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense was $80,000 and $128,000 for the three months ended March 31, 2024 and 2023, respectively. The effective income tax rate was nil for each of the three months ended March 31, 2024 and 2023. The effective tax rate differs from the U.S. statutory rate primarily due to a full valuation allowance against net deferred tax assets where it is more likely than not that some or all of the deferred tax assets will not be realized.

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table presents net loss per share and related information: Three Months Ended March 31, 2024 2023 (In thousands, except per share amounts) Basic and diluted: Net loss $ (102,012) $ (159,385) Weighted average common shares outstanding 400,387 278,450 Basic and diluted net loss per share $ (0.25) $ (0.57) Basic and diluted net loss per share is computed using the weighted-average number of shares of common stock outstanding during the period. The computation of diluted net loss per share excludes the effect of all potential common shares outstanding as their impact would have been anti-dilutive. The Company has excluded stock-based awards and shares issuable upon conversion of the 2027 Notes from the diluted loss per share calculation because their effect was anti-dilutive. The total number of shares excluded for the three months ended March 31, 2024 and 2023 were 49.1 million and 47.2 million, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets and liabilities subject to fair value measurements are required to be disclosed within a fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair value. Accordingly, assets and liabilities carried at fair value are classified within the fair value hierarchy in one of the following categories: • Level 1 inputs — Quoted prices in active markets for identical assets or liabilities. • Level 2 inputs — Inputs other than Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 inputs — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability. The following tables present the Company's financial assets that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy: March 31, 2024 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 220,686 $ — $ — $ 220,686 U.S. treasuries 113,022 — — 113,022 Corporate bonds — 523,861 — 523,861 Total assets at fair value $ 333,708 $ 523,861 $ — $ 857,569 December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 235,865 $ — $ — $ 235,865 U.S. treasuries 198,683 — — 198,683 Corporate bonds — 530,151 — 530,151 Total assets at fair value $ 434,548 $ 530,151 $ — $ 964,699 The following tables present the Company's financial liabilities that are recorded at amortized cost, segregated among the appropriate levels within the fair value hierarchy: March 31, 2024 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 156,685 $ — $ 156,685 Total liabilities at fair value $ — $ 156,685 $ — $ 156,685 December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 189,937 $ — $ 189,937 Total liabilities at fair value $ — $ 189,937 $ — $ 189,937 The estimated fair value of the 2027 Notes, which are classified as Level 2 financial instruments, was determined based on the estimated or actual bid prices of the 2027 Notes in an over-the-counter market on the last business day of the period.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases Future minimum lease payments under non-cancellable operating leases and future minimum finance lease payments as of March 31, 2024 are as follows: Operating Leases Finance Leases (In thousands) 2024 (for the remaining period) $ 9,793 $ 178 2025 13,240 227 2026 13,233 176 2027 12,919 61 2028 12,706 22 Thereafter 65,072 — Total payments 126,963 664 Less: present value discount/imputed interest 53,525 108 Present value of lease liabilities $ 73,438 $ 556 Legal Proceedings From time to time, the Company is a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. The Company applies accounting for contingencies to determine when and how much to accrue for and disclose related to legal and other contingencies. Accordingly, the Company discloses contingencies deemed to be reasonably possible and accrues loss contingencies when, in consultation with legal advisors, it is concluded that a loss is probable and reasonably estimable. Although the ultimate aggregate amount of monetary liability or financial impact with respect to these matters is subject to many uncertainties and is therefore not predictable with assurance, management believes that any monetary liability or financial impact to the Company from these matters, individually and in the aggregate, beyond that provided at March 31, 2024, would not be material to the Company’s consolidated financial position, results of operations or cash flows. However, there can be no assurance with respect to such result, and monetary liability or financial impact to the Company from legal proceedings, lawsuits and other claims could differ materially from those projected. The Boeing Company and Aurora Flight Sciences Corporation v. the Company On March 21, 2024, The Boeing Company and Aurora Flight Sciences Corporation, a Boeing Company (collectively, “Boeing”), filed suit against the Company in the Eastern District of Virginia, captioned The Boeing Company and Aurora Flight Sciences Corporation, a Boeing Company v. Virgin Galactic Holdings, Inc., Case No. 1:21-cv-03070. In its complaint, Boeing alleges that the Company breached the parties’ Master Agreement. Boeing further alleges trade secret misappropriation under the Delaware Uniform Trade Secrets Act (“DUTSA”), 6 Del C. § 2001, et. seq., and the Defend Trade Secrets Act (“DTSA”), 18 U.S.C. § 1836, et. seq., and filed a motion for preliminary injunction to destroy certain disputed documents. The complaint seeks damages in excess of $25 million, expenses, attorneys’ fees and other equitable relief. On April 4, 2024, the Company filed suit against Boeing in the Central District of California. In its complaint, the Company sought: (1) declaratory judgment of no misappropriation of trade secrets under either DUTSA or DTSA by the Company, (2) declaratory judgment of no breach of contract by the Company, and (3) damages related to Boeing’s breach of contract for failure to adequately perform, including incomplete work on design phases of the project. On April 12, 2024, Boeing filed a motion for an anti-suit injunction in connection with the Company’s California suit. That same day, the Company filed an answer to Boeing’s Virginia complaint and an opposition to Boeing’s motion for preliminary injunction. A hearing on the motions for the preliminary injunction and anti-suit injunction is set for May 24, 2024. The Company intends to continue to vigorously defend against this matter. Lavin v. the Company On May 28, 2021, a class action complaint was filed against the Company in the Eastern District of New York captioned Lavin v. Virgin Galactic Holdings, Inc., Case No. 1:21-cv-03070. In September 2021, the Court appointed Robert Scheele and Mark Kusnier as co-lead plaintiffs for the purported class. Co-lead plaintiffs amended the complaint in December 2021, asserting violations of Sections 10(b), 20(a) and 20A of the Exchange Act of 1934 against the Company and certain of its current and former officers and directors on behalf of a putative class of investors who purchased the Company's common stock between July 10, 2019 and October 14, 2021. The amended complaint alleges, among other things, that the Company and certain of its current and former officers and directors made false and misleading statements and failed to disclose certain information regarding the safety of the Company's ships and success of its commercial flight program. Co-lead plaintiffs seek damages, interest, costs, expenses, attorneys' fees, and other unspecified equitable relief. The defendants moved to dismiss the amended complaint and, on November 7, 2022, the court granted in part and denied in part the defendants’ motion and gave the plaintiffs leave to file a further amended complaint. Plaintiffs filed a second amended complaint on December 12, 2022. The second amended complaint contains many of the same allegations as in the first amended complaint. The defendants moved to dismiss the second amended complaint and, on August 8, 2023, the court granted in part and denied in part the defendants’ motion and did not give plaintiffs leave to file a further amended complaint. Plaintiffs moved for reconsideration of the court’s dismissal order and, on December 19, 2023, the court denied plaintiffs’ motion. On March 27, 2024, the defendants moved for judgment on the pleadings as to the remaining Section 10(b) insider trading claim alleged against Branson. On April 2, 2024, the court stayed briefing on defendants’ motion for judgment on the pleadings pending resolution of plaintiffs’ anticipated motion for leave to add a new representative plaintiff. On April 11, 2024, the court set the following briefing schedule on plaintiffs’ motion: plaintiffs’ motion is due May 1, 2024; defendants’ opposition is due May 21, 2024; and plaintiffs’ reply is due May 31, 2024. The Company intends to continue to vigorously defend against this matter. Spiteri, Grenier, Laidlaw, and St. Jean derivatively on behalf of the Company vs. Certain Current and Former Officers and Directors On February 21, 2022, March 1, 2022, September 21, 2022, and December 13, 2022, four alleged shareholders filed separate derivative complaints purportedly on behalf of the Company against certain of the Company's current and former officers and directors in the Eastern District of New York captioned Spiteri v. Branson et al., Case No. 1:22-cv-00933 (“Spiteri Action”), Grenier v. Branson et al., Case No. 1:22-cv-01100 (“Grenier Action”), Laidlaw v. Branson et al., Case No. 1:22-cv-05634 (“Laidlaw Action”), and St. Jean v. Branson et al., Case No. 1:22-cv-7551 (“St. Jean Action”), respectively. On May 4, 2022, the Spiteri and Grenier Actions were consolidated and recaptioned In re Virgin Galactic Holdings, Inc. Derivative Litigation, Case No. 1:22-cv-00933 (“Consolidated Derivative Action”). On September 30, 2023, the Laidlaw Action was consolidated into the Consolidated Derivative Action. Collectively, the complaints assert violations of Sections 10(b), 14(a), and 21D of the Exchange Act of 1934 and claims of breach of fiduciary duty, aiding and abetting breach of fiduciary duty, abuse of control, gross mismanagement, waste of corporate assets, contribution and indemnification, and unjust enrichment arising from substantially similar allegations as those contained in the securities class action described above. The complaints seek an unspecified sum of damages, interest, restitution, expenses, attorneys’ fees and other equitable relief. The cases are at a preliminary stage. Abughazaleh derivatively on behalf of the Company vs. Certain Current and Former Officers and Directors On February 13, 2023, alleged shareholder Yousef Abughazaleh filed a derivative complaint purportedly on behalf of the Company against certain of the Company's current and former officers and directors in the District of Delaware captioned Abughazaleh v. Branson et al., Case No. 23-156-MN. The complaint asserts violations of Section 14(a) of the Exchange Act of 1934 and SEC Rule 14a-9, and claims of breach of fiduciary duty, contribution and indemnification, and unjust enrichment arising from substantially similar allegations as those contained in the securities class action described above. The complaint seeks an unspecified sum of damages, interest, restitution, expenses, attorneys’ fees and other equitable relief. The case is at a preliminary stage. Molnar and Tubbs derivatively on behalf of the Company vs. Certain Current and Former Officers and Directors On April 9, 2024, alleged shareholders Crystal Molnar and Cleveland Tubbs filed a derivative complaint purportedly on behalf of the Company against certain of the Company's current and former officers and directors in the Central District of California captioned Molnar v. Branson et al., Case No. 8:24-cv-775. The complaint asserts violations of Section 10(b) and 21D of the Exchange Act of 1934, and claims of breach of fiduciary duty and unjust enrichment arising from substantially similar allegations as those contained in the securities class action described above. The complaint seeks an unspecified sum of damages, restitution, expenses, attorneys’ fees, and other equitable relief. The case is at a preliminary stage.

Related Party Transactions

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company licenses its brand name from certain entities affiliated with Virgin Enterprises Limited (“VEL”), a company incorporated in England. VEL is an affiliate of the Company. Under the trademark license, the Company has the exclusive right to operate under the brand name “Virgin Galactic” worldwide. Royalties payable, excluding sponsorship royalties, are the greater of (a) a low single-digit percentage of gross sales and (b) (i) prior to the first spaceflight for paying astronauts, a mid-five figure amount in dollars and (ii) from the first spaceflight for paying astronauts, a low-six figure amount in dollars, which increases to a low-seven figure amount in dollars over a four-year ramp up and thereafter increases in correlation with the consumer price index. Royalties payable on sponsorships are based on a mid-double-digit percentage of the related gross sales. During the three months ended March 31, 2024 and 2023, the Company incurred royalty expenses of $0.3 million and less than $0.1 million, respectively.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
Supplemental Cash Flow Information	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Three Months Ended March 31, 2024 2023 (in thousands) Supplemental disclosure of cash flow information: Cash payments for: Income taxes $ 94 $ 128 Interest — 5,313 Supplemental disclosure of non-cash investing and financing activities: Unpaid purchases of property, plant and equipment $ 7,951 $ 7,125 Issuance of common stock through RSUs vested 585 4,218

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (102,012)	$ (159,385)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the three months ended March 31, 2024, none of our officers or directors adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non Rule 10b5-1 trading arrangement," except as described in the table below: Name Title Action Applicable Date Duration of Trading Arrangement Rule 10b5-1 Trading Arrangement (Y/N) Aggregated Number of Securities Subject to Trading Arrangement (3) Aparna Chitale Chief People Officer Terminated 3/15/2024 3/16/2023-3/18/2024 N (1) 56,996 Aparna Chitale Chief People Officer Adopted 3/15/2024 3/15/2024-3/14/2025 Y (2) 80,802 (1) Complied with the then-applicable requirements of Rule 10b5-1(c) when adopted in 2023. (2) Denotes whether the trading arrangement is intended to satisfy the affirmative defense Rule 10b5-1(c). (3) This number represents the maximum number of shares of our common stock that may be sold pursuant to the trading arrangement. The number of shares actually sold will depend on the satisfaction of certain conditions set forth in the trading arrangement.
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Aparna Chitale, March 15, 2024 Terminated Plan [Member] \| Aparna Chitale [Member]
Trading Arrangements, by Individual
Name	Aparna Chitale
Title	Chief People Officer
Rule 10b5-1 Arrangement Terminated	true
Termination Date	3/15/2024
Aggregate Available	56,996
Aparna Chitale, March 15, 2024 Adopted Plan [Member] \| Aparna Chitale [Member]
Trading Arrangements, by Individual
Name	Aparna Chitale
Title	Chief People Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	3/15/2024
Arrangement Duration	364 days
Aggregate Available	80,802

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.
Statement of Operations Presentation	Statement of Operations Presentation In July 2023, the Company concluded that technological feasibility had been achieved for its initial spaceship, VSS Unity, and mothership carrier aircraft, VMS Eve, which together comprise the Company’s current spaceflight system. As a result, future costs associated with this spaceflight system, including the manufacture of related rocket motors, will no longer qualify as research and development activities. Following the launch of commercial service and achievement of technological feasibility, the Company began presenting the operating expenses supporting the Company’s commercial spaceline activities as spaceline operations expense in the accompanying condensed consolidated statements of operations and comprehensive loss. Expenses incurred prior to the achievement of technological feasibility were classified as research and development and selling, general and administrative expenses. Spaceline operations expense includes costs associated with commercial spaceflight services and production costs that are not eligible for capitalization. Spaceline operations expense also includes costs to support the Company’s Future Astronaut community and costs related to payload cargo and engineering services, which were previously presented as customer experience expense.
Restricted Cash	Restricted cash consists of cash deposits received from future astronauts that are contractually restricted for operational use until the condition of carriage is signed or the deposits are refunded.
Fair Value Measurements	Assets and liabilities subject to fair value measurements are required to be disclosed within a fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair value. Accordingly, assets and liabilities carried at fair value are classified within the fair value hierarchy in one of the following categories: • Level 1 inputs — Quoted prices in active markets for identical assets or liabilities. • Level 2 inputs — Inputs other than Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 inputs — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability.

Cash, Cash Equivalents and Ma_2

Cash, Cash Equivalents and Marketable Securities (Tables)	3 Months Ended
Cash, Cash Equivalents and Marketable Securities (Tables)	Mar. 31, 2024
Cash and Cash Equivalents [Abstract]
Schedule of Marketable Securities	The amortized cost, unrealized gains (losses) and estimated fair value of the Company's cash, cash equivalents and marketable securities are as follows: March 31, 2024 Amortized Cost Gross Unrealized Losses Fair Value (In thousands) Cash and cash equivalents: Cash and restricted cash $ 9,665 $ — $ 9,665 Money market 220,686 — 220,686 Marketable securities: U.S. treasuries 113,081 (59) 113,022 Corporate bonds 524,364 (503) 523,861 $ 867,796 $ (562) $ 867,234 December 31, 2023 Amortized Cost Gross Unrealized Gains Fair Value (In thousands) Cash and cash equivalents: Cash and restricted cash $ 17,727 $ — $ 17,727 Money market 235,865 — 235,865 Marketable securities: U.S. treasuries 198,639 44 198,683 Corporate bonds 529,893 258 530,151 $ 982,124 $ 302 $ 982,426
Schedule of Contractual Maturities	The following table presents the contractual maturities of the Company's marketable securities as of March 31, 2024: March 31, 2024 Amortized Cost Estimated Fair Value (In thousands) Matures within one year $ 570,361 $ 569,778 Matures between one to two years 67,084 67,105 $ 637,445 $ 636,883

Inventories (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories are included in other current assets in the accompanying condensed consolidated balance sheets and are comprised of the following: March 31, 2024 December 31, 2023 (In thousands) Raw materials and work-in-process $ 13,960 $ 13,875 Spare parts 2,761 2,426 $ 16,721 $ 16,301

Property, Plant, and Equipmen_2

Property, Plant, and Equipment, Net (Tables)	3 Months Ended
Property, Plant, and Equipment, Net (Tables)	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant, and Equipment	Property, plant and equipment consists of the following: March 31, 2024 December 31, 2023 (In thousands) Land $ 1,302 $ 1,302 Buildings 9,092 9,092 Flight vehicles and rotables 4,099 4,074 Machinery and equipment 41,005 39,983 Information technology software and equipment 42,576 43,256 Leasehold improvements 37,424 37,141 Construction in progress 54,025 34,584 189,523 169,432 Less: accumulated depreciation and amortization 78,913 75,626 $ 110,610 $ 93,806

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2024
Leases [Abstract]
Summary of Lease Expense and Cash Flow Information	The components of expense related to leases are as follows: Three Months Ended March 31, 2024 2023 (In thousands) Operating lease cost $ 3,459 $ 2,810 Variable lease cost 1,144 701 Short-term lease cost 6 6 Finance lease cost: Amortization of assets under finance leases 67 65 Interest on finance lease liabilities 19 19 Total finance lease cost 86 84 Total lease cost $ 4,695 $ 3,601 The components of supplemental cash flow information related to leases are as follows: Three Months Ended March 31, 2024 2023 (In thousands, except term and rate data) Cash Flow Information: Operating cash flows from operating leases $ 3,250 $ 2,055 Operating cash flows from finance leases $ 19 $ 19 Financing cash flows from finance leases $ 60 $ 59 Non-cash Activity: Assets acquired in exchange for lease obligations: Operating leases $ — $ — Finance leases $ — $ 86 Other Information: Weighted-average remaining lease term: Operating leases (in years) 9.5 10.4 Finance leases (in years) 3.0 3.2 Weighted-average discount rates: Operating leases 12.1 % 12.1 % Finance leases 13.1 % 12.7 %
Summary of Balance Sheet Information	The supplemental balance sheet information related to leases is as follows: March 31, 2024 December 31, 2023 (In thousands) Operating Leases: Long-term right-of-use assets $ 58,476 $ 58,526 Short-term operating lease liabilities $ 4,538 $ 4,350 Long-term operating lease liabilities 68,900 68,864 Total operating lease liabilities $ 73,438 $ 73,214

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	3 Months Ended
Other Current Liabilities (Tables)	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued and Other Current Liabilities	The components of other current liabilities are as follows: March 31, 2024 December 31, 2023 (In thousands) Accrued compensation $ 16,555 $ 32,179 Accrued manufacturing sub-contractor and contract labor costs 9,154 9,500 Other 20,825 13,725 $ 46,534 $ 55,404

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)	3 Months Ended
Convertible Senior Notes (Tables)	Mar. 31, 2024
Convertible Debt [Abstract]
Schedule of Convertible Debt	The net carrying value of the 2027 Notes is as follows: March 31, 2024 December 31, 2023 (In thousands) Principal $ 425,000 $ 425,000 Less: unamortized debt issuance costs 6,562 7,114 Net carrying amount $ 418,438 $ 417,886

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
Stock-Based Compensation (Tables)	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Units Activity	A summary of the components of stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss is as follows: Three Months Ended March 31, 2024 2023 (in thousands) Stock option and PSO expense: Spaceline operations $ — $ — Research and development — 533 Selling, general and administrative 617 1,638 Total stock option and PSO expense 617 2,171 RSU and PSU expense: Spaceline operations 1,168 — Research and development 1,106 2,483 Selling, general and administrative 5,353 8,322 Total RSU and PSU expense 7,627 10,805 Total stock-based compensation expense 8,244 12,976 Less: stock-based compensation expense for liability-classified awards 199 — Stock-based compensation expense for equity-classified awards $ 8,045 $ 12,976
Schedule of Performance Stock Unit Activity	A summary of the components of stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss is as follows: Three Months Ended March 31, 2024 2023 (in thousands) Stock option and PSO expense: Spaceline operations $ — $ — Research and development — 533 Selling, general and administrative 617 1,638 Total stock option and PSO expense 617 2,171 RSU and PSU expense: Spaceline operations 1,168 — Research and development 1,106 2,483 Selling, general and administrative 5,353 8,322 Total RSU and PSU expense 7,627 10,805 Total stock-based compensation expense 8,244 12,976 Less: stock-based compensation expense for liability-classified awards 199 — Stock-based compensation expense for equity-classified awards $ 8,045 $ 12,976
Summary of Stock Option and RSU Expense	A summary of the components of stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss is as follows: Three Months Ended March 31, 2024 2023 (in thousands) Stock option and PSO expense: Spaceline operations $ — $ — Research and development — 533 Selling, general and administrative 617 1,638 Total stock option and PSO expense 617 2,171 RSU and PSU expense: Spaceline operations 1,168 — Research and development 1,106 2,483 Selling, general and administrative 5,353 8,322 Total RSU and PSU expense 7,627 10,805 Total stock-based compensation expense 8,244 12,976 Less: stock-based compensation expense for liability-classified awards 199 — Stock-based compensation expense for equity-classified awards $ 8,045 $ 12,976

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Net Loss Per Share	The following table presents net loss per share and related information: Three Months Ended March 31, 2024 2023 (In thousands, except per share amounts) Basic and diluted: Net loss $ (102,012) $ (159,385) Weighted average common shares outstanding 400,387 278,450 Basic and diluted net loss per share $ (0.25) $ (0.57)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets Measured on Recurring Basis	The following tables present the Company's financial assets that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy: March 31, 2024 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 220,686 $ — $ — $ 220,686 U.S. treasuries 113,022 — — 113,022 Corporate bonds — 523,861 — 523,861 Total assets at fair value $ 333,708 $ 523,861 $ — $ 857,569 December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 235,865 $ — $ — $ 235,865 U.S. treasuries 198,683 — — 198,683 Corporate bonds — 530,151 — 530,151 Total assets at fair value $ 434,548 $ 530,151 $ — $ 964,699 The following tables present the Company's financial liabilities that are recorded at amortized cost, segregated among the appropriate levels within the fair value hierarchy: March 31, 2024 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 156,685 $ — $ 156,685 Total liabilities at fair value $ — $ 156,685 $ — $ 156,685 December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 189,937 $ — $ 189,937 Total liabilities at fair value $ — $ 189,937 $ — $ 189,937

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
Commitments and Contingencies (Tables)	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Summary of Operating Lease Maturities	Future minimum lease payments under non-cancellable operating leases and future minimum finance lease payments as of March 31, 2024 are as follows: Operating Leases Finance Leases (In thousands) 2024 (for the remaining period) $ 9,793 $ 178 2025 13,240 227 2026 13,233 176 2027 12,919 61 2028 12,706 22 Thereafter 65,072 — Total payments 126,963 664 Less: present value discount/imputed interest 53,525 108 Present value of lease liabilities $ 73,438 $ 556
Summary of Finance Lease Maturities	Future minimum lease payments under non-cancellable operating leases and future minimum finance lease payments as of March 31, 2024 are as follows: Operating Leases Finance Leases (In thousands) 2024 (for the remaining period) $ 9,793 $ 178 2025 13,240 227 2026 13,233 176 2027 12,919 61 2028 12,706 22 Thereafter 65,072 — Total payments 126,963 664 Less: present value discount/imputed interest 53,525 108 Present value of lease liabilities $ 73,438 $ 556

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
Supplemental Cash Flow Information (Tables)	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	Three Months Ended March 31, 2024 2023 (in thousands) Supplemental disclosure of cash flow information: Cash payments for: Income taxes $ 94 $ 128 Interest — 5,313 Supplemental disclosure of non-cash investing and financing activities: Unpaid purchases of property, plant and equipment $ 7,951 $ 7,125 Issuance of common stock through RSUs vested 585 4,218

Cash, Cash Equivalents and Ma_3

Cash, Cash Equivalents and Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, Amortized Cost	$ 230,351	$ 253,592	$ 456,090	$ 342,627
Marketable securities, Amortized Cost	637,445
Cash, cash equivalents and marketable securities, Amortized Cost	867,796	982,124
Cash, cash equivalents and marketable securities, Gross Unrealized Gains (Losses)	(562)	302
Marketable securities, Fair Value	636,883
Total assets at fair value	867,234	982,426
U.S. treasuries
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable securities, Amortized Cost	113,081	198,639
Cash, cash equivalents and marketable securities, Gross Unrealized Gains (Losses)	(59)	44
Marketable securities, Fair Value	113,022	198,683
Corporate bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable securities, Amortized Cost	524,364	529,893
Cash, cash equivalents and marketable securities, Gross Unrealized Gains (Losses)	(503)	258
Marketable securities, Fair Value	523,861	530,151
Cash and restricted cash
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, Amortized Cost	9,665	17,727
Cash and cash equivalents, Fair Value	9,665	17,727
Money market
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, Amortized Cost	220,686	235,865
Cash and cash equivalents, Fair Value	$ 220,686	$ 235,865

Cash, Cash Equivalents and Ma_4

Cash, Cash Equivalents and Marketable Securities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Interest receivable	$ 4.4		$ 4.6
Amortization expense for marketable securities	$ 5.3	$ 0.4

Cash, Cash Equivalents and Ma_5

Cash, Cash Equivalents and Marketable Securities - Contractual Maturities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Amortized Cost
Matures within one year	$ 570,361
Matures between one to two years	67,084
Marketable securities, Total	637,445
Estimated Fair Value
Matures within one year	569,778
Matures between one to two years	67,105
Marketable securities, Total	$ 636,883

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials and work-in-process	$ 13,960	$ 13,875
Spare parts	2,761	2,426
Inventories	$ 16,721	$ 16,301

Property, Plant, and Equipmen_3

Property, Plant, and Equipment, Net - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 189,523	$ 169,432
Less: accumulated depreciation and amortization	78,913	75,626
Property, plant and equipment, net	110,610	93,806
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	1,302	1,302
Buildings
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	9,092	9,092
Flight vehicles and rotables
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	4,099	4,074
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	41,005	39,983
Information technology software and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	42,576	43,256
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	37,424	37,141
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 54,025	$ 34,584

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 3,459	$ 2,810
Variable lease cost	1,144	701
Short-term lease cost	6	6
Finance lease cost:
Amortization of assets under finance leases	67	65
Interest on finance lease liabilities	19	19
Total finance lease cost	86	84
Total lease cost	$ 4,695	$ 3,601

Leases - Cash Flow Information

Leases - Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flow Information:
Operating cash flows from operating leases	$ 3,250	$ 2,055
Operating cash flows from finance leases	19	19
Financing cash flows from finance leases	60	59
Assets acquired in exchange for lease obligations:
Operating leases	0	0
Finance leases	$ 0	$ 86
Weighted-average remaining lease term:
Operating leases (in years)	9 years 6 months	10 years 4 months 24 days
Finance leases (in years)	3 years	3 years 2 months 12 days
Weighted-average discount rates:
Operating leases	12.10%	12.10%
Finance leases	13.10%	12.70%

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Long-term right-of-use assets	$ 58,476	$ 58,526
Short-term operating lease liabilities	4,538	4,350
Long-term operating lease liabilities	68,900	68,864
Total operating lease liabilities	$ 73,438	$ 73,214

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation	$ 16,555	$ 32,179
Accrued manufacturing sub-contractor and contract labor costs	9,154	9,500
Other	20,825	13,725
Total	$ 46,534	$ 55,404

Convertible Senior Notes - Narr

Convertible Senior Notes - Narrative (Details) - USD ($)	3 Months Ended
Convertible Senior Notes - Narrative (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Jan. 31, 2022
Line of Credit Facility [Line Items]
Interest expense	$ 3,227,000	$ 3,211,000
Amortization of debt issuance costs	552,000	535,000
2027 Notes \| Convertible Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount			$ 425,000,000
Interest rate			2.50%
Interest expense	3,200,000	3,200,000
Amortization of debt issuance costs	$ 600,000	$ 500,000

Convertible Senior Notes - 2027

Convertible Senior Notes - 2027 Notes (Details) - 2027 Notes - Convertible Debt - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal	$ 425,000	$ 425,000
Less: unamortized debt issuance costs	6,562	7,114
Net carrying amount	$ 418,438	$ 417,886

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		10 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Jun. 30, 2023	Aug. 30, 2022
Class of Warrant or Right [Line Items]
Stock issuance costs	$ 52	$ 320
2022 At The Market Offering Program
Class of Warrant or Right [Line Items]
Stock offering, maximum sale amount					$ 300,000
Stock sold (in shares)		5.8
Proceeds from sale of common stock		$ 32,000
Stock issuance costs		$ 300
2023 At The Market Offering Program
Class of Warrant or Right [Line Items]
Stock offering, maximum sale amount				$ 400,000
Stock sold (in shares)	5.1		84.8
Proceeds from sale of common stock	$ 7,300		$ 294,700
Stock issuance costs	$ 100		$ 2,900

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) plan shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity incentive plans \| plan	2
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	5.5
Unrecognized compensation cost, period for recognition	1 year 2 months 12 days
Unrecognized stock-based compensation expense, excluding options	$ 48.3
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 2.9
Unrecognized compensation cost, period for recognition	8 months 12 days
Performance stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 0
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, period for recognition	9 months 18 days
Unrecognized stock-based compensation expense, excluding options	$ 4.8

Stock-Based Compensation - Comp

Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 8,244	$ 12,976
Stock option and PSO
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	617	2,171
Stock option and PSO \| Spaceline operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	0	0
Stock option and PSO \| Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	0	533
Stock option and PSO \| Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	617	1,638
RSU and PSU
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	7,627	10,805
RSU and PSU \| Spaceline operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,168	0
RSU and PSU \| Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,106	2,483
RSU and PSU \| Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	5,353	8,322
Liability-classified award
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	(199)	0
Equity-classified award
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 8,045	$ 12,976

Special Charges - Narrative (De

Special Charges - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Nov. 30, 2023	Mar. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Workforce reduction (percent of workforce)	18%
Employee Severance
Restructuring Cost and Reserve [Line Items]
Severance and related benefit costs			$ 4.4
Payments for restructuring		$ (1.4)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 80	$ 128
Effective income tax rate	0%	0%

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic and diluted:
Net loss, basic	$ (102,012)	$ (159,385)
Net loss, diluted	$ (102,012)	$ (159,385)
Weighted average common shares outstanding - basic (in shares)	400,387	278,450
Weighted average common share outstanding - diluted (in shares)	400,387	278,450
Basic net loss per share (in dollars per share)	$ (0.25)	$ (0.57)
Diluted net loss per share (in dollars per share)	$ (0.25)	$ (0.57)

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock-based Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential effect of warrants to purchase stock (in shares)	49.1	47.2

Fair Value Measurements - Fair

Fair Value Measurements - Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	$ 636,883
Total assets at fair value	867,234	$ 982,426
U.S. treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	113,022	198,683
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	523,861	530,151
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	857,569	964,699
Total liabilities at fair value	156,685	189,937
Fair Value, Recurring \| 2027 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
2027 Notes	156,685	189,937
Fair Value, Recurring \| U.S. treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	113,022	198,683
Fair Value, Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	523,861	530,151
Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	333,708	434,548
Total liabilities at fair value	0	0
Level 1 \| Fair Value, Recurring \| 2027 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
2027 Notes	0	0
Level 1 \| Fair Value, Recurring \| U.S. treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	113,022	198,683
Level 1 \| Fair Value, Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	0	0
Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	523,861	530,151
Total liabilities at fair value	156,685	189,937
Level 2 \| Fair Value, Recurring \| 2027 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
2027 Notes	156,685	189,937
Level 2 \| Fair Value, Recurring \| U.S. treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	0	0
Level 2 \| Fair Value, Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	523,861	530,151
Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	0	0
Total liabilities at fair value	0	0
Level 3 \| Fair Value, Recurring \| 2027 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
2027 Notes	0	0
Level 3 \| Fair Value, Recurring \| U.S. treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	0	0
Level 3 \| Fair Value, Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	0	0
Money market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	220,686	235,865
Money market \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	220,686	235,865
Money market \| Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	220,686	235,865
Money market \| Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0	0
Money market \| Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Lease Maturities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Operating Leases
2024 (for the remaining period)	$ 9,793
2025	13,240
2026	13,233
2027	12,919
2028	12,706
Thereafter	65,072
Total payments	126,963
Less: present value discount/imputed interest	53,525
Present value of lease liabilities	73,438
Finance Leases
2024 (for the remaining period)	178
2025	227
2026	176
2027	61
2028	22
Thereafter	0
Total payments	664
Less: present value discount/imputed interest	108
Present value of lease liabilities	$ 556

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) $ in Millions		10 Months Ended
	Mar. 21, 2024 USD ($)	Dec. 13, 2022 allegedShareholder
Loss Contingencies [Line Items]
Number of alleged shareholders that filed a complaint \| allegedShareholder		4
The Boeing Company and Aurora Flight Sciences Corporation
Loss Contingencies [Line Items]
Loss contingency, damages sought, value \| $	$ 25

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Affiliated Entity
Related Party Transaction [Line Items]
Royalty expense	$ 0.3	$ 0.1

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash payments for:
Income taxes	$ 94	$ 128
Interest	0	5,313
Supplemental disclosure of non-cash investing and financing activities:
Unpaid purchases of property, plant and equipment	7,951	7,125
Issuance of common stock through RSUs vested	$ 585	$ 4,218