Virgin Galactic Holdings Inc (SPCE) reported third-quarter financial results after the market close on Thursday, and the numbers were a bit of a mixed bag. The company beat on both revenue and earnings, but the cash burn story remains the headline.

Virgin Galactic Q3 Results

Virgin Galactic reported third-quarter revenue of $427,000, beating estimates of $400,000. That revenue came from access fees related to future astronauts, as well as a future astronaut event. The aerospace and space travel company also reported a third-quarter loss of 39 cents per share, beating estimates for a loss of 50 cents per share.

But the cash picture is where things get real. Virgin Galactic used $58 million of cash in operating activities and generated negative free cash flow of $99 million in the quarter. The company ended the period with $184 million in total cash, cash equivalents and marketable securities.

CEO Michael Colglazier framed the quarter around operational progress. "Spaceship Apeiron's arrival at Spaceport America shifts our focus towards operational readiness, as we now prepare for flight test and the launch of commercial spaceflight," he said.

He also laid out the growth roadmap: "With our second spaceship on track to join Apeiron and Eve in late Q2/early Q3 2027, we have initiated near-term growth projects expected to increase capacity from this initial fleet to a rate of 150 spaceflights per year by the end of 2028."

Virgin Galactic said its first glide flight with Apeiron is expected in January, followed by the company's first commercial spaceflight in the early second quarter. The company also said it recently began booking a limited tranche of spaceflight expeditions at $850,000 per seat.

Looking ahead, Virgin Galactic expects fourth-quarter free cash flow to be between negative $80 million and negative $90 million. Management will discuss the quarter on an earnings call at 5 p.m. ET.

SPCE Shares Slide After Earnings

SPCE shares were down 1.50% in after-hours trading, at $2.63 at the time of publication on Thursday. The stock has been under pressure as investors weigh the company's path to commercial operations against its ongoing cash needs.