Virgin Galactic Holdings, IncSPCE

Virgin Galactic Holdings, Inc Earnings Per Share Disclosure

10-KFiled Mar 30, 20261 min read
Earnings Per Share
The following table presents net loss per share and related information:        
Year Ended December 31,
20252024
(In thousands, except per share amounts)
Basic and diluted:
Net loss$(278,907)$(346,740)
Weighted-average common shares outstanding 51,242 24,955 
Basic and diluted net loss per share $(5.44)$(13.89)
Basic and dilutive 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. In December 2025, in connection with the Registered Offering (see Note 8), the Company issued and sold Pre-Funded Warrants exercisable for an aggregate of 8.4 million shares of its common stock at an exercise price of $0.0001 per share. As the Pre-Funded Warrants are issuable for nominal consideration, the shares underlying the unexercised 4.1 million Pre-Funded Warrants were considered outstanding for purposes of the calculation of net loss per share for the year ended December 31, 2025.
A summary of the total number of shares excluded in the diluted net loss per share calculation is as follows:
December 31,
20252024
(In thousands)
Stock options issued and outstanding120 127 
Performance stock options issued and outstanding20 20 
Unvested equity - classified restricted stock units issued and outstanding5,244 643 
Unvested performance stock units issued and outstanding29 49 
Shares related to the 2027 Notes (if-converted)275 1,662 
5,688 2,501 

Historical Timeline

Fiscal YearFiled
2025Mar 30, 2026Showing above
2024Feb 26, 2025
2023Feb 27, 2024
2022Feb 28, 2023
2021Feb 28, 2022
2020Mar 1, 2021
2019Feb 28, 2020

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

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