Delta Moving Toward Finish Line with No Delta to Timeline

Research evidence excerpt

Delta Moving Toward Finish Line with No Delta to Timeline

USA | Aerospace & Defense Electronics

Virgin Galactic EquityMayResearch17, 2026

ESTIMATE CHANGEDelta Moving Toward Finish Line with No Delta

RATING BUYto Timeline

PRICE $2.88^

Virgin Galactic's Q1 results point to progress as the first Delta spaceship moves

toward commercial service in Q4 with the schedule for ground test phase PRICE TARGET | % TO PT $5.00 | +74%

(began in Q2) and flight tests (starting in Q3) holding firm. This has been 52W HIGH-LOW $6.64 - $2.13

preceded by the reopening of sales (650 customers in backlog today) w/ the FLOAT (%) | ADV MM (USD) 375.4% | 28.63

latest round expected to close in Q3 at $750K per ticket. $251MM of cash MARKET CAP $61.9M

bridges to OCF + in 2027 as flight tempo annualizes. TICKER SPCE ^Prior trading day's closing price unless otherwise

noted.

Moving Toward Stated Plan with Commercial Service Starting in Q4. Virgin Galactic continues

to operate toward its previously disclosed plan including the commencement of ground tests w/

FY (Dec) CHANGE TO JEFe JEF vs CONS

flight testing expected to ramp in Q3. This leads to the start of commercial service in Q4 and private

2026 2027 2026 2027

astronaut flights to follow with the second of two spaceships entering service in late Q4 2026/

early Q1 2027 unlocking a higher flight cadence and move toward 10/mo. flights in Q2 2027. With REV -87% -29% -92% -38%

the schedule remaining firm, Virgin Galactic reopened ticket sales with a limited number of Virgin EPS -19% -76% -4% -41%

Galactic Spaceflight Expeditions priced at $750K per ticket with an expected Q3 close and building

off the current ~650 customers in backlog ($186MM of expected revenue). The business model 2026 ($) Q1A Q2 Q3 Q4 FY