SPCE (SPCE) financial statements
SPCE reported revenue of $2M in fiscal 2025, down 1.6% a year over 8 years.
Net income was -$279M and the operating margin -18480.8%, against -7907.9% in 2017.
Free cash flow was -$438M.
The diluted share count rose 429% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from SPCE's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2M | $3M | $4M | $238,000 | $3M | $2M | $7M | $7M | $2M |
| Cost of revenue | $488,000 | $1M | $2M | $173,000 | $272,000 | $2M | $51M | $90M | $73M |
| Gross profit | $1M | $2M | $2M | $65,000 | $3M | $406,000 | -$44M | -$83M | -$71M |
| Research and development | $93M | $118M | $133M | $154M | $144M | $314M | $295M | $153M | $80M |
| Selling, general and admin | $47M | $51M | $82M | $111M | $167M | $175M | $175M | $125M | $117M |
| Operating income | -$139M | -$167M | -$213M | -$275M | -$320M | -$500M | -$532M | -$377M | -$285M |
| Interest expense | $21,000 | $10,000 | $36,000 | $36,000 | $25,000 | $12M | $13M | $13M | $13M |
| Pre-tax income | -$138M | -$138M | -$215M | -$645M | -$353M | -$500M | -$502M | -$347M | -$279M |
| Income tax | $155,000 | $147,000 | $62,000 | $6,000 | $79,000 | $598,000 | $453,000 | $74,000 | $52,000 |
| Net income | -$138M | -$138M | -$215M | -$645M | -$353M | -$500M | -$502M | -$347M | -$279M |
| EPS (diluted) | -$14.20 | -$14.20 | -$22.20 | -$58.80 | -$28.60 | -$37.80 | -$29.79 | -$13.89 | -$5.44 |
| Diluted shares | 10M | 10M | 10M | 11M | 12M | 13M | 17M | 25M | 51M |
| Gross margin | 72.2% | 57.8% | 47.0% | 27.3% | 91.7% | 17.6% | -643.2% | -1179.5% | -4613.0% |
| Operating margin | -7907.9% | -5868.2% | -5640.4% | -115665.5% | -9706.4% | -21625.6% | -7816.3% | -5352.9% | -18480.8% |
| Net margin | -7878.4% | -4848.7% | -5689.4% | -270960.9% | -10719.9% | -21632.9% | -7387.3% | -4928.1% | -18063.9% |
Balance sheet
Fiscal years, from SPCE's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $767M | $778M | $480M | $666M | $604M | $909M | $874M | $563M | $307M |
| Receivables | — | $1M | $461,000 | $470,000 | — | — | — | — | — |
| Inventory | — | $23M | $32M | $30M | $30M | $24M | $16M | — | — |
| Total current assets | $2M | $119M | $542M | $728M | $679M | $1.0B | $951M | $628M | $373M |
| Property, plant and equipment | — | $34M | $44M | $53M | $47M | $54M | $94M | $209M | $389M |
| Total assets | $694M | $156M | $606M | $804M | $1.1B | $1.1B | $1.2B | $961M | $803M |
| Total current liabilities | $356,531 | $106M | $116M | $115M | $132M | $184M | $186M | $150M | $209M |
| Long-term debt | — | — | $0 | $310,000 | $0 | — | — | $420M | $276M |
| Total liabilities | $25M | $114M | $262M | $277M | $175M | $660M | $674M | $639M | $529M |
| Shareholders' equity | $23M | $42M | $343M | $527M | $894M | $480M | $505M | $322M | $274M |
| Net debt | -$75M | -$74M | -$480M | -$665M | -$524M | -$302M | -$217M | $242M | $179M |
Cash flow
Fiscal years, from SPCE's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$137M | -$146M | -$209M | -$233M | -$231M | -$380M | -$448M | -$353M | -$240M |
| Capital spending | $6M | $11M | $14M | $17M | $5M | $16M | $44M | $122M | $198M |
| Free cash flow | -$142M | -$156M | -$223M | -$250M | -$235M | -$397M | -$493M | -$475M | -$438M |
| Stock-based compensation | $0 | $0 | $3M | $30M | $62M | $46M | $44M | $30M | $19M |
| Net borrowing | — | — | — | — | — | — | — | $0 | $212M |
| Free cash flow margin | -8111.3% | -5485.9% | -5897.0% | -105193.3% | -7150.6% | -17159.6% | -7242.7% | -6744.7% | -28380.0% |
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Open SPCE in InvestinglyQuestions
What was SPCE's revenue in 2025?
$2M in fiscal 2025, from its 10-K filing.
How much free cash flow does SPCE generate?
-$438M in fiscal 2025 (operating cash flow minus capital spending).
From SPCE's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.