Virgin Galactic shares drop about 10% after hours as first commercial service for next-generation spacecraft slips to February 2027

Virgin Galactic shares fell after hours as management delayed the next-generation vehicle's first commercial service to February 2027, extending the timeline to meaningful revenue despite a narrower net loss and an EPS beat. Revenue remained minimal and down sharply year over year, while guidance implies continued heavy cash burn before flight testing begins in October. Oversubscribed $750k ticket demand supports long-term optionality but does not offset near-term execution and funding risk.