VIRGIN GALACTIC ANNOUNCES 4th QUARTER HIGHLIGHTS

New Mexico - February 25, 2021 - Virgin Galactic Holdings, a vertically integrated aerospace and space travel company, today announced its financial results for the fourth quarter and full year ended December 31, 2020.

“We accomplished several significant milestones during 2020 despite the ongoing challenges posed by the COVID-19 pandemic,” said Michael Colglazier, Chief Executive Officer of Virgin Galactic. “Looking ahead, we’re focused on completing our test flight program, expanding our fleet of spaceships and motherships, and developing our unique and transformative customer experience. I am excited about the talent we’re bringing on to our leadership team and the investments we’re making in the business, both of which will position us well to scale for future growth.”

 FOURTH QUARTER 2020 BUSINESS HIGHLIGHTS

• Completed significant build milestones on second spaceship, in preparation for its scheduled rollout on March 30, 2021.
• Conducted safe test flight on December 12, 2020 during which the onboard computer lost connection and halted ignition of the rocket motor.
• Appointed two new pilots into Virgin Galactic Pilot Corps, bringing the total number of pilots to eight as of October 27, 2020.
• Successfully closed the “One Small Step” program on December 31, 2020, with approximately 1,000 participants enrolled.
• Total Future Astronauts remained at approximately 600, as of December 31, 2020.
• Appointed Alistair Burns as Chief Information Officer on November 9, 2020.

 RECENT UPDATES:

• Continue to prepare for next rocket-powered spaceflight from Spaceport America, targeted for May 2021.
• Completing modifications and conducting technical checks ahead of flight, which will include revenue-generating payloads as part of the NASA Flight Opportunities Program.
• Re-confirmed second and third spaceflights from Spaceport America, including Sir Richard Branson’s flight, and announced timing for revenue-generating spaceflight with the Italian Air Force.
• Accelerating multi-month enhancement program to mothership vehicle, VMS Eve, and preparing for second generation mothership build program.
• Continue to build senior management team: o Appointed Swami Iyer as President of Aerospace Systems, effective end of March 2021.

 NEW SENIOR MANAGEMENT TEAM APPOINTMENTS:

• Stephen Justice as Vice President of Engineering on March 1, 2021
• Doug Ahrens as Chief Financial Officer, effective March 1, 2021
• Seth Zaslow as Vice President of Investor Relations on February 8, 2021

 UPCOMING HIGHLIGHTS:

• Rollout of Second Spaceship Scheduled to Take Place on March 30
• Announced Expected Timing of Revenue-Generating Flight with the Italian Air Force
• Next Rocket-Powered Spaceflight Targeted to Occur in May

About Galactic Experiences by DePrez
Galactic Experiences by DePrez is a member of the DePrez Group Of Travel Companies, which is the largest independent travel management firm in central and western NY. Founded in 1929, the group provides extensive and diverse travel services, including cruise sales by Just Cruises, Inc. a top 50 cruise-only agency in N.A., meeting and conventions planning to fortune 100 companies and large associations, corporate travel management, and luxury travel leisure sales through Whitaker & DePrez Travel Partners LLC.

About Virgin Galactic
Virgin Galactic, owned by Sir Richard Branson’s Virgin Group and Aabar Investments PJS, is on track to be the world’s first commercial spaceline. The new spaceship VSS Unity) and carrier craft (WhiteKnightTwo, VMS Eve) have both been developed for Virgin Galactic by Mojave-based Scaled Composites. Founded by Burt Rutan, Scaled developed SpaceShipOne, which in 2004 claimed the $10m Ansari X Prize as the world’s first privately developed manned spacecraft. Virgin Galactic’s new vehicles share much of the same basic design, but are being built to carry six customers, or the equivalent scientific research payload, on sub-orbital space flights, allowing an out-of-the-seat, zero-gravity experience and offering astounding views of the planet from the black sky of space for tourist astronauts and a unique microgravity platform for researchers. The Virgin Galactic commercial operations, are based at Spaceport America in New Mexico.

About Galactic Holdings
Virgin Galactic Holdings, Inc. is a vertically integrated aerospace and space travel company, pioneering human spaceflight for private individuals and researchers, as well as a manufacturer of advanced air and space vehicles. It is developing a spaceflight system designed to offer customers a unique and transformative experience.

For More Information Please Contact:

CRAIG CURRAN , ASA
Galactic Experiences By DePrez, DePrez Travel Bureau, Inc.
585-442-8900 X224