Virgin Galactic Receives Approval From FAA for Full Commercial Launch License Following Success of May Test Flight

Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“the Company” or “Virgin Galactic”) today announced that the Federal Aviation Administration (“FAA”) updated the Company’s existing commercial space transportation operator license to allow the spaceline to fly customers to space.

The Company also announced that it has completed an extensive review of data gathered from its May 22 test flight and confirmed that the flight performed well against all flight objectives.

The adjustment to Virgin Galactic’s operator’s license, which the Company has held since 2016, marks the first time the FAA has licensed a spaceline to fly customers. It is further validation of the Company’s methodical testing program, which has met the verification and validation criteria required by the FAA.

Michael Colglazier, Chief Executive Officer of Virgin Galactic, said, “We’re incredibly pleased with the results of our most recent test flight, which achieved our stated flight test objectives. The flight performed flawlessly, and the results demonstrate the safety and elegance of our flight system. Today’s approval by the FAA of our full commercial launch license, in conjunction with the success of our May 22 test flight, give us confidence as we proceed toward our first fully crewed test flight this summer.”

The May 22 test flight of VMS Eve and VSS Unity was the Company’s third crewed spaceflight and the first-ever spaceflight from Spaceport America, New Mexico. The flight achieved a speed of Mach 3 and reached space at an altitude of 55.5 miles. After an extensive review of the data collected during the flight, the Company confirmed that:

• The rocket-powered test of the spaceship’s upgraded horizontal stabilizers and flight controls demonstrated strong performance, in line with predictions. These enhanced systems, which allow for finer pilot control, will also be deployed in future spaceships in the Company’s fleet.
• The cabin environment data was in line with predictions.
• The flight successfully carried three revenue-generating research experiments that tested and demonstrated technologies in microgravity as part of NASA’s Flight Opportunities Program. The pilots flew VSS Unity on a specific trajectory designed to meet the objectives of these research experiments.

With the data analysis from the May flight now complete, Virgin Galactic will continue preparing for the remaining three test flights.

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About Virgin 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. You can find more information at https://www.virgingalactic.com/

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Virgin Galactic Holdings, Inc. (the "Company"), including statements regarding the Company’s spaceflight systems, markets and expected flight schedule. These forward-looking statements generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the factors, risks and uncertainties included in Amendment No. 2 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.virgingalactic.com. These filings identify and address other important risks and uncertainties that could cause the Company’s actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

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