Virgin Galactic said scaling to four spaceships and an added launch vehicle at a single spaceport could lift adjusted EBITDA above $450 million a year, and that fully utilizing two spaceports could push annual adjusted EBITDA above $1 billion, even as the company delayed its first commercial flight to February 2027 from the previously targeted end of 2026. The longer-term targets accompanied second-quarter results that beat Wall Street estimates, with a loss of 50 cents per share versus a consensus estimate for a 66-cent loss and revenue of $134,000 versus an expected $127,000, though revenue fell from $406,000 a year earlier. CEO Michael Colglazier said no single issue caused the delay, attributing it instead to modest time extensions across hundreds of avionics and systems installation tasks on the first new spaceship. The company also said free cash flow should begin improving in the third quarter, its $750,000 tranche of spaceflight expeditions was oversubscribed and sold out ahead of schedule, a higher-priced tranche is expected this fall, and a second spaceship is planned to join the fleet in March 2027. Shares were down 14.55% to $2.82 in Wednesday's extended trading and later showed a 9.70% decline to $2.98 in overnight trading.