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Side-by-side financial comparison of SES AI Corp (SES) and Virgin Galactic Holdings, Inc (SPCE). Click either name above to swap in a different company.
SES AI Corp is the larger business by last-quarter revenue ($4.6M vs $4.2M, roughly 1.1× Virgin Galactic Holdings, Inc). SES AI Corp runs the higher net margin — -373.5% vs -2222.2%, a 1848.7% gap on every dollar of revenue. SES AI Corp produced more free cash flow last quarter ($-11.1M vs $-113.5M).
SES S.A. is a Luxembourgish communications satellite operator supplying video and data connectivity worldwide to broadcasters, content and internet service providers, mobile and fixed network operators, governments and institutions.
Virgin Galactic Holdings, Inc. is a British-American spaceflight company founded by Richard Branson and the Virgin Group conglomerate, which retains an 11.9% stake through Virgin Investments Limited.
SES vs SPCE — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2024
| Metric | | |
|---|---|---|
| Revenue | $4.6M | $4.2M |
| Net Profit | $-17.0M | $-93.8M |
| Gross Margin | 11.3% | -546.6% |
| Operating Margin | -387.7% | -2412.1% |
| Net Margin | -373.5% | -2222.2% |
| Revenue YoY | — | 125.5% |
| Net Profit YoY | 50.7% | 30.2% |
| EPS (diluted) | $-0.05 | $-4.36 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $4.6M | — | ||
| Q3 25 | $7.1M | — | ||
| Q2 25 | $3.5M | — | ||
| Q1 25 | $5.8M | — | ||
| Q2 24 | — | $4.2M | ||
| Q1 24 | — | $2.0M | ||
| Q4 23 | — | $2.8M | ||
| Q3 23 | — | $1.7M |
| Q4 25 | $-17.0M | — | ||
| Q3 25 | $-20.9M | — | ||
| Q2 25 | $-22.7M | — | ||
| Q1 25 | $-12.4M | — | ||
| Q2 24 | — | $-93.8M | ||
| Q1 24 | — | $-102.0M | ||
| Q4 23 | — | $-104.0M | ||
| Q3 23 | — | $-104.6M |
| Q4 25 | 11.3% | — | ||
| Q3 25 | 51.1% | — | ||
| Q2 25 | 73.7% | — | ||
| Q1 25 | 78.7% | — | ||
| Q2 24 | — | -546.6% | ||
| Q1 24 | — | -1038.1% | ||
| Q4 23 | — | -766.4% | ||
| Q3 23 | — | -1384.3% |
| Q4 25 | -387.7% | — | ||
| Q3 25 | -262.0% | — | ||
| Q2 25 | -652.3% | — | ||
| Q1 25 | -401.7% | — | ||
| Q2 24 | — | -2412.1% | ||
| Q1 24 | — | -5599.9% | ||
| Q4 23 | — | -4067.8% | ||
| Q3 23 | — | -6613.0% |
| Q4 25 | -373.5% | — | ||
| Q3 25 | -293.9% | — | ||
| Q2 25 | -642.2% | — | ||
| Q1 25 | -214.6% | — | ||
| Q2 24 | — | -2222.2% | ||
| Q1 24 | — | -5139.1% | ||
| Q4 23 | — | -3701.8% | ||
| Q3 23 | — | -6053.5% |
| Q4 25 | $-0.05 | — | ||
| Q3 25 | $-0.06 | — | ||
| Q2 25 | $-0.07 | — | ||
| Q1 25 | $-0.04 | — | ||
| Q2 24 | — | $-4.36 | ||
| Q1 24 | — | $-5.10 | ||
| Q4 23 | — | $-14.49 | ||
| Q3 23 | — | $-5.57 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $29.5M | $775.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $214.8M | $394.8M |
| Total Assets | $272.6M | $1.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $29.5M | — | ||
| Q3 25 | $35.3M | — | ||
| Q2 25 | $11.8M | — | ||
| Q1 25 | $56.1M | — | ||
| Q2 24 | — | $775.7M | ||
| Q1 24 | — | $765.2M | ||
| Q4 23 | — | $874.0M | ||
| Q3 23 | — | $997.1M |
| Q4 25 | $214.8M | — | ||
| Q3 25 | $228.2M | — | ||
| Q2 25 | $249.2M | — | ||
| Q1 25 | $269.9M | — | ||
| Q2 24 | — | $394.8M | ||
| Q1 24 | — | $417.6M | ||
| Q4 23 | — | $505.5M | ||
| Q3 23 | — | $599.4M |
| Q4 25 | $272.6M | — | ||
| Q3 25 | $288.8M | — | ||
| Q2 25 | $290.5M | — | ||
| Q1 25 | $306.0M | — | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.1B | ||
| Q4 23 | — | $1.2B | ||
| Q3 23 | — | $1.3B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-10.4M | $-79.1M |
| Free Cash FlowOCF − Capex | $-11.1M | $-113.5M |
| FCF MarginFCF / Revenue | -243.7% | -2690.7% |
| Capex IntensityCapex / Revenue | 15.6% | 815.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-61.2M | $-458.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-10.4M | — | ||
| Q3 25 | $-14.3M | — | ||
| Q2 25 | $-10.8M | — | ||
| Q1 25 | $-22.8M | — | ||
| Q2 24 | — | $-79.1M | ||
| Q1 24 | — | $-113.2M | ||
| Q4 23 | — | $-95.3M | ||
| Q3 23 | — | $-91.5M |
| Q4 25 | $-11.1M | — | ||
| Q3 25 | $-14.7M | — | ||
| Q2 25 | $-11.6M | — | ||
| Q1 25 | $-23.7M | — | ||
| Q2 24 | — | $-113.5M | ||
| Q1 24 | — | $-126.3M | ||
| Q4 23 | — | $-113.7M | ||
| Q3 23 | — | $-104.8M |
| Q4 25 | -243.7% | — | ||
| Q3 25 | -206.9% | — | ||
| Q2 25 | -329.6% | — | ||
| Q1 25 | -410.0% | — | ||
| Q2 24 | — | -2690.7% | ||
| Q1 24 | — | -6362.8% | ||
| Q4 23 | — | -4046.9% | ||
| Q3 23 | — | -6066.1% |
| Q4 25 | 15.6% | — | ||
| Q3 25 | 6.0% | — | ||
| Q2 25 | 22.8% | — | ||
| Q1 25 | 15.8% | — | ||
| Q2 24 | — | 815.5% | ||
| Q1 24 | — | 658.5% | ||
| Q4 23 | — | 653.9% | ||
| Q3 23 | — | 771.1% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
