A company still losing money with shrinking sales, with elevated risk. Institutions are adding.
Watch out for
About 7 months of cash left at its current burn
Losing money
Debt above equity: 1.18x
Money moves
No insider buying or selling in the last 30 days
Institutions added 239% to their holdings in the quarter ending June 2026 (128 bought, 60 sold)
Facts from SEC filings, not a recommendation.
What the price means
Price as of Oct 26
$2.56+3.6% that day
Company value
$388M
Share price times all shares
Cash vs value
48%
A big cushion: cash is a large part of what the company is worth
Debt vs value
84%
Debt as a share of company value
From SPCE's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.
The business over time
Last 12 quarters, from SEC filings
Sales, Jun '26
$134K-67% vs a year earlier
Sep '23Tap a barJun '26
Last 12 months: $1.0M, down 39% from the 12 months before. Over 5 years, sales grew about 45% a year.
What the price assumes
Your guesses, our math
Move the sliders to your own view of SPCE. Starting points are the company's recent numbers (it isn't profitable yet, so the margin starts at a 10% guess).
Sales in 5 years$1M
Profit in 5 years$0M
Price these guesses point to$0.01-100% vs $2.56 todayAbout -70% a year, before dividends
Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.
The checklist Warren Buffett-style investors use. Annual numbers for 2025.
1/6Weak
MissReturn on equity 15%+Earns a lot on the money owners have in the business.-0.1%
MissDebt under half of equityNot relying on borrowed money.1.18x equity
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-18.1%
MissProfitable every yearSteady profits, not one good year.0 of 9 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$438.2M
PassShare count not growingNot diluting owners. Falling means buybacks.-2.9% in 3 years
Revenue
$1.5M
-78.1% vs prior year
5-year growth
+45.3%/yr
revenue, per year
Total debt
$324.2M
1.18x equity
Current ratio
1.78x
short-term assets / bills due
From annual reports filed with the SEC. Not in this company's SEC data, so not scored: gross margin 40%+. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Aug 12
Revenue
$134K
-67.0% YoY
EPS
-$0.50
vs -$1.47
Op. margin
-48452.2%
-31225.1 pts
Gross margin
-20931.3%
-17532.3 pts
Free cash flow
-$90.7M
Share count
+142.7%
vs a year ago
Insider rating
Last 90 days
No open-market insider buys or sells in the last 90 days.
Weekly insider trend
No trades to chart yet.
Filing buzz
Last 7 days vs normal
0/ 100
This week
1
Normal week
0.8
vs normal
1.3x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+239.0%
Institutions added 239.0% to their holdings. 128 bought, 60 sold. 4 quarters of net buying in a row.
Shares held by institutions57.0M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+82.4%
Cash runwayAt last year's cash burn
9 months
Debt to equityLatest balance sheet: debt compared with what owners have
0.6x · $219.0M debt
Shares outstandingLatest reported
152M
Why high risk
Losing money, losses are large next to sales
About 9 months of cash left at its current burn
Share count growing 82.4% a year (dilution)
Revenue down 78.1% from the year before
4 offering filings in 6 months (may sell new shares)
Earnings reports
Last 12
Next reportAround Nov 12 (est.)Estimated from the same quarter last year
Results filedAug 12
Results filedMay 14
Results filedMar 30
Results filedNov 13, 2025
Results filedAug 6, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days