Virgin Galactic Holdings Inc

Item 1A. Risk Factors

Our business, financial condition and operating results can be affected by a number of factors, whether currently known or unknown, including but not limited to those described as risk factors, any one or more of which could, directly or indirectly, cause our actual operating results and financial condition to vary materially from past, or anticipated future, operating results and financial condition. For a discussion of our potential risks and uncertainties, see the risk factors previously disclosed in Part I, Item 1. Business, Part I, Item 1A. Risk Factors, and Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2024 Annual Report on Form 10-K and , in Part II, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations"1A. Risk Factors in thisour Quarterly Report on Form 10-Q. There have been no ma for the quarterial changes to the risk factors disclosed in our  ended March 31, 2024 Annual Report on Form 10-K other than to update the Risk Factor below.

Changes to United States tariff and import/export regulations may have a negative effect on us.

While most of our suppliers and operat5 and in Part I, Item 2. Management's Discussions are located within the U.S., we cannot give assurance that we will not be negatively impacted by any  and Analysis of the following factors relating to tariffs and other trade-related policies that could depress economic activityFinancial Condition and restrict our access to suppliers or customersResults of Operations" in the future. The United States has enacted, and continues to consider, a range of trade-related measures, including tariffs, exis Quarterly Report controls, and other policieson Form 10-Q. The President of the United States has directed agencies to reassess key aspects of U.S. trade policy, and there has re have been ongoing debno mate and uncertainty surrounding potentirial changes to trade agreements, tariff structures, and foreign investment regulations. Shifts in trade policywhether through legislation, executive action, or international negotiationcould alter the global trade landscape and affect supply chains, pricing, and demand for goods and services. These developments, or the perception that such changes may occur, have ahe risk factors disclosed in our Annual Report on Form 10-K and could continue to have a maQuarterial adverse effecly Report on global economic conditions, contribute to volatility in financial markets, and disrupt international trade, including trade between the U.S. and its key partnersForm 10-Q for the quarter ended March 31, 2025.