Firefly Aerospace Inc. (FLY)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$287.0M

Net income, last twelve months

-$363.5M

Earnings per share

-$2.94

Gross margin

22.9%

Operating margin

-118.0%

Net margin

-126.6%

Free cash flow

-$326.5M

Return on equity

-29.7%

Market value

$3.3B

Cash

$459.8M

Debt

$27.0M

Debt to equity

0.02

Shares outstanding

166.2M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 11 August 2026.

• Record quarterly revenue. Revenue was $117.7 million, up 45.5% from the prior quarter and from $15.5 million a year earlier. First-half revenue was $198.6 million, against $71.4 million.
• Headline growth figure. The release headline gives year-over-year revenue growth of 659%.
• Net loss per share narrowed. Net loss was $92.3 million, or $0.57 per share, against $96.7 million, or $0.61 per share, in the first quarter. Weighted-average shares rose to 161.8 million.
• Adjusted EBITDA loss figure. Adjusted EBITDA was a loss of $61.2 million, against a loss of $64.7 million in the first quarter and $47.9 million a year earlier.
• Full-year guidance reiterated. The company restated its 2026 full-year revenue range of $420 million to $450 million, unchanged from the first-quarter release.
• NASA lunar lander award. A $144 million NASA CLPS contract covers a rapid Blue Ghost lander mission, Firefly's sixth contracted lunar mission to date.
• JPL MoonFall subcontract. A $75 million JPL subcontract covers Elytra delivering four drones to the Moon's south pole as part of NASA's Moon Base initiative.
• Space Force radar digitization award. A $94 million Space Force award supports work overhauling legacy defense systems under the Ground-Based Radar Digitization program.
• First Mars mission subcontract. Firefly received a $13 million subcontract from NASA JPL to manufacture, test and deliver the SkyFall aeroshell, developed by its Gloworks innovation lab.
• Space Force data fusion option. A $5.5 million contract option covers SciTec delivering the operational data fusion system for the CBC2 program, selected after a multi-year competition.
• Air Force algorithm contract. An Air Force Research Laboratory contract to SciTec covers deep learning and advanced algorithms on small processors for target detection and tracking.
• Blue Ghost design review completed. The Critical Design Review for the Gruithuisen Domes Blue Ghost mission was completed, progressing development of the spacecraft.
• Eclipse engine test count. The Eclipse Miranda engine has passed more than 150 hot fire tests, including a flight-like test that fired for 226 seconds.
• Alpha launch site progress in Sweden. Milestones toward Alpha launches from Esrange included initial infrastructure, transatlantic regulatory frameworks, and an agreement with the Swedish Defense Materiel Administration.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 17 held.

Every filing

The newest filings with the SEC of 59 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

304 funds held it at 30 Jun 2026: 207 added and 34 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Lockheed Martin Corp. (LMT): revenue $79.1B, market value $145.6B
• Rocket Lab Corp. (RKLB): revenue $769.1M, market value $35.1B
• Kratos Defense & Security Solutions, Inc. (KTOS): revenue $1.5B, market value $7.7B
• Redwire Corp. (RDW): revenue $426.3M, market value $2.2B
• Voyager Technologies, Inc. (VOYG): revenue $174.2M, market value $1.6B

What the company does

Firefly Aerospace is a space and defense technology company with its headquarters just north of Austin, Texas. The company operates as a single reportable segment and organises its offerings into Launch and Spacecraft Solutions. It began operations in 2017, completed an initial public offering on 8 August 2025, and acquired SciTec on 31 October 2025. At 31 December 2025 it had 1,409 full-time employees.

What it sells

Launch has two vehicles. Alpha is in operation, has conducted seven launches, and had more than 30 planned launches under contract as of 31 December 2025. It has five engines, four first-stage Reaver engines and one second-stage Lightning engine. The company says it is the only U.S. company with a liquid-powered orbital rocket in the 1,000 kilograms payload class. Alpha is also contracted for MACH-TB, the Department of War's hypersonic test bed. Eclipse is a reusable, larger vehicle in development with Northrop Grumman. It has seven first-stage Miranda engines and one second-stage Vira engine, and the company says it is expected to deliver 16,000-kilogram payloads to Low Earth Orbit.

Spacecraft Solutions covers Blue Ghost, Elytra and SciTec's software. Blue Ghost Mission 1 landed on the Moon on 2 March 2025 and completed all 17 objectives set before launch. The company has three further missions under NASA Commercial Lunar Payload Services task orders. Elytra is a maneuverable orbital spacecraft that shares core hardware and software with Blue Ghost. It is contracted for an on-orbit mission for the Defense Innovation Unit, and the company says a constellation of 44 Elytra is expected to power a future communications relay.

SciTec supplies missile warning software, sensor and big data processing. It completed the second operational acceptance of the U.S. Space Force's FORGE program of record in 2025. The acquisition added 470 employees and six locations with data centers, mission operations centers and classified infrastructure.

Who buys from it

They also include Lockheed Martin, Northrop Grumman, L3Harris and True Anomaly. Lockheed Martin has a multi-launch agreement for up to 25 missions over five years. L3Harris has an agreement for up to 20 Alpha launches, in addition to an earlier agreement for three. The company says a material portion of its revenue comes directly or indirectly from the U.S. government, which can terminate contracts at its convenience. It did not recognise revenue outside the United States in 2025.

How it earns revenue

Launch contracts recognise revenue when the launch is initiated. Engineering services, components and licences are recognised over time as work is performed. Spacecraft Solutions contracts use firm-fixed-price, cost-plus and time-and-materials pricing, usually with milestone payments. The company says that before launch it has typically collected approximately 90% of total contract value. SciTec added a mix of cost-plus and firm-fixed-price contracts.

Where it builds and launches

The corporate headquarters, the Hive spacecraft facility and the Rocket Ranch manufacturing and testing site are within 25 miles of one another. The Rocket Ranch covers 200 acres and has approximately 200,000 square feet of production capacity and six test stands. The Hive houses spacecraft, software and avionics teams, cleanrooms and a mission control center. The company designs and builds many components in-house and is ASC 9100 certified. It says it is expanding its processes to make one Alpha vehicle per month. Some inputs come from a sole or single source.

Alpha launches from Vandenberg Space Force Base in California. Launch sites are under construction at Virginia's Mid-Atlantic Regional Spaceport on Wallops Island and at the Esrange Space Center in Sweden. The Sweden pad is its first outside the United States.

Rules and competition

The company is subject to rules from the U.S. Department of Transportation, the Federal Aviation Administration and the Federal Communications Commission. It must also follow the International Traffic in Arms Regulations and the Export Administration Regulations. After an anomaly on an Alpha mission on 29 April 2025, the FAA required a mishap investigation, and the company received clearance to resume launches. It competes with providers of small and medium launch vehicles, spacecraft, lunar landers (including other NASA contractors) and mission data processing software. It holds five granted U.S. patents on tap-off cycle engines, each expiring in 2039.

Its people

The company also had nine part-time employees. None are covered by a collective bargaining agreement.

*From Firefly Aerospace's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1860160/000119312526116309/fly-20251231.htm)*

From the company's 10-K.