Firefly Aerospace Inc.
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Range $25 – $50
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About the company
Firefly Aerospace Inc. is an innovative aerospace and defense technology firm that provides advanced mission capabilities for a wide range of clients, including national security initiatives, governmental bodies, and commercial ventures. The company specializes in integrated technologies for space launches and in-orbit operations, designed to facilitate efficient access, transit, and ongoing activities within the space environment.
- CEO
- Jason Kim
- IPO
- 2025
- Employees
- 1,409
- HQ
- Leander, TX, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $3.85B
- P/E
- -9.80
- Fwd P/E
- 23.20
- PEG
- 0.11
- P/S
- 13.41
- P/B
- 3.10
- EV/EBITDA
- -9.59
- Div Yield
- 0.00%
- Gross Margin
- 19.27%
- Op Margin
- -116.40%
- Net Margin
- -126.64%
- ROE
- -32.55%
- ROIC
- -22.33%
Latest fiscal year · YoY change
- Revenue
- $159.85M+163.0%
- Gross Profit
- $24.87M+318.8%
- Op Income
- $-246,582,000
- Net Income
- $-298,340,000-29.1%
- EPS
- $-2.21-19.4%
- OCF Growth
- -30.0%
- FCF Growth
- -24.9%
- 52W High
- $62.17
- 52W Low
- $16.00
- 50D MA
- $25.44
- 200D MA
- $27.47
- Beta
- 0.69
- RSI (14)
- 45
- Avg Volume
- 5.93M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Firefly delivered its first quarter above $100 million in revenue, with record $1.5 billion backlog and multiple new contract wins across lunar, launch, and defense programs.· August 11, 2026
- Q2 revenue hit $117.7 million, up 46% sequentially and 659% year over year, with backlog at a record $1.5 billion.
- Spacecraft Solutions drove most of the quarter at $108.3 million; Launch contributed $9.4 million.
- Management reaffirmed full-year 2026 revenue guidance of $420 million to $450 million and said 95% of that midpoint is already booked.
- Firefly added major awards: two more NASA lunar missions, a $75 million MoonFall subcontract, a $13 million Mars mission award after quarter-end, and a $94 million Space Force GBRD contract.
- Alpha launch demand remains strong, but timing and cadence are constrained by production, customer readiness, regulation, range access, and weather.
Firefly reported second quarter revenue of $117.7 million, up 46% sequentially and 659% year over year. Spacecraft revenue was $108.3 million and Launch revenue was $9.4 million. GAAP gross margin was 20.3% versus 21.6% in the prior quarter. GAAP operating loss was $95.2 million, GAAP net loss was $92.3 million, and GAAP diluted net loss per share was $0.57; non-GAAP operating loss was $70.4 million, non-GAAP net loss was $67.7 million, and non-GAAP diluted net loss per share was $0.42. Adjusted EBITDA was a loss of $61.2 million. Backlog ended at approximately $1.5 billion, up from $1.3 billion last quarter. Total liquidity was $940.3 million, including $635.3 million in cash, cash equivalents and short-term investments plus $305 million of undrawn revolver capacity. Capex was $24.8 million and free cash flow was an outflow of $106.3 million. For 2026, management reiterated revenue guidance of $420 million to $450 million.
Jason Kim framed the quarter as proof that Firefly is moving from development to scaled execution, citing record revenue, record backlog, and multiple wins across Blue Ghost, Elytra, Alpha, Eclipse, FORGE, and Golden Dome. His tone was optimistic and expansive, emphasizing that lunar, national security, and launch-demand tailwinds are translating into real programs and that Firefly is building toward repeatable lunar missions and larger landers for CLPS 2.0. He also highlighted the Space-ng acquisition and campus expansion as ways to deepen vertical integration and increase production capacity.
Darren Ma focused on the financial inflection: revenue crossed $100 million for the first time, backlog reached $1.5 billion, and liquidity ended at $940.3 million after June common stock offering proceeds of about $182.6 million. He said gross margin was 20.3%, down modestly due mainly to FORGE hardware purchases, while operating expenses rose slightly as the company invested in Alpha Block II and Eclipse. He also noted that 95% of the midpoint of 2026 revenue guidance is already booked, capex was $24.8 million, and the company expects gross margin and operating leverage to expand as production ramps.
Analysts pressed on Alpha launch cadence, launch pricing, and how Firefly can hold 2026 guidance with only 3 Alpha launches now expected instead of 4. Management said demand is not the issue; the constraint is ramping production and managing external launch timing factors, while launch prices should rise over time as earlier lower-ASP backlog burns off. Questions on CLPS timing drew the response that there are still three CLPS 1.0 opportunities in the second half, while CLPS 2.0 has been bid and could support a larger, multi-ton lunar lander. On tactically responsive space, management clarified the missed Victus Haze launch is not lost but has been deferred to a later Space Force-directed mission.
The bull case from this call is that Firefly is showing real operating leverage from a broadening backlog, with Q2 revenue more than tripling year over year and 95% of the full-year midpoint already booked. Management described strong demand across lunar, launch, AI software, and national security, plus a growing set of repeatable opportunities in lunar missions and launch cadence as production expands.
The main risks discussed were execution and timing: Alpha launches depend on customer readiness, regulatory approval, range availability, and weather, and management acknowledged cadence is still constrained by production ramp. Gross margin also slipped to 20.3% due to FORGE hardware purchases, free cash flow remained negative at $106.3 million, and Eclipse is still pre-first-flight with inaugural launch timing only described as no earlier than 2027.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 86.7%
- Shares Outstanding
- 164.24M
- Float Shares
- 142.34M
of shares held by institutions
235 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for FLY, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Susan M. CollinsSenate · ME | Sell | May 7, 14 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Ae Industrial Partners, LP | 34.53M | ▼ 697.17K |
| Blackrock, Inc. | 5.90M | ▲ 3.87M |
| State Street Corp | 4.18M | ▲ 3.69M |
| Vanguard Capital Management LLC | 3.07M | ▲ 737.27K |
| Van Eck Associates Corp | 3.05M | ▲ 927.80K |
| Jpmorgan Chase & Co | 2.79M | ▲ 2.16M |
| Two Sigma Investments, LP | 2.71M | ▲ 2.70M |
| Tema Etfs LLC | 2.28M | ▲ 2.28M |
| Toroso Investments, LLC | 2.17M | ▲ 2.17M |
| Vanguard Group Inc | 1.96M | ▲ 141.31K |
| Phoenix Holdings Ltd. | 1.81M | ▲ 1.15M |
| Price T Rowe Associates Inc | 1.65M | ▲ 764.53K |
Held by 241 ETFs
Biggest fund positions in FLY by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 14, 26 | Boland Ryan Michael | other | 3,193 |
| Aug 14, 26 | Boland Ryan Michael | other | 40,821 |
| Aug 4, 26 | O'Konek Nathan | other | 103,154 |
| Jun 15, 26 | O'Konek Nathan | other | 0 |
| Jun 4, 26 | McAllister Kevin G | other | 3,630 |
| Jun 4, 26 | Zurbuchen Thomas Hansueli | other | 3,630 |
| Jun 4, 26 | Emerson Christopher Plummer IV | other | 3,630 |
| Jun 4, 26 | Boland Ryan Michael | other | 3,630 |
| Jun 4, 26 | Braden Pamela Joyce | other | 3,630 |
| Jun 4, 26 | Lusczakoski Jonathan Donald | other | 3,630 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our FLY coverage
Recent articles, reports, and earnings notes.
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Firefly Aerospace: Riding The Space Race Higher
seekingalpha.com · Aug 20
It's Not Just SpaceX. Firefly Aerospace is Scoring Big Wins for Itself
247wallst.com · Aug 20
Firefly Aerospace Onboards Zeno Power on Blue Ghost Mission to Demonstrate Radioisotope Technologies to Survive the Lunar Night
globenewswire.com · Aug 19
NASA Taps Blue Origin, Firefly For Services. SpaceX Stock Hits Resistance.
investors.com · Aug 18
Can Space Stocks Bounce Back? This $1 Billion Air Force Contract Might Help.
fool.com · Aug 18
Firefly Aerospace Onboarded to NASA Spacecraft Processing Operations Contract
globenewswire.com · Aug 17
Firefly Aerospace Is Awarded New Orbital Contract From Department of Defense
fool.com · Aug 15
Firefly Aerospace Awarded Contract to Design Elytra Deorbit System for Defense Innovation Unit
globenewswire.com · Aug 13
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
