Firefly Aerospace Inc.

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.