Firefly Aerospace Announces Third Quarter 2026 Financial Results With Record Backlog of $1.7 Billion

Nine-month operating cash use increased to $213.810 million, while Firefly repaid its $260 million revolving credit facility.

Rhea-AI Summary

Firefly Aerospace (Nasdaq: FLY) reported third-quarter 2026 revenue of $110.682 million, alongside higher backlog and a narrower net loss. Revenue rose 259% year over year, while backlog reached $1.7 billion from $1.5 billion at the prior quarter-end. Net loss narrowed to $94.198 million from $133.412 million, but operating loss widened to $101.578 million from $62.193 million. Firefly expects full-year revenue of $440 million to $450 million.

Recent contracts with AST SpaceMobile exceed $1.3 billion for licensed intellectual property, engine delivery and engineering support. Other awards include a $94 million Space Force radar contract and a $13 million Mars mission subcontract. Firefly extended Lockheed Martin's agreement for up to 25 Alpha launches through 2031 and signed its first European launch contracts. Its expanded, grant-funded spacecraft cleanroom is operating, supporting simultaneous assembly and integration of up to 12 vehicles.

29 points · 1 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 14 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointAST SpaceMobile contracts exceed $1.3 billion for licensed intellectual property, engine delivery and engineering support. 32% of market cap
• Moderate pointThird-quarter revenue rose 259% year over year to $110.682 million.
• Moderate pointBacklog reached $1.7 billion at quarter-end, up from $1.5 billion at the prior quarter-end.
• Moderate point. Forward-looking: it has not happened yet and may not happen.2026 revenue guidance is $440 million to $450 million, as expected by Firefly.
• Moderate pointThird-quarter gross profit increased to $25.297 million from $8.490 million a year earlier.
• Moderate pointThird-quarter net loss narrowed to $94.198 million from $133.412 million; loss per share improved to $0.56 from $1.50.
• Moderate point$94 million Space Force contract awarded for the Ground-Based Radar Digitization program. 2.3% of market cap
• Moderate pointLockheed Martin agreement extended for up to 25 Alpha Block II launches through 2031.
• Moderate pointSynspective agreement signed for up to 10 Alpha launches through 2030.
• Moderate point$260 million revolving credit facility repaid during the first nine months of 2026. 6.4% of market cap
• Moderate point$184.111 million in common-stock issuance proceeds received during the first nine months of 2026. 4.5% of market cap

18 minor points

• Minor pointNine-month revenue increased to $309.244 million from $102.182 million a year earlier.
• Minor pointNine-month gross profit increased to $66.633 million from $14.705 million a year earlier.
• Minor pointTwo SSC Space commercial Alpha launches contracted from Sweden, Firefly's first European launch contracts.
• Minor point$13 million SkyFall subcontract awarded for aeroshell delivery ahead of launch targeted for late 2028.
• Minor pointExpanded spacecraft cleanroom began operating, funded by a non-dilutive grant, with capacity for up to 12 vehicles.
• Minor pointNASA CLPS 2 vendor status enables competition for large-cargo lander task orders under the $10 billion initiative.
• Minor pointNITE-STAR contract onboarding enables competition for task orders under the $981 million Space Force contract through 2032.
• Minor pointDefense Innovation Unit contract awarded to design an Elytra deorbit system.
• Minor pointNASA spacecraft processing contract onboarding expands Firefly's partnership into processing and operational support services.
• Minor pointStarcloud partnership signed as Firefly's first commercial customer for data center capabilities around the Moon.
• Minor pointZeno Power Systems added as a commercial payload customer for the accelerated Blue Ghost near-side mission.
• Minor pointMiranda engine qualification campaign began, with more than 170 hot fire tests completed to date.
• Minor pointSciTec's Air Force contract extended to integrate counter-drone sensor feeds into Cloud-Based Command and Control.
• Minor pointMoonFall preliminary design review completed, verifying Elytra's design for the NASA south-pole mission.
• Minor pointBlue Ghost south-pole mission critical design review completed, progressing spacecraft development for the NASA flight.
• Minor pointFORGE operational milestone achieved, incorporating Wide Field of View spacecraft data and expanding observational reach.
• Minor pointThird hypersonic task order for Alpha awarded by a confidential customer.
• Minor pointThird-quarter interest expense fell to $1.637 million from $3.955 million a year earlier.

Negative

• Moderate pointThird-quarter operating loss widened to $101.578 million from $62.193 million a year earlier.
• Moderate pointNine-month net loss widened to $283.193 million from $257.283 million a year earlier.
• Moderate pointNine-month operating cash use increased to $213.810 million from $137.665 million a year earlier.
• Moderate pointCash and equivalents fell to $409.285 million from $792.966 million at year-end; short-term investments rose to $125.447 million.
• Moderate pointCommon shares outstanding increased to 171.627 million from 159.276 million at year-end, diluting existing holders.

9 minor points

• Minor pointThird-quarter research and development expense rose to $75.991 million from $48.763 million a year earlier.
• Minor pointThird-quarter selling, general and administrative expense rose to $50.884 million from $21.920 million a year earlier.
• Minor pointNine-month operating loss widened to $292.443 million from $175.087 million a year earlier.
• Minor pointNine-month research and development expense rose to $215.032 million from $142.549 million a year earlier.
• Minor pointNine-month selling, general and administrative expense rose to $144.044 million from $47.243 million a year earlier.
• Minor pointThird-quarter operating cash use increased to $69.700 million from $53.046 million a year earlier.
• Minor pointNine-month capital and internal-use software spending increased to $56.648 million from $20.757 million a year earlier.
• Minor pointThird-quarter stock-based compensation rose to $15.292 million from $4.000 million a year earlier.
• Minor pointNine-month stock-based compensation rose to $44.831 million from $5.191 million a year earlier.

News Explained

At September 30, 2026, Firefly reported $409,285 thousand in cash and cash equivalents and $125,447 thousand in short-term investments.

Firefly Aerospace issued its third-quarter 2026 results on November 10, 2026, for the quarter ended September 30, 2026. The balance sheet reports 171,627 thousand common shares issued and outstanding at September 30, versus 159,276 thousand at December 31, 2025; for a holder whose share count did not change, the higher total reduces that holder’s percentage ownership.

During the quarter, net cash used in operating activities was $69,700 thousand.

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Key Figures

Q3 revenue: $110.7 million Revenue growth: 259% Backlog: $1.7 billion +5 more

Q3 revenue

$110.7 million

Third quarter 2026

Revenue growth

259%

Year over year, third quarter 2026

Backlog

$1.7 billion

Quarter end; up from $1.5 billion at the end of the prior quarter

Full-year revenue guidance

$440 million–$450 million

2026

Net loss

$94.198 million

Third quarter 2026, versus $133.412 million in the prior-year quarter

Cash used in operating activities

$69.700 million

Third quarter 2026, versus $53.046 million in the prior-year quarter

Space Force contract

$94 million

Ground-Based Radar Digitization program

NASA JPL subcontract

$13 million

Support for the SkyFall mission

Previous Earnings Reports

4 past events · Latest: Aug 11

Same Type 4 events

1. Aug 11

   Q2 earnings

   24h Move

   +0.7%

   Reported record quarterly revenue, higher gross profit, and full-year revenue guidance.

2. May 04

   Q1 earnings

   24h Move

   -5.5%

   Reported revenue growth and full-year revenue guidance; the recorded 24-hour reaction was negative.

3. Mar 19

   FY2025 earnings

   24h Move

   +1.1%

   Reported record annual revenue growth and issued 2026 revenue guidance.

4. Nov 12

   Q3 earnings

   24h Move

   +17.0%

   Reported year-over-year and sequential revenue growth and reiterated full-year revenue guidance.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

non-dilutive, idiq contract, synthetic aperture radar, radioisotope heater unit, +1 more

5 terms

non-dilutive financial

"funded through a non-dilutive Texas Space Commission grant"

Non-dilutive describes funding or income that does not reduce existing shareholders’ ownership percentage. It matters to investors because it lets a company raise money or generate value—through grants, loans, licensing deals, or revenue—without issuing extra shares, so each existing share keeps the same claim on profits and control; think of adding toppings to a cake without cutting it into more slices.

idiq contract regulatory

"the $981 million Space Force IDIQ contract"

An IDIQ contract (Indefinite Delivery/Indefinite Quantity) is a purchasing agreement that a buyer—often a government agency—uses to order unspecified amounts of goods or services over a set time, with individual orders placed as needs arise. For investors, IDIQs matter because they can create a predictable sales pipeline and stable customer relationship while leaving actual revenue timing and total value flexible, similar to a standing order with intermittent shipments.

synthetic aperture radar technical

"Japanese synthetic aperture radar satellite company"

Synthetic aperture radar is a remote-sensing system that uses radio waves sent from a moving platform (like a satellite or aircraft) to build detailed images of the ground, day or night and through clouds—think of sweeping a flashlight across a scene to assemble a clear picture. For investors, it provides independent, timely evidence of real-world activity (ship movements, construction, crop conditions, infrastructure changes), helping verify company statements, track risks and spot opportunities without relying on visible light.

radioisotope heater unit technical

"with a Radioisotope Heater Unit (RHU)"

A radioisotope heater unit (RHU) is a compact device that produces continuous, low-level heat by harnessing the natural decay of a radioactive isotope. Think of it as a tiny, long-lasting heat source—like a small battery that emits warmth rather than electricity—used to keep spacecraft instruments, sensors, or other equipment above critical temperatures without moving parts. Investors track RHUs because they involve specialized fuel supply, strict regulation, and steady demand from long-duration aerospace, defense, and remote industrial applications.

geostationary earth orbit technical

"in geostationary Earth orbit (GEO)"

A geostationary earth orbit is a circular path about 35,786 kilometers above the equator where a satellite travels at the same rate the planet rotates, so it appears fixed over a single spot on Earth. That fixed position makes these satellites ideal for continuous communications, broadcasting and weather monitoring — important to investors because orbital slots are limited, deployment and maintenance are expensive, and regulatory or spectrum decisions can materially affect revenues and costs.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Completed cleanroom expansion to scale Moon Base spacecraft production, signed first European launch contracts, while ramping up Alpha Block II manufacturing and executing across multiple national security programs of record.

A Miranda engine test firing in September 2026 at Firefly's Rocket Ranch in Briggs, Texas.
Credit: Firefly Aerospace

CEDAR PARK, Texas, Nov. 10, 2026 (GLOBE NEWSWIRE) -- Firefly Aerospace (Nasdaq: FLY), a market leading space and defense technology company, today issued financial results for the third quarter ended September 30, 2026.

"Firefly’s third quarter reflects the power of our diversified and vertically-integrated business," said Jason Kim, CEO of Firefly Aerospace. "With five Moon missions running in parallel, Alpha Block II moving toward launch, SciTec executing on critical national security programs, and our strategic deal with AST SpaceMobile, we are converting our pipeline and backlog into results."

Third Quarter 2026 Highlights

• Revenue of $110.7 million, up 259% from the same period a year prior.
• Record backlog of $1.7 billion at quarter end, up from $1.5 billion at the end of the prior quarter.
• Completed expansion and began operating in the Company’s spacecraft cleanroom facility, funded through a non-dilutive Texas Space Commission grant, which enables simultaneous assembly and integration of up to 12 lunar landers and orbital vehicles.
• Awarded Firefly's first Mars award, with a $13 million subcontract to support the SkyFall mission for NASA JPL, to manufacture, test, and deliver the aeroshell ahead of launch targeted for late 2028.
• Signed an extension to Lockheed Martin's multi-launch agreement for up to 25 Alpha launches through 2031 using the Block II configuration.
• Signed with SSC Space for two commercial Alpha launches from Esrange Space Center in Sweden, representing Firefly’s first European launch contracts.
• Awarded a $94 million Space Force contract under the Ground-Based Radar Digitization program, to support work overhauling legacy defense systems.
• Onboarded to the $981 million Space Force IDIQ contract for NITE-STAR – the National Space Test and Training Complex Innovative Technology and Engineering - Space Test and Range Capability Development, to compete for task orders to support advanced test and training operations through 2032.
• Awarded a contract from the Defense Innovation Unit to design an Elytra deorbit system, expanding the Elytra mission portfolio into active debris removal and responsible end-of-life orbital services.
• Onboarded to NASA’s Spacecraft Processing Operations Contract (SPOC), expanding Firefly’s formal partnership with NASA to provide spacecraft processing and operational support services.
• Signed a commercial partnership with Starcloud to demonstrate advanced AI compute in lunar orbit, marking Firefly’s first commercial customer for data center capabilities around the Moon.
• Added Zeno Power Systems as a commercial payload customer for the accelerated Blue Ghost mission to the Moon's near side, to deliver a Survive-the-Night Package with a Radioisotope Heater Unit (RHU).

Additional Recent Highlights

• Signed contracts valued at more than $1.3 billion with AST SpaceMobile, which includes licensed IP, engine delivery, and engineering support.
• Onboarded as a vendor to NASA's $10 billion CLPS 2 initiative, to compete for and deliver task orders for large cargo landers to deliver critical infrastructure needed for the agency's Moon Base.
• Signed Japanese synthetic aperture radar satellite company Synspective to a multi-launch agreement for up to 10 Alpha launches through 2030.
• Began Miranda engine qualification campaign, with more than 170 hot fire tests completed to date, a key step toward the first Eclipse launch.
• Extended the U.S. Air Force contract for SciTec's work on Cloud-Based Command and Control (CBC2) to integrate a new class of counter unmanned aerial system (CUAS) sensor feeds for the Advanced Battle Management System.
• Completed the MoonFall Preliminary Design Review, verifying the Elytra spacecraft's design to support the flagship NASA mission to the Moon’s south pole.
• Achieved a FORGE operational milestone for the U.S. Space Force system developed by SciTec, incorporating data from the Space Systems Command's Wide Field of View space vehicle in geostationary Earth orbit (GEO) and expanding the system’s observational reach to strengthen missile warning and defense.
• Completed the critical design review for Blue Ghost's mission to the South Pole, progressing development of the spacecraft for the NASA flight.
• Awarded a third hypersonic task order for Alpha from a confidential customer.
  

2026 Full-Year Guidance

• Firefly expects 2026 full-year revenue to be between $440 million and $450 million.
  

Conference Call

Firefly will host a conference call today at 4:00 p.m. CT (5:00 p.m. ET) to discuss its third quarter 2026 financial results.

The live webcast and accompanying presentation, as well as a replay of the webcast, will be available on Firefly’s Investor Relations website: investors.fireflyspace.com.

About Firefly Aerospace

Firefly Aerospace is a space and defense technology company on a mission to reliably and repeatedly launch, land, and operate space systems from Earth to the Moon and beyond. As the partner of choice for responsive space missions, Firefly is the first commercial company to launch a satellite to orbit with approximately 24-hour notice and the first to achieve a successful Moon landing. Firefly’s launch, lunar, and orbital vehicles paired with its AI software and data processing capabilities support end-to-end missions across cislunar space, including payload delivery and maneuverability, space domain awareness, and missile warning and tracking. Established in 2017, Firefly’s engineering, manufacturing, and test facilities are co-located in central Texas to enable rapid innovation and vertical integration across the company’s product lines. For more information, visit www.fireflyspace.com. Firefly utilizes its website as a means to distribute material information about the company to the public.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning Firefly. Statements included in this press release that are not statements of historical fact, including statements about our expectations, beliefs, plans, strategies, objectives, prospects, assumptions or future events or performance, are forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. In some cases, you can identify forward-looking statements by terminology such as "advance," “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “predict,” “project,” “potential,” “should,” "target," “will,” “would,” or the negative of these terms or other comparable terminology. In particular, our outlook and revenue forecasts for full-year 2026, statements about our programs and innovation, our ability or expectations regarding our partnerships, collaborations and contract wins, our expectations regarding new vehicle launches and launch timelines, and our ability to retain existing customers and maintain their bookings are forward-looking statements.

Various risks that could cause actual results to differ from those expressed by the forward-looking statements included in this press release include, but are not limited to our failure to manage our growth effectively and our ability to achieve and maintain profitability; the potential for delayed or failed launches, and any failure of our launch vehicles and spacecraft to operate as intended; our inability to manufacture our launch vehicles, landers, or orbital vehicles at a quantity and quality that our customers demand; the hazards and operational risks that our products and service offerings are exposed to, including the wide and unique range of risks due to the unpredictability of space; the market for commercial launch services for small- and medium-sized payloads not achieving the growth potential we expect; adverse impacts from current or future disruptions in U.S. government operations, including as a result of delays or reduction in appropriations or regulatory approvals from our programs, or changes in U.S. government funding and budgetary priorities and spending levels; our dependence on contracts entered into in the ordinary course of business and our dependence on major customers and vendors; a loss of, or default by, one or more of our major customers, or a material adverse change in any such customer’s business or financial condition, could materially reduce our revenues and backlog; uncertain global macro-economic and political conditions, including the implementation of tariffs; the failure of our information technology systems, physical or electronic security protections; our failure to deliver engines, intellectual property, or certain services to AST SpaceMobile on the required timelines, or at all; the inability to operate Alpha at our anticipated launch rate (including due to potential regulatory delays) or finalize the development and delivery of Eclipse; our failure to establish and maintain important relationships with government agencies and prime contractors; the inability to realize our backlog; evolving government laws and regulations; our ability to consummate future acquisitions and successfully integrate operations in such acquisitions; our ability to implement and maintain effective internal control over financial reporting in the future; and the factors, risks and uncertainties included in our filings with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. Actual results may vary from the estimates provided. We undertake no intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this announcement, whether as a result of new information, future events or otherwise, except as required by law.

Use of Non-GAAP Financial Measures

Adjusted EBITDA, Free Cash Flow, Non-GAAP Research and Development, Non-GAAP Selling, General, and Administrative, Non-GAAP Operating Expenses, Non-GAAP Loss from Operations, Non-GAAP Other Income (Expense), Non-GAAP Net Loss, and Non-GAAP Net Loss Per Share are non-GAAP financial measures. These non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. A reconciliation of each non-GAAP financial measure to the most directly comparable financial measure prepared in accordance with U.S. GAAP is included in the supplemental financial data attached to this press release. Non-GAAP financial measures have important limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of Firefly’s performance or cash flows as reported under U.S. GAAP. Non-GAAP financial measures may be defined differently by other companies in our industry and may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

Firefly believes non-GAAP financial information provides additional insight into the Company’s ongoing performance and liquidity. Therefore, Firefly provides this information to investors for a more consistent basis of comparison and to help them evaluate the Company’s ongoing performance and liquidity and to enable more meaningful period-to-period comparisons.

Adjusted EBITDA

We define Adjusted EBITDA as net loss, adjusted for provision for income taxes, interest income, interest expense, depreciation and amortization, stock-based compensation expense, change in fair value of warrant liability, loss on extinguishment of debt, certain one-time costs related to the IPO, transaction-related expenses, gain on settlement of contingent liabilities, and certain other items that are not expected to recur in the future or that management does not view as reflective of the performance of the business. In addition to net loss, we use Adjusted EBITDA to evaluate our business, measure its performance, and make strategic decisions.

We believe that Adjusted EBITDA provides useful information to management, investors, and analysts in assessing our financial performance and results of operations across reporting periods by excluding items we do not believe are indicative of our core operating performance. Net loss is the U.S. GAAP measure most directly comparable to Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net loss. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

Free Cash Flow

We define Free Cash Flow as net cash used in operating activities, less purchases of property and equipment and internal-use software. We believe that Free Cash Flow is a meaningful indicator of liquidity that provides information to management and investors about the amount of cash generated from or used in operations, after purchases of property and internal-use software, that (after any debt service requirements or other non-discretionary expenditures not otherwise deducted from the measure) can be used for strategic initiatives, including continuous investment in our business and strengthening our balance sheet.

Free Cash Flow has limitations as a liquidity measure, and you should not consider it in isolation or as a substitute for analysis of our cash flows as reported under U.S. GAAP. Free Cash Flow may be affected in the near to medium term by the timing of capital investments, fluctuations in our growth and the effect of such fluctuations on working capital, and our changes in our cash conversion cycle.

Non-GAAP Research and Development

We define Non-GAAP Research and Development as research and development, adjusted for stock-based compensation expense. Management believes this non-GAAP measure provides investors with meaningful insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business.

Non-GAAP Selling, General, and Administrative

We define Non-GAAP Selling, General and Administrative as selling, general and administrative, adjusted for amortization of acquired intangibles, stock-based compensation expense, certain one-time costs related to the IPO, transaction-related expenses, and certain other items that are not expected to recur in the future or that management does not view as reflective of the performance of the business. Management believes this non-GAAP measure provides investors with meaningful insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business.

Non-GAAP Operating Expenses

We define Non-GAAP Operating Expenses as operating expenses, adjusted for amortization of acquired intangibles, stock-based compensation expense, certain one-time costs related to the IPO, transaction-related expenses, and certain other items that are not expected to recur in the future or that management does not view as reflective of the performance of the business. Management believes this non-GAAP measure provides investors with meaningful insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business.

Non-GAAP Loss From Operations

We define Non-GAAP Loss From Operations as loss from operations, adjusted for amortization of acquired intangibles, stock-based compensation expense, certain one-time costs related to the IPO, transaction-related expenses, and certain other items that are not expected to recur in the future or that management does not view as reflective of the performance of the business. Management believes this non-GAAP measure provides investors with meaningful insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business.

Non-GAAP Other Income (Expense)

We define Non-GAAP Other Income (Expense) as other income (expense), adjusted for change in fair value of warrant liability, gain on settlement of contingent liabilities, loss on extinguishment of debt, and certain other items that are not expected to recur in the future or that management does not view as reflective of the performance of the business. Management believes this non-GAAP measure provides investors with meaningful insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business.

Non-GAAP Net Loss

We define Non-GAAP Net Loss as net loss, adjusted for the income tax effect of business acquisitions, amortization of acquired intangibles, stock-based compensation, change in fair value of warrant liability, loss on extinguishment of debt, certain one-time costs related to the IPO, transaction-related expenses, gain on settlement of contingent liabilities, and certain other items that are not expected to recur in the future or that management does not view as reflective of the performance of the business. Management believes this non-GAAP measure provides investors with meaningful insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business.

Contacts

Media Relations
press@fireflyspace.com 

Investor Relations
investors@fireflyspace.com 

CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS AND COMPREHENSIVE LOSS
(unaudited; in thousands, except per share amounts)

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2026				2025				2026				2025
Revenue		$	110,682			$	30,778			$	309,244			$	102,182
Cost of sales			85,385				22,288				242,611				87,477
Gross profit			25,297				8,490				66,633				14,705
Operating expenses
Research and development			75,991				48,763				215,032				142,549
Selling, general, and administrative			50,884				21,920				144,044				47,243
Total operating expenses			126,875				70,683				359,076				189,792
Loss from operations			(101,578	)			(62,193	)			(292,443	)			(175,087	)
Other income (expense), net
Change in fair value of warrant liability			4,040				(42,150	)			(269	)			(47,257	)
Loss on extinguishment of debt			—				(30,400	)			—				(30,400	)
Interest income			4,460				5,289				14,770				8,078
Interest expense			(1,637	)			(3,955	)			(7,036	)			(17,145	)
Gain on settlement of contingent liabilities			—				—				1,307				—
Other income (expense), net			559				(3	)			552				4,528
Total other income (expense), net			7,422				(71,219	)			9,324				(82,196	)
Loss before income taxes			(94,156	)			(133,412	)			(283,119	)			(257,283	)
Provision for income taxes			42				—				74				—
Net loss and comprehensive loss			(94,198	)			(133,412	)			(283,193	)			(257,283	)
Less: Accretion of dividends of Series C Preferred Stock			—				(2,298	)			—				(13,240	)
Less: Accretion of dividends of Series D-1 Preferred Stock			—				(4,524	)			—				(21,989	)
Less: Accretion of dividends of Series D-3 Preferred Stock			—				(128	)			—				(394	)
Net loss available to common stockholders		$	(94,198	)		$	(140,362	)		$	(283,193	)		$	(292,906	)
Net loss per common share
Basic and diluted		$	(0.56	)		$	(1.50	)		$	(1.73	)		$	(7.25	)
Weighted-average common shares outstanding
Basic and diluted			168,371				93,849				163,265				40,389

CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited; in thousands, except per share amounts)

		September 30,				December 31,
		2026				2025
Assets
Current assets
Cash and cash equivalents		$	409,285			$	792,966
Short-term investments			125,447				100,008
Accounts receivable, net			56,412				46,129
Advanced payments, current			79,664				12,350
Contract assets			25,417				3,499
Other current assets			19,159				8,223
Total current assets			715,384				963,175
Advanced payments, less current portion			14,380				60,496
Property and equipment, net			197,397				163,738
Right-of-use assets – operating leases			38,827				13,938
Right-of-use assets – finance leases			2,527				3,735
Intangible assets, net			147,706				165,709
Goodwill			463,619				450,119
Other assets, less current portion			2,119				4,024
Total assets		$	1,581,959			$	1,824,934
Liabilities, temporary equity, and stockholders' equity
Current liabilities
Accounts payable		$	66,820			$	35,626
Accrued expenses			43,423				42,755
Accounts payable and accrued expenses – related parties			805				330
Operating lease liability, current			4,039				1,161
Finance lease liability, current			1,411				1,056
Deferred revenue, current			171,172				116,135
Notes payable, current			7,284				7,099
Other current liabilities			17,533				9,419
Total current liabilities			312,487				213,581
Operating lease liability, less current portion			40,776				15,832
Finance lease liability, less current portion			855				2,004
Deferred revenue, less current portion			46,004				92,565
Notes payable, less current portion			17,820				281,441
Warrant liability			12,563				12,294
Other liabilities, less current portion			7,928				17,278
Total liabilities		$	438,433			$	634,995
Stockholders’ equity
Common stock, $0.0001 par value, 1,000,000 shares authorized as of September 30, 2026 and December 31, 2025; 171,627 and 159,276 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively			18				17
Additional paid-in capital, net			2,446,980				2,210,201
Accumulated deficit			(1,303,472	)			(1,020,279	)
Total stockholders’ equity			1,143,526				1,189,939
Total liabilities and stockholders’ equity		$	1,581,959			$	1,824,934

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in thousands)

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2026				2025				2026				2025
Cash flows from operating activities
Net loss		$	(94,198	)		$	(133,412	)		$	(283,193	)		$	(257,283	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			13,293				5,623				43,181				13,539
Stock-based compensation			15,292				4,000				44,831				5,191
Change in fair value of warrant liability			(4,040	)			42,150				269				47,257
Loss on extinguishment of debt			—				30,400				—				30,400
Gain on settlement of contingent liabilities			—				—				(1,307	)			—
Non-cash interest expense			428				1,009				1,249				4,595
Non-cash interest income			(83	)			—				(2,444	)			—
Changes in operating assets and liabilities:
Accounts receivable			1,703				511				(10,135	)			(4,123	)
Advanced payments			(12,183	)			(4,228	)			(20,556	)			34,550
Contract assets			(5,478	)			—				(21,918	)			—
Other assets			(1,829	)			3,242				(4,974	)			(996	)
Accounts payable			4,622				(1,956	)			25,471				(5,300	)
Accrued expenses			(7,761	)			(7,280	)			1,849				(5,035	)
Accounts payable and accrued expenses – related parties			(641	)			349				475				704
Other liabilities			12,162				(622	)			818				(11,812	)
Right-of-use assets			2,487				563				4,333				1,549
Lease liabilities			(1,111	)			(4,583	)			(235	)			(6,646	)
Deferred revenue			7,637				11,188				8,476				15,745
Net cash used in operating activities			(69,700	)			(53,046	)			(213,810	)			(137,665	)
Cash flows from investing activities
Purchases of property and equipment and internal-use software			(15,559	)			(8,920	)			(56,648	)			(20,757	)
Purchases of short-term investments			—				—				(125,000	)			—
Payments for acquisitions of businesses, net of acquired cash			—				—				(3,699	)			—
Proceeds from sale of short-term investments			50,000				—				100,008				—
Net cash used in investing activities			34,441				(8,920	)			(85,339	)			(20,757	)
Cash flows from financing activities
Proceeds from issuance of common stock			—				943,736				184,111				943,736
Payments of offering costs			(1,055	)			(4,208	)			(2,557	)			(4,208	)
Proceeds from issuance of Preferred Stock			—				51,390				—				235,506
Principal payments on finance leases			(264	)			(283	)			(796	)			(1,166	)
Payments of notes payable			(1,918	)			(128,262	)			(5,863	)			(131,457	)
Payment of IPO Closing Preferred Stock Dividend			—				(4,990	)			—				(4,990	)
Repayment of notes payable – related parties			—				(21,117	)			—				(21,117	)
Payments of debt issuance costs			(171	)			(1,508	)			(1,359	)			(2,083	)
Proceeds from repayment of employee note			18				13				43				396
Proceeds from issuance of notes payable			—				—				1,730				—
Repayment of Revolving Credit Facility			—				—				(260,000	)			—
Proceeds from exercise of stock options, net of shares withheld for taxes			(11,883	)			1,643				159				2,238
Net cash (used in) provided by financing activities			(15,273	)			836,414				(84,532	)			1,016,855
Net (decrease) increase in cash and cash equivalents and restricted cash			(50,532	)			774,448				(383,681	)			858,433
Cash and cash equivalents and restricted cash
Balance, beginning of period			459,817				221,543				792,966				137,558
Balance, end of period		$	409,285			$	995,991			$	409,285			$	995,991
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents		$	409,285			$	995,162			$	409,285			$	995,162
Restricted cash			—				829				—				829
Total cash and cash equivalents and restricted cash at the end of the period		$	409,285			$	995,991			$	409,285			$	995,991

		For the Three Months Ended September 30,						For the Nine Months Ended September 30,
		2026			2025			2026			2025
Supplemental disclosures of cash flow information
Cash paid for interest		$	1,423		$	3,342		$	6,969		$	14,443
Non-cash investing and financing activities
Increase in accounts payable for property and equipment		$	1,465		$	492		$	2,577		$	1,905
Property and equipment acquired through loans		$	—		$	—		$	642		$	—
Capitalized interest (paid-in-kind)		$	—		$	573		$	—		$	683
Equity issued for business combinations		$	—		$	—		$	10,144		$	—
Issuance of debt in exchange for software licenses and obligations		$	—		$	—		$	—		$	664
Acquisition of internal-use software licenses and obligations		$	756		$	10,633		$	4,297		$	10,633
Right-of-use asset acquired in exchange for operating lease liabilities		$	4,857		$	—		$	9,923		$	—
Right-of-use asset acquired in exchange for finance lease liabilities		$	—		$	—		$	—		$	1,625
Net exercise of Common Warrants into common stock		$	—		$	46,060		$	—		$	46,060
Unpaid deferred offering costs associated with IPO		$	—		$	7,195		$	—		$	7,195
Preferred Stock issuance costs not yet paid		$	—		$	3,510		$	—		$	3,510
Issuance of common stock to settle Preferred Stock Dividend		$	—		$	86,124		$	—		$	86,124
Conversion of Preferred Stock to common stock upon IPO		$	—		$	937,087		$	—		$	937,087
Non-cash purchase consideration for acquisitions of businesses		$	—		$	—		$	5,438		$	—

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(unaudited; in thousands)

The following tables present reconciliations of Adjusted EBITDA, Free Cash Flow, Non-GAAP Research and Development, Non-GAAP Selling, General, and Administrative, Non-GAAP Operating Expenses, Non-GAAP Other Income (Expense), Non-GAAP Net Loss, and Non-GAAP Net Loss Per Share to their most directly comparable financial measures presented in accordance with U.S. GAAP:

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2026				2025				2026				2025
Net loss		$	(94,198	)		$	(133,412	)		$	(283,193	)		$	(257,283	)
Adjusted for:
Provision for income taxes			42				—				74				—
Interest income			(4,460	)			(5,289	)			(14,770	)			(8,078	)
Interest expense			1,637				3,955				7,036				17,145
Depreciation and amortization			13,627				6,447				44,389				14,363
Stock-based compensation expense			15,292				4,000				44,831				5,191
Change in fair value of warrant liability			(4,040	)			42,150				269				47,257
Loss on extinguishment of debt			—				30,400				—				30,400
One-time costs related to the IPO(1)			—				3,792				—				8,012
Transaction-related expenses			2,587				1,528				7,220				1,528
Gain on settlement of contingent liabilities			—				—				(1,307	)			—
Other(2)			(14	)			97				1				97
Adjusted EBITDA		$	(69,527	)		$	(46,332	)		$	(195,450	)		$	(141,368	)
		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2026				2025				2026				2025
Net cash used in operating activities		$	(69,700	)		$	(53,046	)		$	(213,810	)		$	(137,665	)
Purchases of property and equipment and internal-use software			(15,559	)			(8,920	)			(56,648	)			(20,757	)
Free Cash Flow		$	(85,259	)		$	(61,966	)		$	(270,458	)		$	(158,422	)

(1) Represents costs incurred related to the IPO that do not meet the direct and incremental criteria per SEC Staff Accounting Bulletin Topic 5.A that were netted against the gross proceeds of the IPO and are not expected to recur in the future.

(2) Other includes (gain) loss on foreign exchange and executive severance.

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2026				2025				2026				2025
Research and development		$	75,991			$	48,763			$	215,032			$	142,549
Stock-based compensation expense			(8,279	)			(501	)			(22,682	)			(796	)
Non-GAAP Research and Development		$	67,712			$	48,262			$	192,350			$	141,753
Selling, general, and administrative		$	50,884			$	21,920			$	144,044			$	47,243
Amortization of acquired intangibles			(5,000	)			—				(15,000	)			—
Stock-based compensation expense			(7,013	)			(3,499	)			(22,149	)			(4,395	)
One-time costs related to the IPO(1)			—				(3,792	)			—				(8,012	)
Transaction-related expenses			(2,587	)			(1,528	)			(7,220	)			(1,528	)
Other(2)			—				(97	)			—				(97	)
Non-GAAP Selling, General, and Administrative		$	36,284			$	13,004			$	99,675			$	33,211
Operating expenses		$	126,875			$	70,683			$	359,076			$	189,792
Amortization of acquired intangibles			(5,000	)			—				(15,000	)			—
Stock-based compensation expense			(15,292	)			(4,000	)			(44,831	)			(5,191	)
One-time costs related to the IPO(1)			—				(3,792	)			—				(8,012	)
Transaction-related expenses			(2,587	)			(1,528	)			(7,220	)			(1,528	)
Other(2)			—				(97	)			—				(97	)
Non-GAAP Operating Expenses		$	103,996			$	61,266			$	292,025			$	174,964
Loss from operations		$	(101,578	)		$	(62,193	)		$	(292,443	)		$	(175,087	)
Amortization of acquired intangibles			5,000				—				15,000				—
Stock-based compensation expense			15,292				4,000				44,831				5,191
One-time costs related to the IPO(1)			—				3,792				—				8,012
Transaction-related expenses			2,587				1,528				7,220				1,528
Other(2)			—				97				—				97
Non-GAAP Loss from Operations		$	(78,699	)		$	(52,776	)		$	(225,392	)		$	(160,259	)
Other income (expense)		$	7,422			$	(71,219	)		$	9,324			$	(82,196	)
Change in fair value of warrant liabilities			(4,040	)			42,150				269				47,257
Gain on settlement of contingent liabilities			—				—				(1,307	)			—
Loss on extinguishment of debt			—				30,400				—				30,400
Other(2)			(14	)			—				1				—
Non-GAAP Other Income (Expense)		$	3,368			$	1,331			$	8,287			$	(4,539	)
Net loss		$	(94,198	)		$	(133,412	)		$	(283,193	)		$	(257,283	)
Income tax effect of business acquisitions			—				—				128				—
Amortization of acquired intangibles			5,000				—				15,000				—
Stock-based compensation			15,292				4,000				44,831				5,191
Change in fair value of warrant liability			(4,040	)			42,150				269				47,257
Loss on extinguishment of debt			—				30,400				—				30,400
One-time costs related to the IPO(1)			—				3,792				—				8,012
Transaction-related expenses			2,587				1,528				7,220				1,528
Gain on settlement of contingent liabilities			—				—				(1,307	)			—
Other(2)			(14	)			97				1				97
Non-GAAP Net Loss		$	(75,373	)		$	(51,445	)		$	(217,051	)		$	(164,798	)
Basic and diluted weighted average shares outstanding			168,371				93,849				163,265				40,389
GAAP net loss per share, basic and diluted		$	(0.56	)		$	(1.50	)		$	(1.73	)		$	(7.25	)
Non-GAAP net loss per share, basic and diluted		$	(0.45	)		$	(0.55	)		$	(1.33	)		$	(4.08	)

(1) Represents costs incurred related to the IPO that do not meet the direct and incremental criteria per SEC Staff Accounting Bulletin Topic 5.A that were netted against the gross proceeds of the IPO and are not expected to recur in the future.

(2) Other includes (gain) loss on foreign exchange and executive severance.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/09da17c2-1408-4bda-8bd3-548379915069

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Firefly Aerospace's third-quarter 2026 revenue and earnings?

Firefly reported $110.682 million in revenue and a $94.198 million net loss for the quarter ended September 30, 2026. Revenue rose 259% year over year. Basic and diluted loss per common share was $0.56, compared with $1.50 a year earlier.

What is Firefly Aerospace's full-year 2026 revenue guidance?

Firefly expects 2026 full-year revenue between $440 million and $450 million.

Do Firefly's NASA CLPS 2 and Space Force NITE-STAR selections guarantee the full program values?

Firefly's selections allow it to compete for task orders, rather than award it the full program values. NASA's CLPS 2 initiative is valued at $10 billion. The Space Force's NITE-STAR contract is valued at $981 million and supports advanced test and training operations through 2032.