FLY Leasing SEC Filings

Firefly Aerospace discloses financing, capital-structure and operational risk details in its Form 10-Q. The company had $136.1 million of term loans outstanding as of June 30, 2025, consisting of $103.5 million of Term A and $32.6 million of Term B that mature on July 17, 2028. Borrowings under the facility bore a fixed rate of 13.875%, with Term B set to increase to 19.135% in July 2026. The Credit Agreement includes minimum liquidity and free cash flow covenants: a $50.0 million minimum liquidity test and a minimum free cash flow floor of negative $325.0 million, both tested quarterly starting December 31, 2025, subject to change if a Leverage Covenant Triggering Event occurs.

The company reported capital transactions including a Series D initial closing that raised $175.5 million (10.4 million shares at $16.9213 each) and a subsequent Series D closing of $1.3 million. The RPM Call Option termination derecognized a $0.2 million Majority Sponsor Top-Up and a $4.2 million RPM Call Option and recognized those amounts in other income, net for the six months ended June 30, 2025. The company also disclosed a material weakness in internal control over financial reporting and noted risks including inability to operate Alpha at anticipated launch rates, manufacturing scale challenges, supply scarcity, and potential inability to generate sufficient cash to service indebtedness.