Record 2025 revenue growth at Firefly Aerospace (Nasdaq: FLY) despite losses
Rhea-AI Filing Summary
Firefly Aerospace Inc. reported fourth quarter and full-year 2025 results showing rapid growth but continued heavy investment. Full-year revenue reached $159.855 million, up 163% from 2024, with Q4 revenue of $57.673 million versus $9.034 million a year earlier.
The company still posted a substantial full-year net loss of $298.340 million and Adjusted EBITDA of −$198.636 million, with Free Cash Flow of −$237.750 million, reflecting high R&D and operating spending. Cash and cash equivalents rose to $792.966 million at year-end, supported by equity financing and the SciTec acquisition.
Operationally, Firefly highlighted Alpha’s successful return to flight, progress across Blue Ghost lunar missions and the Elytra spacecraft, and a $109 million engineering change under the Space Force’s FORGE contract, bringing that award to $372 million. For 2026, Firefly expects full-year revenue between $420 million and $450 million, signaling another year of strong top-line expansion.
Positive
- Record revenue growth and strong outlook: 2025 revenue reached $159.855 million, up 163% year-over-year, and the company guides 2026 revenue between $420 million and $450 million, indicating continued rapid top-line expansion.
- Robust liquidity and contract wins: Year-end 2025 cash and cash equivalents were $792.966 million, supported by equity financing and the SciTec acquisition, while a $109 million FORGE contract modification lifted that award’s value from $263 million to $372 million.
Negative
- Large ongoing losses and cash burn: Firefly reported a 2025 net loss of $298.340 million, Adjusted EBITDA of −$198.636 million, and Free Cash Flow of −$237.750 million, showing that rapid growth still comes with substantial negative earnings and operating cash flow.
Insights
Firefly is scaling revenue quickly, backed by strong cash, but remains deeply loss-making.
Firefly Aerospace delivered record 2025 revenue of
Profitability is still distant: 2025 net loss was
Strategically, Firefly expanded its national security footprint, including a
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On March 19, 2026, Firefly Aerospace Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2025. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
The information in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 (the “Section”) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any registration statement or other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number |
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Description |
99.1 |
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Press Release of Firefly Aerospace Inc. dated March 19, 2026. |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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FIREFLY AEROSPACE INC. |
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Date: |
March 19, 2026 |
By: |
/s/ Darren Ma |
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Chief Financial Officer |
Firefly Aerospace Announces Fourth Quarter and Full Year 2025 Financial Results with Record Annual Revenue Up 163% Year-over-Year
Alpha successfully returned to flight in March, as Firefly enters 2026 with new national security SciTec contracts.
"Stairway to Seven" launching from Firefly's Space Launch Complex 2 at Vandenberg Space Force Base in California on March 11, 2026.
Cedar Park, Texas, March 19, 2026 – Firefly Aerospace (Nasdaq: FLY), a market leading space and defense technology company, today issued financial results for the fourth quarter and fiscal year ended December 31, 2025.
"2025 was a transformative year in Firefly's history, as we more than doubled our annual revenue while executing across multiple launch, spacecraft, and ground programs and strengthening our portfolio of space exploration and national security space capabilities," said Jason Kim, CEO of Firefly Aerospace.
"Our laser focus on safety, quality, and reliability resulted in the successful return-to-flight of Alpha, delivering a test demo for Lockheed Martin. We progressed flight hardware development and testing for Eclipse's core structures and propulsion systems. We advanced on three Blue Ghost contracts simultaneously for the first time, as well as secured a high performance national
security contract for Elytra, and continue completing milestones for the Space Force's FORGE program," said Kim. "Across all our programs, Firefly is lighting the way to a bold space ecosystem that expands humanity's future."
2025 Highlights
• Generated record annual revenue of $159.9 million, an increase of 163% year-over-year. • Landed on the Moon with Blue Ghost Mission 1, as the first and only commercial company to do so successfully, and completed 14 days of lunar surface operations, marking the longest commercial operations on the Moon to date. • Completed a historic IPO, bolstering Firefly's balance sheet to support long-term growth. • Acquired SciTec, beginning a new era of Firefly as a full-service hardware and software company for national security, civil and commercial customers with added artificial intelligence and data center-powered space capabilities. • Won the NASA contract award for Blue Ghost Mission 4 to the Moon's south pole, marking back-to-back Commercial Lunar Payload Services (CLPS) wins. • Assumed a leading role on the U.S. Space Force's Future Operationally Resilient Ground Evolution (FORGE) program through SciTec – with contracts to deliver the Mission Data Processing Applications, Sensor Specific Processor, and Enterprise Overhead Persistent Infrared (OPIR) services. This past September reached operational acceptance of FORGE for Threat Missile Warning, marking the first time in 50 years that the U.S. federal government selected a new prime contractor for missile warning ground systems. |
Fourth Quarter 2025 Highlights
Additional Recent Highlights
2026 Full-Year Guidance
Conference Call
Firefly will host a conference call today at 4:00 p.m. CT (5:00 p.m. ET) to discuss its fourth quarter and full-year 2025 financial results, as well as provide Firefly’s full year 2026 outlook.
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 that enables government and commercial customers to launch, land, and operate in space – anywhere, anytime. As the partner of choice for responsive space missions, Firefly is the only commercial company to launch a satellite to orbit with approximately 24-hour notice. Firefly is also the only company to achieve a fully successful landing on the Moon. Established in 2017, Firefly’s engineering, manufacturing, and test facilities are co-located in central Texas to enable rapid innovation. The company’s small- to medium-lift launch vehicles, lunar landers, and orbital vehicles are built with common
flight-proven technologies to enable speed, reliability, and cost efficiencies for each mission from low Earth orbit to the Moon and beyond. 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 “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “predict,” “project,” “potential,” “should,” “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 the markets in which we operate, including growth of our various markets, statements about potential new products and product innovation, our ability or expectations to establish new partnerships, 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; 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 remediate the material weakness with respect to our internal control over financial reporting and disclosure controls and procedures; 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 Operating Expenses, Non-GAAP Research and Development, Non-GAAP Selling, General, and Administrative, Non-GAAP Other Income (Expense), and Non-GAAP Net Loss, as well as Pro Forma Non-GAAP Net Loss and Pro Forma 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 the income tax benefit from our acquisition of SciTec, interest income, interest expense, depreciation and amortization, stock-based compensation expense, change in fair value of warrant liability, (gain) loss on disposal of fixed assets, 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. 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, 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, less stock-based compensation expense 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 Selling, General, and Administrative
We define Non-GAAP Selling, General and Administrative as selling, general and administrative, less 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, less amortization of acquired intangibles, stock-based compensation expense, certain one-time costs related to the IPO, transaction-related expenses, 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, and gain (loss) on disposal of fixed assets. 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), less change in fair value of warrant liability, gain on settlement of contingent liabilities, and loss on extinguishment of debt. 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, less amortization of acquired intangibles, stock-based compensation, change in fair value of warrant liability, (gain) loss on disposal of fixed assets, loss on extinguishment of debt, certain one-time costs related to the IPO, transaction-related expenses, gain on settlement of contingent liabilities, the income tax benefit from our acquisition of SciTec, 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
CONSOLIDATED STATEMENTS OF NET LOSS AND COMPREHENSIVE LOSS
(in thousands, except per share amounts)
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For the Three Months Ended December 31, |
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For the Year Ended December 31, |
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2025 |
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2024 |
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2025 |
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2024 |
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(unaudited) |
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Revenue |
$ |
57,673 |
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$ |
9,034 |
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$ |
159,855 |
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$ |
60,792 |
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Cost of sales |
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41,712 |
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|
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29,198 |
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|
129,189 |
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|
|
72,157 |
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Gross profit (loss) |
|
15,961 |
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(20,164 |
) |
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30,666 |
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(11,365 |
) |
Operating expenses |
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Research and development |
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57,569 |
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42,461 |
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200,118 |
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|
|
149,498 |
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Selling, general, and administrative |
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44,002 |
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|
|
14,675 |
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|
|
91,245 |
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|
|
46,848 |
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(Gain) loss on disposal of fixed assets |
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(9 |
) |
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(82 |
) |
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(9 |
) |
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1,742 |
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Total operating expenses |
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101,562 |
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|
57,054 |
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|
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291,354 |
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|
|
198,088 |
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Loss from operations |
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(85,601 |
) |
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(77,218 |
) |
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(260,688 |
) |
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(209,453 |
) |
Other expense |
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|
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Change in fair value of warrant liability |
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(3,038 |
) |
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(1,277 |
) |
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(50,295 |
) |
|
|
(1,649 |
) |
Loss on extinguishment of debt |
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— |
|
|
|
— |
|
|
|
(30,400 |
) |
|
|
— |
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Interest income |
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10,109 |
|
|
|
820 |
|
|
|
18,187 |
|
|
|
2,597 |
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Interest expense |
|
(4,419 |
) |
|
|
(7,043 |
) |
|
|
(21,563 |
) |
|
|
(22,970 |
) |
Gain on settlement of contingent liabilities |
|
8,397 |
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— |
|
|
|
8,397 |
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— |
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Other (expense) income, net |
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(3,634 |
) |
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|
600 |
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|
894 |
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|
342 |
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Total other expense, net |
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7,416 |
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(6,901 |
) |
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(74,780 |
) |
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(21,680 |
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Loss before income tax benefit |
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(78,185 |
) |
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(84,119 |
) |
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(335,468 |
) |
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(231,133 |
) |
Income tax benefit |
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37,128 |
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— |
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37,128 |
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— |
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Net loss and comprehensive loss |
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(41,057 |
) |
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(84,119 |
) |
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(298,340 |
) |
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(231,133 |
) |
Less: Accretion of dividends of Series C Preferred Stock |
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— |
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5,355 |
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13,240 |
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|
21,224 |
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Less: Accretion of dividends of Series D-1 Preferred Stock |
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— |
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|
13,453 |
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|
|
21,989 |
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|
|
13,453 |
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Less: Accretion of dividends of Series D-3 Preferred Stock |
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— |
|
|
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— |
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|
|
394 |
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|
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— |
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Net loss available to common stockholders |
$ |
(41,057 |
) |
|
$ |
(102,927 |
) |
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$ |
(333,963 |
) |
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$ |
(265,810 |
) |
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Net loss per common share |
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Basic and diluted |
$ |
(0.26 |
) |
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$ |
(7.86 |
) |
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$ |
(4.83 |
) |
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$ |
(20.74 |
) |
Weighted-average common shares outstanding |
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Basic and diluted |
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155,647 |
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|
|
13,094 |
|
|
|
69,204 |
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|
12,819 |
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CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
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December 31, |
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2025 |
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2024 |
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Assets |
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Current assets |
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Cash and cash equivalents |
|
$ |
792,966 |
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$ |
123,431 |
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Short-term investments |
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|
100,008 |
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|
|
— |
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Restricted cash, current |
|
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— |
|
|
|
424 |
|
Accounts receivable, net |
|
|
46,129 |
|
|
|
1,004 |
|
Advanced payments, current |
|
|
12,350 |
|
|
|
52,404 |
|
Other current assets |
|
|
11,722 |
|
|
|
3,454 |
|
Total current assets |
|
|
963,175 |
|
|
|
180,717 |
|
Advanced payments, less current portion |
|
|
60,496 |
|
|
|
41,770 |
|
Property and equipment, net |
|
|
163,738 |
|
|
|
135,575 |
|
Restricted cash, less current portion |
|
|
— |
|
|
|
13,703 |
|
Right-of-use assets - operating leases |
|
|
13,938 |
|
|
|
14,604 |
|
Right-of-use assets - finance leases |
|
|
3,735 |
|
|
|
3,708 |
|
Intangible assets, net |
|
|
165,709 |
|
|
|
— |
|
Goodwill |
|
|
450,119 |
|
|
|
17,097 |
|
Other noncurrent assets |
|
|
4,024 |
|
|
|
158 |
|
Total assets |
|
$ |
1,824,934 |
|
|
$ |
407,332 |
|
|
|
|
|
|
|
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Liabilities, temporary equity, and stockholders' equity (deficit) |
|
|
|
|
|
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Current liabilities |
|
|
|
|
|
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Accounts payable |
|
$ |
35,626 |
|
|
$ |
37,633 |
|
Accounts payable - related parties |
|
|
330 |
|
|
|
86 |
|
Accrued expenses |
|
|
42,755 |
|
|
|
14,419 |
|
Operating lease liability, current |
|
|
1,161 |
|
|
|
1,128 |
|
Finance lease liability, current |
|
|
1,056 |
|
|
|
856 |
|
Deferred revenue, current |
|
|
116,135 |
|
|
|
108,069 |
|
Notes payable, current |
|
|
7,099 |
|
|
|
6,349 |
|
Other current liabilities |
|
|
9,419 |
|
|
|
10,837 |
|
Total current liabilities |
|
|
213,581 |
|
|
|
179,377 |
|
Operating lease liability, less current portion |
|
|
15,832 |
|
|
|
16,466 |
|
Finance lease liability, less current portion |
|
|
2,004 |
|
|
|
1,996 |
|
Deferred revenue, less current portion |
|
|
92,565 |
|
|
|
45,904 |
|
Notes payable, less current portion |
|
|
281,441 |
|
|
|
124,079 |
|
Notes payable, less current portion - related parties |
|
|
— |
|
|
|
17,524 |
|
Warrant liability |
|
|
12,294 |
|
|
|
4,070 |
|
Other liabilities, less current portion |
|
|
17,278 |
|
|
|
25,956 |
|
Total liabilities |
|
$ |
634,995 |
|
|
$ |
415,372 |
|
Temporary equity |
|
|
|
|
|
|
||
Redeemable convertible preferred stock, $0.0001 par value; 100,000 and 51,033 shares authorized as of December 31, 2025 and December 31, 2024, respectively; 0 and 41,588 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively; $0 and $1,227,158 liquidation preference as of December 31, 2025 and December 31, 2024, respectively |
|
|
— |
|
|
|
759,582 |
|
Stockholders' equity (deficit) |
|
|
|
|
|
|
||
Common stock, $0.0001 par value, 1,000,000 and 154,397 shares authorized as of December 31, 2025 and December 31, 2024, respectively; 159,276 and 13,241 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively |
|
|
17 |
|
|
|
1 |
|
Additional paid-in capital |
|
|
2,210,201 |
|
|
|
— |
|
Accumulated deficit |
|
|
(1,020,279 |
) |
|
|
(767,623 |
) |
Total stockholders' equity (deficit) |
|
|
1,189,939 |
|
|
|
(767,622 |
) |
Total liabilities, temporary equity, and stockholders' equity (deficit) |
|
$ |
1,824,934 |
|
|
$ |
407,332 |
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
|
For the Three Months Ended December 31, |
|
|
For the Year Ended December 31, |
|
||||||||||
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
(unaudited) |
|
|
|
|
|
|
|
|||||||
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss |
$ |
(41,057 |
) |
|
$ |
(84,119 |
) |
|
$ |
(298,340 |
) |
|
$ |
(231,133 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
9,617 |
|
|
|
6,035 |
|
|
|
23,156 |
|
|
|
12,545 |
|
(Gain) loss on disposal of fixed assets |
|
(9 |
) |
|
|
(82 |
) |
|
|
(9 |
) |
|
|
1,742 |
|
Stock-based compensation |
|
12,649 |
|
|
|
545 |
|
|
|
17,840 |
|
|
|
1,841 |
|
Change in fair value of warrant liability |
|
3,038 |
|
|
|
2,600 |
|
|
|
50,295 |
|
|
|
3,079 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
30,400 |
|
|
|
— |
|
Non-cash interest expense |
|
1,734 |
|
|
|
2,612 |
|
|
|
6,329 |
|
|
|
8,402 |
|
Non-cash interest income |
|
(1,068 |
) |
|
|
— |
|
|
|
(1,068 |
) |
|
|
— |
|
Non-cash inventory write-off |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
247 |
|
Deferred income taxes |
|
(37,192 |
) |
|
|
— |
|
|
|
(37,192 |
) |
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
||||
Accounts receivable |
|
4,767 |
|
|
|
4,755 |
|
|
|
644 |
|
|
|
1,700 |
|
Advanced payments |
|
(13,222 |
) |
|
|
(17,348 |
) |
|
|
21,328 |
|
|
|
(34,553 |
) |
Other assets |
|
682 |
|
|
|
(937 |
) |
|
|
(314 |
) |
|
|
4,523 |
|
Accounts payable |
|
(12,149 |
) |
|
|
(2,644 |
) |
|
|
(17,449 |
) |
|
|
8,312 |
|
Accounts payable - related parties |
|
(460 |
) |
|
|
(8 |
) |
|
|
244 |
|
|
|
(1,320 |
) |
Accrued expenses |
|
(17,541 |
) |
|
|
3,887 |
|
|
|
(22,576 |
) |
|
|
(2,054 |
) |
Other liabilities |
|
(14,569 |
) |
|
|
16,823 |
|
|
|
(26,381 |
) |
|
|
36,157 |
|
Right-of-use assets |
|
579 |
|
|
|
3,322 |
|
|
|
2,128 |
|
|
|
5,884 |
|
Lease liabilities |
|
(270 |
) |
|
|
(224 |
) |
|
|
(6,916 |
) |
|
|
(3,840 |
) |
Deferred revenue |
|
37,212 |
|
|
|
24,526 |
|
|
|
52,957 |
|
|
|
30,818 |
|
Net cash used in operating activities |
|
(67,259 |
) |
|
|
(40,257 |
) |
|
|
(204,924 |
) |
|
|
(157,650 |
) |
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
||||
Purchases of property and equipment |
|
(12,069 |
) |
|
|
(2,656 |
) |
|
|
(32,826 |
) |
|
|
(32,697 |
) |
Purchases of time deposits |
|
(100,000 |
) |
|
|
— |
|
|
|
(100,000 |
) |
|
|
— |
|
Acquisition of business, net of acquired cash |
|
(277,417 |
) |
|
|
— |
|
|
|
(277,417 |
) |
|
|
— |
|
Proceeds from sale of property and equipment |
|
280 |
|
|
|
— |
|
|
|
280 |
|
|
|
— |
|
Proceeds from sale of short-term investments |
|
8,405 |
|
|
|
— |
|
|
|
8,405 |
|
|
|
— |
|
Net cash used in investing activities |
|
(380,801 |
) |
|
|
(2,656 |
) |
|
|
(401,558 |
) |
|
|
(32,697 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
||||
Proceeds from issuance of common stock |
|
(25 |
) |
|
|
— |
|
|
|
943,711 |
|
|
|
— |
|
Costs associated with initial public offering |
|
(7,370 |
) |
|
|
— |
|
|
|
(11,578 |
) |
|
|
— |
|
Proceeds from issuance of Preferred Stock |
|
(3,510 |
) |
|
|
166,855 |
|
|
|
231,996 |
|
|
|
189,041 |
|
Principal payments on finance leases |
|
(254 |
) |
|
|
511 |
|
|
|
(1,420 |
) |
|
|
(84 |
) |
Proceeds from issuance of notes payable |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
48,990 |
|
Payment of initial public offering closing Preferred Stock Dividend |
|
— |
|
|
|
— |
|
|
|
(4,990 |
) |
|
|
— |
|
Proceeds from notes payable - related parties |
|
— |
|
|
|
(25,000 |
) |
|
|
— |
|
|
|
— |
|
Repayment of notes payable - related parties |
|
— |
|
|
|
— |
|
|
|
(21,117 |
) |
|
|
— |
|
Payments on notes payable |
|
(1,723 |
) |
|
|
(1,538 |
) |
|
|
(133,180 |
) |
|
|
(3,719 |
) |
Payments of debt issuance costs |
|
(2,254 |
) |
|
|
— |
|
|
|
(4,337 |
) |
|
|
(2,301 |
) |
Proceeds from repayment of employee note |
|
205 |
|
|
|
41 |
|
|
|
601 |
|
|
|
247 |
|
Proceeds from Revolving Credit Facility |
|
260,000 |
|
|
|
— |
|
|
|
260,000 |
|
|
|
— |
|
Proceeds from exercise of stock options |
|
(34 |
) |
|
|
178 |
|
|
|
2,204 |
|
|
|
585 |
|
Net cash provided by financing activities |
|
245,035 |
|
|
|
141,047 |
|
|
|
1,261,890 |
|
|
|
232,759 |
|
Net increase in cash and cash equivalents and restricted cash |
|
(203,025 |
) |
|
|
98,134 |
|
|
|
655,408 |
|
|
|
42,412 |
|
Cash and cash equivalents and restricted cash |
|
|
|
|
|
|
|
|
|
|
|
||||
Balance, beginning of period |
|
995,991 |
|
|
|
39,424 |
|
|
|
137,558 |
|
|
|
95,146 |
|
Balance, end of period |
$ |
792,966 |
|
|
$ |
137,558 |
|
|
$ |
792,966 |
|
|
$ |
137,558 |
|
Reconciliation of cash and cash equivalents and restricted cash |
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents |
$ |
(203,025 |
) |
|
$ |
97,285 |
|
|
$ |
792,966 |
|
|
$ |
123,431 |
|
Restricted cash, current |
|
(829 |
) |
|
|
(663 |
) |
|
|
— |
|
|
|
424 |
|
Restricted cash, non-current |
|
— |
|
|
|
1,725 |
|
|
|
— |
|
|
|
13,703 |
|
Total cash and cash equivalents and restricted cash at the end of the period |
$ |
(203,854 |
) |
|
$ |
98,347 |
|
|
$ |
792,966 |
|
|
$ |
137,558 |
|
|
For the Three Months Ended December 31, |
|
|
For the Year Ended December 31, |
|
||||||||||
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Supplemental disclosures of cash flow information |
|
|
|
|
|
|
|
|
|
|
|
||||
Cash paid for interest |
$ |
2,043 |
|
|
$ |
4,301 |
|
|
$ |
16,486 |
|
|
$ |
21,129 |
|
Non-cash investing and financing activities |
|
|
|
|
|
|
|
|
|
|
|
||||
Property and equipment additions in accounts payable |
$ |
2,359 |
|
|
$ |
2,933 |
|
|
$ |
4,264 |
|
|
$ |
3,103 |
|
Capitalized interest (paid-in-kind) |
$ |
— |
|
|
$ |
— |
|
|
$ |
683 |
|
|
$ |
— |
|
Equity issued for business combination |
$ |
269,556 |
|
|
$ |
— |
|
|
$ |
269,556 |
|
|
$ |
— |
|
Issuance of debt in exchange of software licenses |
$ |
(1 |
) |
|
$ |
— |
|
|
$ |
663 |
|
|
$ |
— |
|
Acquisition of internal-use software licenses and obligations |
$ |
18,484 |
|
|
$ |
— |
|
|
$ |
18,484 |
|
|
$ |
— |
|
Right-of-use asset acquired in exchange for finance lease liabilities |
$ |
— |
|
|
$ |
(361 |
) |
|
$ |
1,625 |
|
|
$ |
109 |
|
Initial fair value of warrants at issuance |
$ |
— |
|
|
$ |
107 |
|
|
$ |
— |
|
|
$ |
107 |
|
Net exercise of Common Warrants into common stock |
$ |
— |
|
|
$ |
— |
|
|
$ |
46,060 |
|
|
$ |
— |
|
Issuance of Preferred Stock Dividend |
$ |
(33 |
) |
|
$ |
— |
|
|
$ |
86,091 |
|
|
$ |
— |
|
Conversion of Preferred Stock to common stock upon initial public offering |
$ |
— |
|
|
$ |
— |
|
|
$ |
937,087 |
|
|
$ |
— |
|
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 Expense, and Non-GAAP Net Loss to their most directly comparable financial measures presented in accordance with U.S. GAAP:
|
For the Three Months |
|
|
For the Year Ended December 31, |
|
||||||||||
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Net loss |
$ |
(41,057 |
) |
|
$ |
(84,119 |
) |
|
$ |
(298,340 |
) |
|
$ |
(231,133 |
) |
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
||||
SciTec acquisition income tax benefit |
|
(37,128 |
) |
|
|
— |
|
|
|
(37,128 |
) |
|
|
— |
|
Interest income |
|
(10,109 |
) |
|
|
(820 |
) |
|
|
(18,187 |
) |
|
|
(2,597 |
) |
Interest expense |
|
4,419 |
|
|
|
7,043 |
|
|
|
21,563 |
|
|
|
22,970 |
|
Depreciation and amortization |
|
10,189 |
|
|
|
6,026 |
|
|
|
24,552 |
|
|
|
12,545 |
|
Stock-based compensation expense |
|
12,649 |
|
|
|
545 |
|
|
|
17,840 |
|
|
|
1,841 |
|
Change in fair value of warrant liability |
|
7,027 |
|
|
|
2,707 |
|
|
|
54,284 |
|
|
|
3,079 |
|
(Gain) loss on disposal of fixed assets |
|
(9 |
) |
|
|
(82 |
) |
|
|
(9 |
) |
|
|
1,742 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
30,400 |
|
|
|
— |
|
One-time costs related to the IPO(1) |
|
— |
|
|
|
— |
|
|
|
8,012 |
|
|
|
— |
|
Transaction-related expenses |
|
4,575 |
|
|
|
— |
|
|
|
6,103 |
|
|
|
— |
|
Gain on settlement of contingent liabilities |
|
(8,397 |
) |
|
|
— |
|
|
|
(8,397 |
) |
|
|
— |
|
Other(2) |
|
574 |
|
|
|
952 |
|
|
|
671 |
|
|
|
985 |
|
Adjusted EBITDA |
$ |
(57,268 |
) |
|
$ |
(67,747 |
) |
|
$ |
(198,636 |
) |
|
$ |
(190,568 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
For the Three Months |
|
|
For the Year Ended December 31, |
|
||||||||||
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Net cash used in operating activities(3) |
$ |
(67,259 |
) |
|
$ |
(40,257 |
) |
|
$ |
(204,924 |
) |
|
$ |
(157,650 |
) |
Purchases of property and equipment |
|
(12,069 |
) |
|
|
(2,656 |
) |
|
|
(32,826 |
) |
|
|
(32,697 |
) |
Free Cash Flow |
$ |
(79,328 |
) |
|
$ |
(42,913 |
) |
|
$ |
(237,750 |
) |
|
$ |
(190,347 |
) |
(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 loss on foreign exchange and executive severance.
(3) Includes $24.5 million of cash payments related to our acquisition of SciTec during the three months and year ended December 31, 2025 that are not expected to recur in the future.
|
For the Three Months |
|
|
For the Year Ended December 31, |
|
||||||||||
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Research and development |
$ |
57,569 |
|
|
$ |
42,461 |
|
|
$ |
200,118 |
|
|
$ |
149,498 |
|
Stock-based compensation expense |
|
(4,945 |
) |
|
|
(128 |
) |
|
|
(5,741 |
) |
|
|
(506 |
) |
Other(2) |
|
(574 |
) |
|
|
— |
|
|
|
(574 |
) |
|
|
— |
|
Non-GAAP Research and Development |
$ |
52,050 |
|
|
$ |
42,333 |
|
|
$ |
193,803 |
|
|
$ |
148,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling, general, and administrative |
$ |
44,002 |
|
|
$ |
14,675 |
|
|
$ |
91,245 |
|
|
$ |
46,848 |
|
Amortization of acquired intangibles |
|
(3,291 |
) |
|
|
— |
|
|
|
(3,291 |
) |
|
|
— |
|
Stock-based compensation expense |
|
(7,704 |
) |
|
|
(417 |
) |
|
|
(12,099 |
) |
|
|
(1,335 |
) |
One-time costs related to the IPO(1) |
|
— |
|
|
|
— |
|
|
|
(8,012 |
) |
|
|
— |
|
Transaction-related expenses |
|
(4,575 |
) |
|
|
— |
|
|
|
(6,103 |
) |
|
|
— |
|
Other(2) |
|
— |
|
|
|
(952 |
) |
|
|
(97 |
) |
|
|
(985 |
) |
Non-GAAP Selling, General, and Administrative |
$ |
28,432 |
|
|
$ |
13,306 |
|
|
$ |
61,643 |
|
|
$ |
44,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating expenses |
$ |
101,562 |
|
|
$ |
57,054 |
|
|
$ |
291,354 |
|
|
$ |
198,088 |
|
Amortization of acquired intangibles |
|
(3,291 |
) |
|
|
— |
|
|
|
(3,291 |
) |
|
|
— |
|
Stock-based compensation expense |
|
(12,649 |
) |
|
|
(545 |
) |
|
|
(17,840 |
) |
|
|
(1,841 |
) |
One-time costs related to the IPO(1) |
|
— |
|
|
|
— |
|
|
|
(8,012 |
) |
|
|
— |
|
Transaction-related expenses |
|
(4,575 |
) |
|
|
— |
|
|
|
(6,103 |
) |
|
|
— |
|
Other(2) |
|
(574 |
) |
|
|
(952 |
) |
|
|
(671 |
) |
|
|
(985 |
) |
Gain (loss) on disposal of fixed assets |
|
9 |
|
|
|
82 |
|
|
|
9 |
|
|
|
(1,742 |
) |
Non-GAAP Operating Expenses |
$ |
80,482 |
|
|
$ |
55,639 |
|
|
$ |
255,446 |
|
|
$ |
193,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other income (expense) |
$ |
7,416 |
|
|
$ |
(6,901 |
) |
|
$ |
(74,780 |
) |
|
$ |
(21,680 |
) |
Change in fair value of warrant liability |
|
7,027 |
|
|
|
2,707 |
|
|
|
54,284 |
|
|
|
3,079 |
|
Gain on settlement of contingent liabilities |
|
(8,397 |
) |
|
|
— |
|
|
|
(8,397 |
) |
|
|
— |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
30,400 |
|
|
|
— |
|
Non-GAAP Other Income (Expense) |
$ |
6,046 |
|
|
$ |
(4,194 |
) |
|
$ |
1,507 |
|
|
$ |
(18,601 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss |
$ |
(41,057 |
) |
|
$ |
(84,119 |
) |
|
$ |
(298,340 |
) |
|
$ |
(231,133 |
) |
Amortization of acquired intangibles |
|
3,291 |
|
|
|
— |
|
|
|
3,291 |
|
|
|
— |
|
Stock-based compensation |
|
12,649 |
|
|
|
545 |
|
|
|
17,840 |
|
|
|
1,841 |
|
Change in fair value of warrant liability |
|
7,027 |
|
|
|
2,707 |
|
|
|
54,284 |
|
|
|
3,079 |
|
(Gain) loss on disposal of fixed assets |
|
(9 |
) |
|
|
(82 |
) |
|
|
(9 |
) |
|
|
1,742 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
30,400 |
|
|
|
— |
|
One-time costs related to the IPO(1) |
|
— |
|
|
|
— |
|
|
|
8,012 |
|
|
|
— |
|
Transaction-related expenses |
|
4,575 |
|
|
|
— |
|
|
|
6,103 |
|
|
|
— |
|
Gain on settlement of contingent liabilities |
|
(8,397 |
) |
|
|
— |
|
|
|
(8,397 |
) |
|
|
— |
|
SciTec acquisition income tax benefit |
|
(37,128 |
) |
|
|
— |
|
|
|
(37,128 |
) |
|
|
— |
|
Other(2) |
|
574 |
|
|
|
952 |
|
|
|
671 |
|
|
|
985 |
|
Non-GAAP Net Loss |
$ |
(58,475 |
) |
|
$ |
(79,997 |
) |
|
$ |
(223,273 |
) |
|
$ |
(223,486 |
) |
(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 loss on foreign exchange and executive severance.
UNAUDITED PRO FORMA NON-GAAP NET LOSS AND NET LOSS PER SHARE
(unaudited; in thousands, except per share amounts)
Unaudited Pro Forma Non-GAAP Net Loss and Unaudited Pro Forma Non-GAAP Net Loss Per Share are presented assuming the Company consummated the IPO and its related transactions, including the conversion of Preferred Stock to common stock, repayment of the Term Loan Facility, payment of the Preferred Stock Dividend, and net exercise of Common Warrants into common stock (each as defined and further discussed in the Company’s audited consolidated financial statements for the year ended December 31, 2025) on January 1, 2024.
|
|
For the Three Months |
|
|
For the Year |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Numerator |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss available to common stockholders |
|
$ |
(41,057 |
) |
|
$ |
(102,927 |
) |
|
$ |
(333,963 |
) |
|
$ |
(265,810 |
) |
Pro forma adjustments to: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reverse the impact of accrued dividends on outstanding Series C and Series D Preferred Stock |
|
|
— |
|
|
|
18,808 |
|
|
|
35,623 |
|
|
|
34,677 |
|
Reverse historical interest expense for the Term Loan Facility |
|
|
— |
|
|
|
5,637 |
|
|
|
15,920 |
|
|
|
25,241 |
|
Reverse the change in fair value of Common Warrants |
|
|
— |
|
|
|
(56 |
) |
|
|
44,840 |
|
|
|
(56 |
) |
Reverse the loss on extinguishment of the Term Loan Facility |
|
|
— |
|
|
|
— |
|
|
|
30,400 |
|
|
|
— |
|
Reverse one-time costs related to the IPO |
|
|
— |
|
|
|
— |
|
|
|
8,012 |
|
|
|
— |
|
Pro forma net loss available to common stockholders |
|
|
(41,057 |
) |
|
|
(78,538 |
) |
|
|
(199,168 |
) |
|
|
(205,948 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Amortization of acquired intangibles |
|
|
3,291 |
|
|
|
— |
|
|
|
3,291 |
|
|
|
— |
|
Stock-based compensation |
|
|
12,649 |
|
|
|
545 |
|
|
|
17,840 |
|
|
|
1,841 |
|
(Gain) loss on disposal of fixed assets |
|
|
(9 |
) |
|
|
(82 |
) |
|
|
(9 |
) |
|
|
1,742 |
|
Transaction-related expenses |
|
|
4,575 |
|
|
|
— |
|
|
|
6,103 |
|
|
|
— |
|
Change in fair value of warrant liability |
|
|
7,027 |
|
|
|
2,707 |
|
|
|
9,444 |
|
|
|
3,079 |
|
Gain on settlement of contingent liabilities |
|
|
(8,397 |
) |
|
|
— |
|
|
|
(8,397 |
) |
|
|
— |
|
SciTec acquisition income tax benefit |
|
|
(37,128 |
) |
|
|
— |
|
|
|
(37,128 |
) |
|
|
— |
|
Other |
|
|
574 |
|
|
|
952 |
|
|
|
671 |
|
|
|
985 |
|
Pro Forma Non-GAAP Net Loss available to common stockholders |
|
$ |
(58,475 |
) |
|
$ |
(74,416 |
) |
|
$ |
(207,353 |
) |
|
$ |
(198,301 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Denominator |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted-average common shares outstanding |
|
|
155,647 |
|
|
|
13,094 |
|
|
|
69,204 |
|
|
|
12,819 |
|
Pro forma adjustments to: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reflect the issuance of common stock in IPO |
|
|
— |
|
|
|
22,190 |
|
|
|
13,387 |
|
|
|
22,190 |
|
Reflect the issuance of common stock for payment of the Preferred Stock Dividend |
|
|
— |
|
|
|
3,251 |
|
|
|
1,758 |
|
|
|
3,251 |
|
Reflect the conversion of Preferred Stock to common stock |
|
|
— |
|
|
|
105,832 |
|
|
|
63,844 |
|
|
|
105,832 |
|
Reflect the net exercise of Common Warrants |
|
|
— |
|
|
|
1,024 |
|
|
|
617 |
|
|
|
1,024 |
|
Pro forma weighted-average common shares outstanding, basic and diluted |
|
|
155,647 |
|
|
|
145,391 |
|
|
|
148,811 |
|
|
|
145,116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pro Forma Non-GAAP Net Loss Per Share available to common stockholders, basic and diluted |
|
$ |
(0.38 |
) |
|
$ |
(0.51 |
) |
|
$ |
(1.39 |
) |
|
$ |
(1.37 |
) |
***
FAQ
How did Firefly Aerospace (FLY) perform financially in full-year 2025?
What were Firefly Aerospace’s (FLY) key fourth quarter 2025 results?
What 2026 revenue guidance did Firefly Aerospace (FLY) provide?
How strong is Firefly Aerospace’s (FLY) balance sheet after 2025?
What were Firefly Aerospace’s (FLY) 2025 cash flow and Free Cash Flow figures?
Which major contracts and milestones did Firefly Aerospace (FLY) highlight for 2025?
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