Firefly Aerospace Inc. (FLY) Earnings History

Firefly Aerospace Inc. - Q3 2025 Earnings

Filed at: Nov 12, 2025, 4:08 PM EST|Read from source

EXECUTIVE SUMMARY

Firefly Aerospace reported strong sequential revenue growth driven by spacecraft contract execution and progress in launch teams. The company also closed the SciTec acquisition, enhancing its national security capabilities, and is preparing for Alpha's return to flight.

POSITIVE HIGHLIGHTS

  • •

    Third quarter revenue increased 98% from the previous quarter and 38% from the prior year quarter.

    positive
  • •

    Awarded Blue Ghost Mission 4 contract from NASA worth $176.7 million.

    positive
  • •

    Strategic acquisition of SciTec closed, bolstering national security capabilities.

    positive
  • •

    Cash and cash equivalents increased significantly to $995 million from $123 million.

    positive

CONCERNS & RISKS

  • •

    Net loss widened significantly to $133.4 million in Q3 2025 from $40.8 million in Q3 2024.

    negative
  • •

    Operating expenses increased substantially, with R&D up 63% and SG&A up 112% year-over-year for the nine months ended September 30, 2025.

    attention
  • •

    Alpha first stage ground test event on September 29 required corrective measures.

    attention
  • •

    Net loss available to common stockholders was $140.3 million in Q3 2025, compared to $46.1 million in Q3 2024.

    negative

FINANCIAL METRICS

Revenue
Quarterly
$30.78M
+37.6%
Prior year: $22.37M
Annual (YTD)
$102.18M
N/A
Prior year: $51.76M
Net Income
Quarterly
$-133.41M
-227.1%
Prior year: $-40.79M
Annual (YTD)
$-257.28M
N/A
Prior year: $-147.01M
EPS (Diluted)
Quarterly
$-1.50
+58.0%
Prior year: $-3.57
Annual (YTD)
$-7.25
N/A
Prior year: $-12.80
Operating Income
Quarterly
$-62.19M
-81.9%
Prior year: $-34.19M
Annual (YTD)
$-175.09M
N/A
Prior year: $-132.24M
EPS (Basic)
Quarterly
$-1.50
+58.0%
Prior year: $-3.57
Annual (YTD)
$-7.25
N/A
Prior year: $-12.80

MARGIN ANALYSIS

Gross Margin
Current Quarter
27.6%
Prior Year
34.7%
YoY Change
-716 bps
Operating Margin
Current Quarter
-202.1%
Prior Year
-152.9%
YoY Change
-4921 bps
Net Margin
Current Quarter
-433.4%
Prior Year
-182.3%
YoY Change
-25111 bps

Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.

MANAGEMENT GUIDANCE

FY 2025

revenue
$150000.0B—$158000.0B
Mid-point: $154000.0B

Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.

SPECIAL ITEMS & ADJUSTMENTS

Q3 2025
Loss on extinguishment of debt
Non-GAAP adjustments exclude this item.
+$30.4M
Q3 2025
Change in fair value of warrant liability
Non-GAAP adjustments exclude this item.
$42.15M
Total Impact
$11.75M

Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.

MANAGEMENT COMMENTARY

Strong third quarter revenue growth reflects steady execution of spacecraft teams and progress by launch teams.

— Firefly Aerospace Inc., Q3 2025 2025 Earnings Call

Confident in Alpha team to return to flight safely, enhancing culture of safety, quality, and reliability.

— Firefly Aerospace Inc., Q3 2025 2025 Earnings Call

SciTec acquisition bolsters national security capabilities with industry-leading hardware and software.

— Firefly Aerospace Inc., Q3 2025 2025 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.

OPERATIONAL METRICS

Alpha Return To Flight Status
N/A
status
Blue Ghost Mission 2 Structure Qualification Model Status
N/A
status
Blue Ghost Mission 3 Pdr Completion
N/A
status
Elytra Mission 3 Pdr Completion
N/A
status
Elytra Spacecraft Flight Unit Assembly Status
N/A
status
Hypersonic Test Mission Alpha Contract
N/A
status
Mission Simulation Testing Hours Elytra Mission 1
200
hours
Rashid Rover 2 Payload Delivery Status
N/A
status

Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.