Firefly Aerospace (NASDAQ:FLY) Issues Earnings Results

Firefly Aerospace (NASDAQ:FLY) issued its quarterly earnings results on Tuesday. The company reported ($0.42) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.08, FiscalAI reports. The business had revenue of $117.68 million for the quarter. Firefly Aerospace had a negative return on equity of 23.01% and a negative net margin of 126.64%.Firefly Aerospace’s revenue was up 659.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($5.78) EPS.

Here are the key takeaways from Firefly Aerospace’s conference call:

• Record growth and backlog: Second-quarter revenue reached $117.7 million, up 46% sequentially and 659% year over year, while backlog increased to a record $1.5 billion. Management reiterated 2026 revenue guidance of $420 million to $450 million, with approximately 95% of midpoint revenue already booked.
• Expanding contract wins: Firefly won two additional NASA lunar missions, a $75 million Elytra subcontract for NASA’s MoonFall mission, a $94 million Space Force radar-digitization award, and a $13 million Mars aeroshell contract after quarter-end. Management also highlighted additional opportunities tied to Golden Dome, CLPS 2.0, national security AI, and fast-transfer vehicles.
• Production and technology scaling: The company is expanding spacecraft clean-room capacity, increasing Alpha production throughput, and progressing toward Eclipse’s first launch no earlier than 2027. Alpha demand remains strong, with most of the 2027 manifest sold and additional launch sites planned in Virginia and Sweden.
• Losses and cash consumption remain substantial: Firefly posted a non-GAAP operating loss of $70.4 million and free-cash-flow usage of $106.3 million in the quarter. The company ended with $940.3 million of liquidity after a $182.6 million stock offering, but its share count is expected to rise by roughly 1 million shares per quarter, creating dilution.
• Execution and launch timing are key risks: Firefly now targets three Alpha launches in 2026 rather than the previously discussed four, with Flight 8 planned for the fourth quarter. Management cited customer readiness, regulatory approvals, range availability, and weather as factors outside its control, while emphasizing that production—not demand—is currently the primary constraint.

Firefly Aerospace Price Performance

Shares of Firefly Aerospace stock traded up $0.13 during trading hours on Thursday, reaching $26.67. The stock had a trading volume of 1,995,987 shares, compared to its average volume of 5,531,813. The stock’s 50 day moving average is $26.27 and its 200 day moving average is $29.45. The company has a current ratio of 2.53, a quick ratio of 2.53 and a debt-to-equity ratio of 0.02. Firefly Aerospace has a twelve month low of $16.00 and a twelve month high of $62.17. The firm has a market capitalization of $4.27 billion and a PE ratio of -9.06.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings raised shares of Firefly Aerospace from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 25th. Jefferies Financial Group set a $35.00 price objective on Firefly Aerospace in a research note on Wednesday. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $35.00 price target on shares of Firefly Aerospace in a report on Tuesday, May 5th. Morgan Stanley upped their price objective on shares of Firefly Aerospace from $33.00 to $37.00 and gave the company an “equal weight” rating in a report on Tuesday, May 5th. Finally, KeyCorp raised Firefly Aerospace from a “sector weight” rating to an “overweight” rating and set a $50.00 price target on the stock in a research report on Monday, June 15th. Seven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Firefly Aerospace presently has a consensus rating of “Moderate Buy” and an average price target of $36.82.

Key Headlines Impacting Firefly Aerospace

Here are the key news stories impacting Firefly Aerospace this week:

• Positive Sentiment: Record revenue and an earnings beat: Firefly reported Q2 revenue of $117.7 million, up 659% year over year, and a loss of $0.42 per share versus the $0.50 expected loss. The company also significantly improved from a $5.78-per-share loss in the prior-year quarter. Firefly Aerospace Q2 financial results
• Positive Sentiment: Backlog and guidance remain intact: Management maintained its 2026 revenue outlook of $420 million to $450 million and highlighted a backlog of approximately $1.5 billion. The company is ramping spacecraft production and Alpha rocket manufacturing, providing potential visibility into future growth. Firefly revenue outlook and backlog
• Positive Sentiment: Lockheed Martin relationship expanded: Firefly extended its multi-launch agreement with Lockheed Martin through 2031, covering up to 25 Alpha Block II launches. The agreement strengthens customer visibility and validates demand for Firefly’s launch platform. Lockheed Martin contract extension
• Neutral Sentiment: Analyst views remain constructive but varied: Cantor Fitzgerald reaffirmed its overweight rating with a $35 target, while B. Riley maintained a buy rating but lowered its target to $50. Goldman Sachs analyst Noah Poponak reiterated a hold rating, citing execution and cash-flow concerns.
• Negative Sentiment: Profitability and execution remain concerns: Firefly continues to report substantial losses, with a negative net margin and ongoing cash burn. Management is increasing vehicle production even as launch activity lags, creating execution risk and potentially delaying revenue conversion from the backlog. Firefly production and launch activity

Insider Transactions at Firefly Aerospace

In other news, General Counsel David Leigh Wheeler sold 3,765 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $45.12, for a total value of $169,876.80. Following the completion of the sale, the general counsel directly owned 142,758 shares in the company, valued at $6,441,240.96. The trade was a 2.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 7.50% of the company’s stock.

Institutional Trading of Firefly Aerospace

Several institutional investors have recently modified their holdings of the stock. LBP AM SA lifted its position in Firefly Aerospace by 265.5% during the fourth quarter. LBP AM SA now owns 223,855 shares of the company’s stock worth $5,008,000 after buying an additional 162,617 shares in the last quarter. UBS Group AG grew its holdings in Firefly Aerospace by 233.6% in the 4th quarter. UBS Group AG now owns 1,773,607 shares of the company’s stock valued at $39,676,000 after buying an additional 1,241,987 shares in the last quarter. Huntleigh Advisors Inc. acquired a new stake in shares of Firefly Aerospace in the 4th quarter worth $1,013,000. Royal Bank of Canada raised its holdings in shares of Firefly Aerospace by 1,803.9% during the 1st quarter. Royal Bank of Canada now owns 225,782 shares of the company’s stock worth $6,428,000 after acquiring an additional 213,923 shares during the period. Finally, Tema ETFs LLC increased its position in Firefly Aerospace by 133,440.2% during the second quarter. Tema ETFs LLC now owns 2,280,867 shares of the company’s stock worth $67,057,000 after purchasing an additional 2,279,159 shares during the last quarter.

About Firefly Aerospace

Firefly Aerospace (NASDAQ:FLY) is a U.S.-based aerospace company that designs, manufactures and operates launch vehicles and in-space systems for commercial, civil and national security customers. The company focuses on providing end-to-end small- and medium-lift launch services, mission integration and spacecraft hardware to support satellite deployment and on-orbit operations.

Firefly’s product portfolio includes the Alpha small launch vehicle, developed to carry small satellites to low Earth orbit, and plans for larger vehicles and in-space capabilities to address a range of payload sizes and mission profiles.